EFTA01392216.pdf

GLOUS144 Glenn Warren GP-led transactions are a growing source of supply Secondary bespoke liquidity solutions are now part of the GP toolkit GP-led transactions now represent 20-25% of the secondary market Illustrative transachons % of Secondary ......... USSIdn GPs seeking le BC Paltrier% YE C:7 15 market deal volume 30% Brand-name liquidity for worse DIAMOND CAIST1.! 14.0 14 managers performing funds or One Equay Partners fund term extension 13 WARMINGPI:W2)N 25% 12 18% 11 CAGR NAN( ED • .. • 10 8.2 9.0 20% Lt^zir12/ .t.1 Can in!. Mid-market GPs looking to provide a DUKE 9 STREET Quality • liquidity option in ilka:Yr-..• :Anna 8 7.1 mid-market year 10+ or GMT 15% managers • bespoke solution . 7 after a bump in the g RAI] 6 road Zurmont Madison SbnA • Ci.,Ai ‘l 5 10% STAGE 4 3 a 2.4 2.7 1.9 1.9 5% Under- Zombies looking for 2 performing solutions make ZOMBIE GPs 1 0.6 managers unlikely targets 0 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries —GP-led secondaries as % of total (I; Glendower Capital analysis basted rn Gieenhil Secondary Market 'Timis 3 Outlook. January MIS; and Dow Jones Private Equity Anislyst Guide to the Secondary Market, June 2917 Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0097397 CONFIDENTIAL SDNY_GM_00243581 EFTA01392216