EFTA Document EFTA01354400

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-led 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 frog, final closing Term: 7 years t extensions (5xlyear( Structure: English I. General partner share: Strong and consistent track record2 • 1.25% p.a. of cor rnitrrert:s during Investment Period lurd SOF SCf 0' itz I Sc4111 las! vnaer 2006 2010 2011 7014 • 1.00% pa. of Invested Capital1l in foevotopmenes<e5r, Furdwr froretscro US$565r Mann:AGO US$14/n (inolverg) 05$614m (rarrystor) 1451.654r t/S$2.4SCr, the following two years • 'hereafter greater of 90% of Tror-auors. %cc% werpoon't 2111541:,774 1128/193 29/75/737 15/:49/$837 previous year and 0.25% of Net roult.4:441TWO 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: 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 pir:nerl SA.03“: do y 'u Wt Ne:riultik to £r,tet wines' a t. a :4 1014 n. 1s. tar 7.e4. > txi•t3. Woo 1-.14 01•6). 1 1 ll 1111 7?pi:; cf,x.;rrtorit. rt,g, roiy,te rOi...reo rC Aztrer Mvest,;+: Qui26(..:d f :in:1;430n Th,s f.‘0: • k, .•, e, LI* :aro s;:f .; -art. St;.,:ty egve.rf p 3 ji>. .:Ifo.!•-finc, :nftornaor: Pot pefformonce b not an itrlu.~~7iKM Or' fiirliGriteof (utter rt! ,:tr:, 8% Team commitment: Min 1% of total fund size Contacts: Car'o - ' r •r`r Clarles Smitn Managing Partner & CIO lostua C G aser Partner, Client Relaticrs CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0038994 CONFIDENTIAL SDNY_GM_00185178 EFTA01354400