EFTA Document EFTA01386434

Glendower Capital Glendower Capital Secondary Opportunities Fund IV, LP The Offering Glendower Capital Secondary Opportunities Fund IV, 1P1 ("S0F IV" or the "Fund") is being formed by Glendower Capital ("GC"): • An independent secondary manager spun-off from Deutsche Asset Management in August 2017 • fully owned by its partners who worked together for IS years • Established 23-strong team with US$3 billion in total client assets and offices in London arc New York Glendower's mission is to deliver outstanding results for its investors • Strung IN, yout•like performance with an attractive risk profile. earn/ cash flows, arw negligible loss ratio • Mature program at 1.7x TVPI and >20% Net IRR and overall program at 1.Sx TVPI and 23% Net IRIV SOF IV will continue the successful secondary strategy pursued since 2006: • Aiming to build a globally C iversif led portfolio of seasoned funds, GP-let transactions anc co-investments on the secondary market • Value creation through in-cepth fundamental analysis as opposec to creel structuring • Seeking US$1.75 billion in commitments with same key terms as prior lunc Fund key terrnslo Target size: US$1.75 billion Currency: US$ Investment Period: 4 years fror final closing Term: 7 years t extensions (5xlyear( Structure: English I. General partner share: Strong and consistent track record2 • 1.25% p.a. of nor rtitrren:s during Investment Period lurd SOF SC+ 0' SC1 it SC. 01 last •Arr.42 2006 2010 2011 1014 • 1.00% p.a. of Invested Capital1l in fonttopmenesto5r, thorwescrtgj thanC14.10 (monolog) IVOI•StOft9 the following two years Further US5S65r t/S$14/r, OS$614m US$1.6540 t/S$1.S.SCrn • Thereafter greater of 90% of Trtr-auens. %or% werpsion't ill 154/ 1,24 1 f 28/193 29/25/737 35114912,837 previous year and 0.25% of Net roultyle (TWO 18. 23x 1.5. 13. 5. Invested Capital Net 6•10butriffDPO lax 21. lb 03* 09. Carded Interest: Net IRR 22% 29% 20% 30% 23% 12.S% or a whole fund basis Praire; car to% 'et! carrel 16% 51% 11% 44% Hurdle rate: Consistent top returns among peers: SOF Funds vs Cambridge Associates' secondary funds performancew twt i RR Irii:tc pa:WES S•03“: do y 'voids Ne:multik to kruted ;mimes' %I.P•Ift O.-; • • • • m a u. er t. Is :4 %di nn.ta txi•t3. Woo 01.2% 7?pi:; cf,x.;rrtorit. rt,g, roiy,te rOi...reo tCActrerito: Mvest,;+: Qui26(..:d f :in:1;430n Th,s nv..:0,:oi IS ;zr.‘) -1.0: eije, LI- : ro 4:oy 0:1iy .•;:f .; -art St;.,:ty egve.27f c,!` 2, 3 ji>. .:Ift".!•-rof ftorna.V-: Pot peffornonce b not an iirliGrite of (utter rt! ,:tr:, 8% Team commitment: Min 1% of total fund size Contacts: Caro Managirg Partner & CEO 4414.2C-3947-7CCI carlo.oinio.biro:IPRIendowerCarktal.COrn Cuales Stnitn Managirg Partner & 00 444.2C-3947.70C2 charges snttnitactlendowercaoital corn Joskua C 6 aser Partner, Client Relation +1-212-653-8402 josh glasegaglendowPrcaoitaccom CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0088135 CONFIDENTIAL SDNY_GM_00234319 EFTA01386434