EFTA Document EFTA01394336

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 Strong and consistent track record2 lurd vnaee foevotopmenesce5r, k,rdue • 'hereafter greater of 90% of icor-awn. %No% werpson't 2111541:,774 1128/193 29/75/737 15/:49/2%37 previous year and 0.25% of Net roultyle (TWO 184 2 3x 15o 13x 5. Invested Capital Net ilsolbuteel(DPII lax 2 Ix 1.h 0.34 09' Carried Interest: Net IRR 22% 29% 20% Jos 23% 12.5% or a whole fund basis Peak re: cartnb.tM caprvl 76% 51% 42% 44% Hurdle rate: Consistent top returns among peers: SOF Funds vs Cambridge Associates' secondary funds performancew vscm. nu, twt IRRN)Irioec pa Orel SA.(3.;:e. y h,WS Net riultik to %%WC wines' SOF 2006 froretscro US$565r SCf 0' 2010 Mann:AGO US$14/n Sc. 2011 (inolverg) OS$614m SC4111 las! 7014 frarrystor) 1451.654r t/S$2.4SCr, Fund key terrnslo Target size: US$1.75 billion Currency: US$ Investment Period: 4 years frog, final closing Term: 7 years t extensions (5xlyear( Structure: English I. General partner share: • 1.25% p.a. of cor rnitrrert:s during Investment Period • 1.00% pa. of Invested Capital1l in the following two years Oa t. a :4 1014 n4P•14i 1.041 Mn•lf Woo 1-.14 01•6). 1 1 ll 1111 7?pi:; cf,x.;rrtorit. rt,g, roiy,te rOi...reo rCMtr,,rto: Mvest,;+: Qui26(..:d f :in:1;43On Th,s ;zr.‘,) • -1.0: eije, LI* :aro s;:f .; NOS.: I.I.1t4f.of ogIf 1.,!` p 3 ji>. .:Ift".!•-r inn :rd....corr.:4.V; Post peffbnnara b not an it rlu.~~7iKM Or' fiirliGrite of (utter rt! ,:tr:, 8% Team commitment: Min 1% of total fund size Contacts: Ca n° Pirzio-6roli Managirp, Partner & CEO Charles Smih Managing Partner & CIO lost ua C G aser Partner, Chent Relations CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 100336 CONFIDENTIAL SDNY_GM_00246520 EFTA01394336