EFTA01437570

Subject: Re: Glendower Secondary Opportunities Fund IV From: Stewart Oldfield Date: Mon, 14 May 2018 22:39:10 -0400 To: Paul Barrett Cc: Vahe Stepanian They have an active current pipeline. Probably most efficient for you to talk to the team if you want the full overview. Let me know what works. Thanks. Stewart Oldfield, CFA, CAIA Director Deutsche Bank Trust Company Americas Deutsche Bank Wealth Management 345 P York, NY 10154 Tel. Mobi Email Securities offered through Deutsche Bank Securities Inc. On May 14, 2018, at 9:59 PM, Paul Barrett a wrote: > Hi Stewart Are there many active sellers or is this positioning for the next downturn where we will have forced sellers? Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor, New York, NY 10019 EFTA01437570 <image001.jpg> From: Stewart Oldfield ffi Sent: Monday, May 14, 2018 5:56 PM To: Paul Barrett Cc: Vahe Stepanian Subject: Glendower Secondary Opportunities Fund IV Paul, Please see attached materials that provide an overview of Glendower Capital Secondary Opportunities Fund IV. Glendower Capital is an independent secondary private equity manager (formerly affiliated with Deutsche Asset Management) that seeks to purchase mature, high quality private equity fund interests from investors seeking liquidity. Glendower currently consists of a 23 person-strong team with $3 billion in total client assets and offices in London and New York. Glendower's mission is to deliver top-quartile, buyout-like returns while mitigating downside risk through its disciplined, bottom-up underwriting process, as well as the shorter duration of secondary investments, which leads to early cash distributions to investors. The Fund seeks to continue the successful secondary strategy the team has pursued since its inception at Deutsche Bank in 2006 - which has resulted in a negligible loss ratio - by aiming to build a globally diversified portfolio of seasoned funds, GP- led transactions and co-investments on the secondary market. While past performance is not indicative of future results, Glendower Capital has a strong track record of success. As noted in the attached marketing materials, since its founding, the mature funds managed by Glendower have returned a 1.7x net multiple and a net IRR in excess of 20%. Including SOF III, which is a 2014 vintage fund, Glendower's overall program has returned a 1.5x net multiple and a 23% net IRR. Private equity EFTA01437571 investments such as the Fund are speculative and illiquid. Please see the offering memorandum for further information about the Fund and the risks associated with investing. Note that there is a feeder vehicle set up for investments of less than $5mm. Please let us know when you can discuss in more detail. Thanks, Stew <image003.png> Stewart Oldfield, CFA, CAIA Director Deutsche Bank Trust Company Americas Deutsche Bank Wealth Management 345 P rk Av n N w York, NY 10154 Tel. Mobi Email Securities offered through Deutsche Bank Securities Inc. This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Please refer to https://db.com/disclosures for additional EU corporate and EFTA01437572 regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Please refer to https://db.com/disclosures for additional EU corporate and regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01437573