EFTA Document EFTA01394207

GLDUS1 29 OF Enterprises Section 4. Glendower Capital Secondary Opportunities Fund IV. LP Glendower Capital Secondary Opportunities Fund IV. LP million, make it a potential buyer of choice in these transactions. Maturity of fund interests The mid-sized fund segment of the market is further differentiated through the maturity of fund interests targeted. Some strategies target interests in immature buyout funds which are between 15% and 50% drawn down. These strategies do a primary style analysis of the blind pool portion of the portfolio - focusing on the capability of the Fund Sponsor to invest the remaining commitments well, alongside a secondary pricing analysis of the existing assets. Complementary to this. some secondaries funds target interests in Fund Sponsors that are considered by their primary fund investment businesses to be of high quality on the basis that these interests, even if bought at close to par value, represent a compelling purchase. In contrast to these approaches, the Fund will focus only on mature fund interests (at least 50% drawn, typically over 80% drawn). This approach provides the Manager with visibility on the underlying assets and reduces reliance on the Fund Sponsor to select strong investment opportunities (reduces 'blind pool risk'). Investment Process Overview The Glendower SOF Team has developed a robust and selective investment process to support its focused and disciplined investment strategy. Exhibit 20: Secondaries Investment Process Deal Igination and sotmng Too dean identecation or attract* assets Focus on key seder whcais Proactne oaring eons Lappng olafi potential beats onto name Screening and due dlkgerce Weekly favew re Ptehne Stelling and Pnonturation Cetaled bceteen- up dhgence Transit non reacptchon and tafiXturing irp,estment decision closing Apretyal by Investment Committee Final negaliaWerS Swinge( transac bon GP consent /other closing condemns FX leadianp Cooing Fttanitonfo and risk mgml Rem.* of realssatroas and uPla:0s on petomarce at weekly meeting Inwstroent realizaticn - Ravow eashaous from unckelpeag funds Cello ng exeloaton cd sale Eaaluate and onpoluntoes execute realisatrons view, Fennel cpanorly we ham CISCIetiCei location and performance riNew Valuation MOW PSA and vaioaton memo IC memo 8 Popolne IC memo sutecnotion cbcuments Cuarterly meow Sale documents Deal origination and sourcing The Glendower SOF Team will seek to purchase funds in exclusive or minimally competitive negotiated transactions through its own extensive network of industry relationships. which includes financial sponsors. Fund Sponsors, portfolio companies, intermediaries/placement agents, and investment banks. The Glendower SOF Team will seek to proactively identify private equity funds through a combination of top-down and bottom-up analysis. Top-down identification of assets: an extensive private equity database listing certain funds is maintained with recent Confidential Prnrate Placement Memorandum 26 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0100199 CONFIDENTIAL SDNY GM_00246383 EFTA01394207