EFTA01383127.pdf

Glendower Capital Glendower Capital Secondary Opportunities Fund IV, LP The Offering Fund key terms30 Glendower Capital Secondary Opportunities Fund IV, 1P1 ("S0F IV" or the "Fund") is Target size: being formed by Glendower Capital ("GC"): USS1.75 billion • An independent secondary manager spun-off from Deutsche Asset Management in August 2017 • fully owned by its partners who worked together for IS years Currency: • Established 23-strong team with US$3 billion in total client assets and offices in London arc New York US$ Glendower's mission is to deliver outstanding results for its investors Investment Period: • Strung IN, yout•like performance with an attractive risk profile. earn/ cash flows, arw negligible loss ratio 4 years from final closing • Mature program at 1.7x TVPI and >20% Net IRR and overall program at 1.Sx TVPI and 23% Net IRIV SOF IV will continue the successful secondary strategy pursued since 2006: Term: • Aiming to build a globally C iversifled portfolio of seasoned funds, GP-let transactions anc 7 years - extensions (5xlyeari co-investments on the secondary market • Value creation through in-cepth fundamental analysis as opposec to creel structuring Structure: • Seeking US$1.75 billion in commitments with same key terms as prior lunc English 1.P. General partner share: Strong and consistent track record2 • 1.25% p.a. of cor rnitmert:s during Investment Period lurd SOF SC+ D' Sc.,' Sc' vnaer 2006 2010 20:1 2014 • 1.00% pa. of Invested Capital' 1 in foNvoLopmenes<e5r, thoretscepj (hannungj fox/Nertni7) (rarrystor) the following two years Furdwr US$S65r vS$240, OS$614m GS$1.654r US$2..INCrn • "hereafter greater of 90% of Tror-auors. %cc% corpoon't 211154/:,74 1118/193 29/25/737 15/:49/$837 previous year and 0.25% of Net roultyle (TWO 18* 2 3x 1.5o 13x 5. Invested Capital Net ilsolbuteCI(DPII lax 2h 1.h 0.34 09' Carded Interest: Net IRR 22% 29% 20% 30% 23% 12.5% or a whole fund basis Peak re: car ININ.ted caprvl 76% 51% 42% 44% Hurdle rate: Consistent top returns among peers: 8% SOF Funds vs Cambridge Associates' secondary funds performancew twt IRR to Irioec paOrelt SA.03.;:e. y 'u Wt Ne:inultilk to £r,tet prrtnets‘ Team commitment: Min 1% of total fund size tar nro•Ift wn•lf Woo :kr II. 01•6). Contacts: 4 to, . Caro Pirzio-E;roli Managirp, Partner & CEO +44.2C-&947-7CC1 carlo.oezioibirotifaglerdowercaraital.corn a ie w r A y r i. t, a :4 111 11111 Cnyles &min Managing Partner & CIO 444.2C-3947.70C2 charges sritth(e)glendowercaoital corn Joshua C 6 aser Partner. Client Relaticrs 23.6 cf,x.;rrtorit. rt,g, (iv lw rOi...reo Aztrerito: Mvest,;+: ;^'2u•: /7.:d f :in:1;430n Th,s nv..:O,:oi IS ; Zr.') . +1-212-653.8702 tC .•, e• LX :aro 'nay onik r•-• eitii rkr.e. s;:f .; NOS.: -art. St‘I:ty :sr..: ogIf 1.!` p 3 ji>. :nftirma.V-: PD$t pefformonce b not an josh glaserggiendowercaoitaiscm i.4tikiiii0,10e fp-01000'e of (utter rt,:tr:, CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0082765 CONFIDENTIAL SDNY_GM_00228949 EFTA01383127