EFTA01354671.pdf

GLDUS125 Gerald Ford 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$147 million, in harvesting stage) has generated top decile performance with a 3.0x gross multiple and 37% gross IRR and a 2.3x TVPI, 2.1x DPI and 29% Net IRR. ■ SOF II (2011, USS614 million, in maturing stage) has generated top quartile performance with a 1.7x gross multiple and 23% gross IRR and a 1.5x TVPI, 1.2x DPI and a 20% Net IRR. ■ SOF III (2014, USS1,654 billion, in early stage — completing investment period) has generated top quartile performance with a 1.4x gross multiple and 31% gross IRR and a 1.3x TVPI. 0.3x DPI and 30% Net IRR. Experienced, independent team dedicated to secondaries • Newly established, independent firm wholly owned by its Partners. ■ Glendower Capital acts as adviser and sub•delegated manager to the SOF Funds. generating meaningful fee income for Glendower Capital ■ Privately owned by its partners who worked together for 15 years$' 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 2006.21 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 Satchels* stabiles as of September 30. 2017 This information reflects a companson 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 catiate the benchmark data Please refer to Section 2. Exhibit 2 for ruttier information The performance figures have not been rained and are based on the unawake(' aggregated performance results of SOF. SOF 0 and SOF H and SOF Ill. collecOvely the SOF Funds. as of September X. 2017 and should be read and reviewed ri conjunction vnth Appendix 5: Important Performance intimation welch sets lath. amongst other things. Bromism information regaling the performance described above Further. note that the calculation methodology selected to Would. Net RR in reaper:tame SOF Funds is impacted by the SOF Funds use of subscription line niceties The SOF Funds use (and SOP ry • expected to use) such realities to manage capes drawrkwns as described in 'Dawes:mins and use of subscription line faciiiun: in Salon 7: RAW Factors. The SOF Funds- performance data is rot expected to be reixesertative of the investment returns that will be expenenced by investors in the Fund Gross returns are gross o fees. expenses and carried interest whch are not charged at the investment level Investors should consult with their own a*isors 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 ci the Fund Carlo Pato-Buck Charles Smith. Ch airing and Deirdre Davies have worked together since 2003 Adam Greer became part of the SOF Team in 2607 and Joshua Glaser in 2013 Source Glendower Captors proprietary information The Deutsche Bark proprietary private equty restructunng took pace between X03 and 2006 Charles Smith and Carlo Pirtioaroli played a rote alongside ether Deutsche Bank cdleagues in the transactions that comnbuted to the dispassion of Deutsche Bank's proprietary pnvate equity pordobo Charles Smith and Carlo Pirao.Broli were not invoked in all such transactions and the efforts described In Mrs Memorandum in respect of the proprietary private ochry restructunng are attributable to the whole Deutsche Bark team rather than any inssdu• within it rt There can be no assurance that the Fund will achieve is investment obsectom or as target return Confidential Prnrate Placement Memorandum 5 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0039267 CONFIDENTIAL SDNY GM_00165451 EFTA01354671