EFTA Document EFTA01383032

GLDUS238 SOUTHERN FINANCIAL LLC Section 4. Glendower Capital Secondary Opportunities Fund IV, LP Glendower Capital Secondary Opportunities Fund IV. LP The Competitive Environment The secondary market is made up of a range of funds targeting secondary opportunities varying in size from under US$100 million up to the largest, at US$10.8 billion, that closed in 2016.67 Secondaries funds are further differentiated by their geographic focus and increasingly by their sourcing and investment stra