EFTA01394731.pdf

Glendower Capital Glendower Capital Secondary Opportunities Fund IV, LP The Offering Fund key terrnslo Glendower Capital Secondary Opportunities Fund IV, 1P1 ("S0F IV" or the "Fund") is Target size: being formed by Glendower Capital ("GC"): US$1.75 billion • An independent secondary manager spun-off from Deutsche Asset Management in August 2017 • fully owned by its partners who worked together for IS years Currency: • Established 23-strong team with US$3 billion in total client assets and offices in London arc New York US$ Glendower's mission is to deliver outstanding results for its investors Investment Period: • Strung IN, yout•like performance with an attractive risk profile. earn/ cash flows, arw negligible loss ratio 4 years fror• final closing • Mature program at 1.7x TVPI and >20% Net IRR and overall program at 1.Sx TVPI and 23% Net IRIV SOF IV will continue the successful secondary strategy pursued since 2006: Term: • Aiming to build a globally C iversifled portfolio of seasoned funds, GP-let transactions anc 7 years t extensions (5xlyear( co-investments on the secondary market • Value creation through in-cepth fundamental analysis as opposec to creel structuring Structure: • Seeking US$1.75 billion in commitments with same key terms as prior lunc English I. General partner share: Strong and consistent track record2 • 1.25% p.a. of core rtitrren:s during Investment Period lurd SOF SCC 0' Sc.,' Sef Vrt.ht 2006 2010 2011 7014 • 1.00% p.a. of Invested Capital1l in fdevetopmenesto5r, thorwescrtgj Mann:AGO (monolog) (earystor) the following two years Further US5S65r 1./S$14/r, L155614m 1,551.654m 1./5$),440n • Thereafter greater of 90% of Trtr-auens. %or% torpsion't 2111541:.774 1/28/193 29/75/737 15/:49/2%37 previous year and 0.25% of her mac* (TWO 18. 2 3. 15. 13x 5. Invested Capital 6•10butrO(DPO lax 2 I. 1.h 0.3. 09. Carded Interest: Net IRR 22% 29% 20% 30% 23% 12.5% or a whole fund basis Praire; car tol% 'et! capr.31 76% 51% 42% 44% Hurdle rate: Consistent top returns among peers: 8% SOF Funds vs Cambridge Associates' secondary funds performancew twt IRR IroKtc pa:WES y 'u Wt Ne:inultilk to knot ;mimes' Team commitment: Min 1% of total fund size %di nro•Ift wn•lf Woo 01•6). Contacts: CarO Managirp, Partner & CEO 11ll • • • r• • j 03 ie w r A y r i. t, a :4 1111 Cnatles Managirg Partner & 00 lostua C G aser Partner. Client Relatiors 7?pi:; cf,x.;rrtorit. rt,g, roiy,te rOi...reo rC Actrer Mvest,;+: ,2u,26/..:d f :in:1;43On Th,s S;tf.‘0: • .t0r eije, f.•• :aro .•;:f .; -at. St;.,:ty egve.rf p 3 ji>. .:Ifo.!•-finc, :nftornaor: Past pefformonce b not an fiirliGriteof (utter rt! ,:tr:, CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 100769 CONFIDENTIAL SDNY_GM_00246953 EFTA01394731