EFTA01451965.pdf

SOF III - 1081 Southern Financial LLC Section 5: Secondary Opportunities Fund Ill Secondary Opportunities Fund Ill, LP Investment Process Overview The Secondary Team has developed a robust and selective investment process to support its focused and disciplined investment strategy. Exhibit 15: DB Secondaries Investment Process Investment Deal origination Screening and Monitoring and Investment 05 and sourcing due diligence decision & closing risk mgmt realisation • "tcp &two • 'Seeley:trots or • Approval td • Re.iew feenbves idereiftaben or "perm Invertnefe ▪ isaassuons and from underlying funds attrarrree asset* • Staffirrjand de& Crarnirettee :WOW on • Evaluate and eraeure • Focus on key eerie randialarial • real rvflaterh011S oectornterce bI resinalors where we vertests weekly meeting have °deleted • 7.-etsiled teitom.ip • Scahng of trensactco I • Prose:n*0SG efforts • Sarong throw)) ca network • dial: e:geire Transaction negotalon and StruClunng • GP onent / °Mei treaseg oxiesirins • FX nedtarg • Gaping ezfusiton • of stee *prior:orates Formai owner& valuation and • Ciosing Pielerroarrie review • L0ggn3 ce all pteerhal chars rile piperine • Preeire • Voluatton mceel • PSA erd tabaciroyot • vaiost,zei metro • .:e^° ▪ mow) drawmerts • °Jaded', renew • Sale deeurneth Deal Origination and Sourcing The Secondary Team will seek to purchase funds in exclusive or minimally competitive negotiated transactions by, infer ells, leveraging the network Deutsche Bank enjoys as a global financial institution — including broad-reaching relationships with corporations, financial institutions, institutional investors, family offices and high-net-worth individuals — coupled with Deutsche Bank's investment banking relationships with top-tier private equity firms. In addition, the Manager expects to generate significant proprietary deal flow through its own extensive network of industry relationships, which includes financial sponsors, Fund Sponsors, portfolio companies, intermediaries/placement agents and investment banks, including Deutsche Bank's own industry and financial sponsors coverage group. The Secondary Team will seek to proactively identify private equity funds through a combination of top-down and bottom- up analysis. Top-down identification of assets: an extensive private equity database listing certain funds is maintained with recent pricing that is expected to enable the Secondary Team to pro-actively source these opportunities in the market and respond quickly to any potential seller. Top-down asset selection and approach utilises the following principles: • Majority of value in identifiable, attractive assets • Leverage Global Deutsche Bank network through Deutsche Bank/DB PE resources` • Focus on quality assets 42 Sued to applicable rules and regulations, Deutsche Bank's internal policies arid procedures, and contractual linlealiOn$3. Subjed to applicable rules and regulations, Deutsche Bank's inlemal policies and procedures, and contradual lineations. Confidential Private Placement Memorandum 37 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0108832 CONFIDENTIAL SDNY_GM_00255016 EFTA01451965