EFTA Document EFTA01389916

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$1.75 billion in commitments with same key terms as prior lunc Fund key terms30 Target size: USS1.75 billion Currency: US$ Investment Period: 4 years from final closing Term: 7 years - extensions (5xlyeari Structure: English I.. P. General partner share: Strong and consistent track record2 • 1.25% p.a. of cor rnitrrert:s during Investment Period lurd SOF SC+ D' Sc.,' Sc' vnaer 2006 2010 20:1 2014 • 1.00% pa. of Invested Capital'1 in foNvoLopmenes<e5r, Furdwr thoretscepj US$S65r (hannungj vS$240, fox/Nertni7) OS$614m (rarrystor) GS$1.654r US$2..INCrn the following two years • "hereafter greater of 90% of Tror-auors. %cc% corpoon't 211154/:,74 1118/193 29/25/737 15/:49/$837 previotis year and 0.25% of Net roultyle (TWO 18* 2 3x 1.5o 13x 5. Invested Capital Net ilsolbuteCI(DPII lax 2 h 1.h 0.34 09' Carried Interest: Net IRR 22% 29% 20% 30% 23% 12.5% or a whole fund basis Peak re: car ININ.ted caprvl 76% 51% 42% 44% Hurdle rate: Consistent top returns among peers: SOF Funds vs Cambridge Associates' secondary funds performancew twt I RR to Irioec paOrelt SA.03.;:e. y 'u Wt Ne:inultilk to £r,tet prrtnets‘ 4 to, . a ie w r A y r i. t, a :4 nro•Ift tar wn•lf :kr II. Woo 01•6). 111 11111 23.6 cf,x.;rrtorit. rt,g, (iv lw rOi...reo Aztrerito: Mvest,;+: ;^'2u•: /7.:d f :in:1;430n Th,s nv..:O,:oi IS Zr.') ; . tC .•, e• LX :aro 'nay onik r•-• eitii rkr.e. s;:f .; NOS.: -art. St‘I:ty :sr..: ogIf 1.!` p 3 ji>. :nftirma.V-: PD$t pefformonce b not an i.4tikiiii0,10e fp-01000'e of (utter rt,:tr:, 8% Team commitment: Min 1% of total fund size Contacts: Caro Pirzio-E;roli Managirp, Partner & CEO +44.2C-&947-7CC1 carlo.oezioibirotifaglerdowercaraital.corn Cnyles &min Managing Partner & CIO 444.2C-3947.70C2 charges sritthrionlendowercaoital corn iostoa C 6 aser Partner. Client Relaticrs +1-212-653.8702 josh glasergalendowercaoitaincin CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0094282 CONFIDENTIAL SDNY_GM_00240466 EFTA01389916