EFTA01394586.pdf

GLDUS140 Lawrence Hirsch Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund fV, LP Investment Performance Secondaries Performance Highlights The Glendower SOF Team has delivered strong buyout-like returns27 to investors in the SOF Funds with an attractive risk profile, early cash flows, and negligible loss ratio. The performance of the SOF Funds in terms of the key closed-end funds metrics such as Net IRR, TVPI, and DPI is strong in absolute terms, compares favorably with its peers and shows strong consistency across fund vintages.28 Through September 30. 2017. the SOF Program had invested29 US$3.3 billion in 82 transactions resulting in distributions of over USS1.8 billion and had generated a 1.5x Net Multiple and a 23% Net IRR to investors. The mature funds in the SOF Program (SOF, SOF D, and SOF II) had generated a 1.7x Net Multiple and over 20% Net IRR. Exhibit 1: Performance of SOF Funds as of September 30, 201731. 3I. II " Find SOF SOFO SOF B SOF • Tote Vntage 2806 2010 2011 2014 (O6v97354/4(4 star/ (naniesnng) (4,30/44/482) 01/145.:nrio feat stage) Fund see 133.5565m 1.733147m U5361481 USS1.1254m US52.980m Transactons. funds comones s 21/154/1,774 I/ 28/ 193 29/75/737 35/149/2.837 Cross nun/pie 21x 301 17x 14x 1 Cs Gross1RR 29% 37% 23% 31% 26% Net multiple (WPM 1.1x 2.3x 1.52 1.3x 1.Sx Net distributed (OFF) 1.tx 2.1x 1.2* Lk Ole NetIRR 22% a% 20% 30% 23% Peak net cent054e0 °dotal 26% 51% 42% 44% For dirouteen purposes only Source Glendower Capital based on Precm benchmark data fa the median 1VPI and Net RR acheved by buyout funds fix moves of 1997 to 2017 Average buyout TVPI = 159x Average Net RR x 155% Data as of September 30 2017 For further benchmartang of Glendower Can tai to tuyoLt returns. pease refer to Exhibit 3 Past performance is not a weacicil of the future performance of SCF. SOF D SOF II or SOF Ill but is included to demonstrate the track record of the Gknclowiee SOF Team and there can be no assurance that SOF IV wil achieve comparable results or that any target results wet be achieved 'Invested' is defied as the sum et me purchase price and moaning unfunded ottgaton as of the time of closng. or tee of expected close+ for pending deals The performance figures have net teen audited and should be read aryl remwed in comuncton won Appertdo 5 Important Performance ;Mama:Jon which sets forth amongst other thngs important nfamatem regarcing me performance descfibed above The SOF Finds' performance data is not expected to be represent&rve ot the investment returns that win be expenenced by investors in the Fund Past performance of the SOF Funds is root a prediction of figure performance Both SCF and SOF D are invested in the DaVerre Poi11010 - a viol dveredied portlebo cr 28 pram* equity funds purchased through an SPV. providing exposure to Ituyout special situations, venture captal and real estate strategies in North America. Europe and Asa The name, of funds and companes is an estimate and shows the aggregate of each deal at closing and may incrude sane double counting TVPI = Taal Vdue to Paid in Capital. DPI= Dstritutions to Pad in Capital RR e Internal Rate of Return SCF D es a Euro denomnated fund USS valued have been converted at September 30 2017 EURAJSS rate of 1 1822 Both SOF and SOF D are invested in the Doerr., P041/01), - a weft divers/fed portfolio of 28 private equity funds purchased Mt ough an SPV providng exposure to buyout. special srtuations venture captor and real estate strategies in North Amenca. Europe and Asia The number of funds and companies is a best estimate and skews the aggregate at each deal at closing and may include seine dcubre counong TVPI = Taal Vdue to Paid in Capital. DPI = Dsoitutons to Peel in Capital. IRR = Internal Rate of Return Confidential Pin ate Placement Memorandum 8 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 100614 CONFIDENTIAL SDNY_GM_00246798 EFTA01394586