EFTA Document EFTA01393463

Glendower Capital Glendower Capital Secondary Opportunities Fund IV, LP The Offering Glendower Capital Secondary Opportunities Fund IV, 1P1 ("SOF 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 IVPI 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 Strong and consistent track record2 lurd vnaee foevotopmenes<e‘r, k,rdue icor-awn. %cc% corpson't Net roultyle (TWO Net 6•10buteel(DPII Net IRR Peak re: cartnb.tM caprvl SOF 2006 thorwescro US$565r 2111541:,7)4 184 lax 22% SCf D' 2010 Mann:AGO US$14/n 1128/193 2 3x 2 Ix 29% 76% 51% Sc. el 2011 (monolog) OS$614m 29/75/737 15o 1.h 20% Sef 111 las! 7014 (earystor) 1451.654r I./5$),440n 15/ 149 / 2•37 13x 0.34 30% 42% 44% Consistent top returns among peers: SOF Funds vs Cambridge Associates' secondary funds performancew vscm. nu, twtIRRN)Irioec pa Orel y h,&t Ne:inultilk to %%WC wanes' a.. No 4 4 to, . • 03 ie w r A y r i. t, a :4 too n4P•14i %di wn•lf :kr II. :5. 09' 23% Woo 01•6). 7?•:; cf,x.;,•orit. rt,g, lift rOi...reo Aztrerito: Mvest,;+: Qui26(..:d f Th,s nv..:O,:oi IS ;zr.‘) tC .•, e, f.•• :aro. tnoyorliyt-- :ntst rirerie wrrairz •;:f .; NOS.: •Irt. St‘I:::3' :Ste.: ogIf c!` C 3 ji>. Pot nonce b not an i•tikiiibl or' iisliGrite of (utter n, ,;42. Fund key terrnslo Target size: US$1.75 billion Currency: US$ Investment Period: 4 years fror• final closing Term: 7 years • extensions (5xlyear( Structure: English I. General partner share: • 1.25% p.a. of nor rnitrrert:s during Investment Period • 1.00% p.a. of Invested Capital1l in the following two years • 'hereafter greater of 90% of previous year and 0.25% of Invested Capital Carded Interest: 12.5% or a whole fund basis Hurdle rate: 8% Team commitment: Min 1% of total fund size Contacts: Car'o t•lanagirp, Partner & CEO +44.20-3947.7001 carlo.oirzio-biroliraglendowercaoltal.corn Cnyles &min Managirg Partner & 00 444.2C-3947.70C2 charges smithiordendcwercaoital corn losinza C Oaser Partner, Client Relation +1-212-653-8402 josh alasegaglendowercacitaigom CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0099025 CONFIDENTIAL SDNY_GM_00245209 EFTA01393463