EFTA01390827

GLDUS113 Cliff Meg Section 4. Glendower Capital Secondary Opportunities Fund IV. LP Glendower Capital Secondary Opportunities Fund IV, LP million, make it a potential buyer of choice in these transactions. Maturity of fund interests The mid-sized fund segment of the market is further differentiated through the maturity of fund interests targeted. Some strategies target interests in immature buyout funds which are between 15% and 50% drawn down. These strategies do a primary style analysis of the blind pool portion of the portfolio - focusing on the capability of the Fund Sponsor to invest the remaining commitments well, alongside a secondary pricing analysis of the existing assets. Complementary to this. some secondaries funds target interests in Fund Sponsors that are considered by their primary fund investment businesses to be of high quality on the basis that these interests, even if bought at close to par value, represent a compelling purchase. In contrast to these approaches, the Fund will focus only on mature fund interests (at least 50% drawn, typically over 80% drawn). This approach provides the Manager with visibility on the underlying assets and reduces reliance on the Fund Sponsor to select strong investment opportunities (reduces 'blind pool risk'). Investment Process Overview The Glendower SOF Team has developed a robust and selective investment process to support its focused and disciplined investment strategy. Exhibit 20: Secondaries Investment Process Deal Origination and sourcing Too dean ttlentecation of attratttne assets Focus on key Seller *meals Preece.e eating rads Lonna of an potential Sato onto pipes* Screening and due dikger , Weekly °now ce Ptehne Stalling and PnOnbaalion CetfaleCI betteen- uedva dbgence Tlaneaclan mown:don and Cluttering Investment decision clostng Apretyal by Investment Committee Final negOlialoCOS Swing of transecoon GP cocttent /other closing caldrons FX tredirine Cooing ftbflitittrim and risk mgmt Rexow of rearisations and ucaa:0s on pelcomance at weeely meeting tow.stment fealizaticnn - Revew casMoas from uncittlying fonds Crop 99 eutioation U sale &striate and oelpolundos execute realisatoms Ater* Fccnai coadorly we Mw CISCIetiCei mstiatco and performance riNew ValuabOli MOW PSA anti Valuation memo IC memo 8 Popolew IC memo sitecnotion documents Coaderly remove Sale documents Deal origination and sourcing The Glendower SOF Team will seek to purchase funds in exclusive or minimally competitive negotiated transactions through its own extensive network of industry relationships. which includes financial sponsors. Fund Sponsors, portfolio companies, intermediaries/placement agents, and investment banks. The Glendower SOF 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 Confidential Private Placement Memorandum 26 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0095457 CONFIDENTIAL SDNY_GM_00241641 EFTA01390827