EFTA01389334.pdf

GLDUSI 33 Georgetown University Endowment Section 1: Executive Stxm•ry Glendower Capital Secondary Opportunities Fund IV, LP Established track record"• 2° As of September 30, 2017 the SOF Program has delivered a strong performance with aggregate gross performance since inception of 1.6x gross multiple and 28% IRR (Internal Rate of Return) and 1.5x TVPI (Total Value to Paid-in Capital), 0.9x DPI (Distributions to Paid-in Capital) and 23% Net IRR to investors. More specifically: • SOF (2006, US$565 million, in harvesting stage) has generated top decile performance in the 2006 vintage peer group. with 2.1x gross multiple and 29% gross IRR and a 1.8x TVPI, 1.8x DPI and 22% Net IRR. • SOF D (2010, US$147 million, in harvesting stage) has generated top decile performance with a 3.0x gross multiple and 37% gross IRR and a 2.3x TVPI, 2.1x DPI and 29% Net IRR. ■ SOF II (2011, USS614 million, in maturing stage) has generated top quartile performance with a 1.7x gross multiple and 23% gross IRR and a 1.5x TVPI, 1.2x DPI and a 20% Net IRR. ■ SOF III (2014, USS1,654 billion, in early stage — completing investment period) has generated top quartile performance with a 1.4x gross multiple and 31% gross IRR and a 1.3x TVPI. 0.3x DPI and 30% Net IRR. Experienced, independent team dedicated to secondaries • Newly established, independent firm wholly owned by its Partners. ■ Glendower Capital acts as adviser and sub•delegated manager to the SOF Funds. generating meaningful fee income for Glendower Capital ■ Privately owned by its partners who worked together for 15 years$' before spinning-out from Deutsche Asset Management in 2017. ■ London and New York offices with established operational. integrated, self-contained processes developed by the SOF Team over 10 years. • Seasoned international 23-strong team (16 investment professionals with a 12-year average of relevant experience) targeted to grow to 26-28 by mid 2018. • Extensive database and relationships having invested around USS3 billion in over 350 fund interests in more than 80 deals and having screened thousands of funds over 10 years.22 • Unique sell-side experience, having participated in the restructuring of Deutsche Bank's €5.1 billion proprietary private equity portfolio from 2003 to 2006.n Disciplined and selective investment process • Targets attractive risk-adjusted returns in excess of 20% Net IRR (after all fees. expenses and carried interest) on a portfolio-wide basis.24 Source, Cambridge Associates Secondaries Benchmark mambos as of September 30. 2017 Tres information release cempansen ot the perleanance of the SOF Funds against one benenmart< only SOF Funds' performance may differ viten compared to Other benchmark data. Performance of the SOF Finds is not included in the data set used to satiate the benchmark data Please refer to Section 2. Exhibit 2 for ruttier information The performance figures have not been autted and are based on the unedited aggregated performance results of SOF. SOF 0 and SOF H and SOF III. collechvely the SOF Funds. as or September X. 2017 and should be read and reviewed in conjunction with Appendix 5: Important Performance intimation which sets lags amongst other things. emportaM informal= regaling the performance described above Further. note that the calculation methodology adopted to calculfte Net RR in respect d the SOF Funds is impacted by the SOF Funds use of subscription line racket The SOF Funds use (as SOP ry a areas to use) such realities to manage capital drawrkwns as described in 'I:raincoats and use of subscription line facilites in Section 7: Risk Factors. The SOF Funds- performance data es not expected to be reixesertative of the investmert returns that will be expenerced by eweslors in the Fund Gross returns are gross ore fees. expenses arid carried interest whch are not charged at the investment level Investors should consult with their own achwers as to the appropriate factors to be considered in evaluating this information Past performance of the SOF Funds is ricl a prediction of their future performance or that ci the Fund Carlo Pyre-Both, Charles Soneh. Chi Cheung and Deirdre Davies hove worked together since 2003 Adam Greer became part of the SOF Team in 2607 and Joshua Glaser in 2013 Source G‘onocnyer Capitals proprietary information The Deuisthe Bark proprietary prorate equty restructunng took dace between X03 and 2006 Charles Smith and Carlo Pritioaroli played a rote alongside ether Deutsche Bank cdleagues in the transactions that comnbuted to the disposition of Deutsche Bank's proprietary pnvate equity pordobo Charles Smith and Carlo Pirao.Broli were not invoked in Si such transactions and the efforts described in this Memorandum in respect of the proprietary private &Key restructunng are attributable to the whole Deutsche Bark team rather than any individual within it rt There can te no assurance that the Fund will achieve es Investment oixectore or its target return Confidential Private Placement Memorandum 5 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093690 CONFIDENTIAL SDNY GM_00239874 EFTA01389334