EFTA Document EFTA01391431

GLOUS124 BBR Partners Section 7: Risk Factors Glendower Capital Secondary Opportunities Fund IV. LP Limited ability to negotiate secondary transaction terms Where the Fund makes an investment on a secondary basis, the Fund will generally not have the ability to negotiate the amendments to the constitutional documents of an underlying fund, enter into side letters or otherwise negotiate the legal or economic terms of the interest in the underlying fund being acquired. Investments longer th