EFTA01394583.pdf

GLDUS140 Lawrence Hirsch Section 1: Executive Summary 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. US$614 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, US$1.654 billion, in early stage — completing investment period) has generated top quartile performance with a 1.4x gross multiple and 31% gross IRR and a 1.3x TVPI. 0.3x DPI and 30% Net IRR. Experienced, independent team dedicated to secondaries • Newly established, independent firm wholly owned by its Partners. ■ Glendower Capital acts as adviser and sub•delegated manager to the SOF Funds. generating meaningful fee income for Glendower Capital ■ Privately owned by its partners who worked together for 15 years$' 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 US$3 billion in over 350 fund interests in more than 80 cleats 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 Seetember 30. 2017 This iricemation reelects a carmenson of the performance of the SOF Funds against one benchmark only SOF Funds' performance may differ when cornered to Other benchmark data. Performance of the SOF Finds s not included in the data set used to calurate the benchmark data Please refer to Sec ion 2. Exhibit 2 for hither information The performance awes have not been reined and are based on the unedited aggregated performance results of SOF. SOF 0 and SOF H and SOF Ill. collechvely the SOF Funds. as cl September X. 2017 and should be read and reviewed ri conjunction with Appendix 5: Important Performance laormason which sets lath amongst other things. freedom information regaling the performance deicnbed above Further. note that the calculation methodology selected to calculate Net RR in respecter the SOF Funds rs impacted by the SOF Funds use of subscription line friaries The SOF Funds use (and SOF ft/ s expected to use) such realities to manage capes drawrkwns as described in 'Dowd:rens and use of subscription line facilities in Salon 7: Risk Factors. The SOF Funds- performance data is not expected to be represertahve of the investment returns that will be expenerced by investors in the Fund Gross returns are gross or fees. expenses and 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 net a prediction of their future performance or that d the Fund Carlo Pero-Beck Charles Soneh. Chi Cheung and Deirdre Davies have waked together since 2003 Adam Greer Name part of the SOF Team in 2007 and Joshua Glaser in 2013 Source Glendower Capers proprietary information The Deulsone Bark proprietary private equty restructunng took pace between 2CO3 and 2006 Charles Smith and Carlo Piarearoli played a rote alongside ether Deutsche Bank cdleagues in the transactions that comnbuted to the disposition or Deutsche Bank's proprietary private equity pordobo Charles Smith and Carlo Pirao.Broll were not invoked In tit sum transactions and the eels described in this Memorandum in respect or the proprietary private &Key restructunng ate atributatte to the whole Deutsche Bark team rather man any individual within it rt There can be no assurance that the Fund will achieve es investment ouecove or its target return Confidential Private Placement Memorandum 5 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0100611 CONFIDENTIAL SDNY GM_00246795 EFTA01394583