EFTA Document EFTA01354827

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 Iron., final closing Term: 7 years - extensions (5xlyear( Structure: English I.. P. General partner share: Strong and consistent track record2 • 1.25% p.a. of cor rnitmert:s during Investment Period lurd sOF SC+ D' Sc.,' Sc'Sc{Iii 14,21 vnaer 2006 2010 2011 7014 • 1.00% pa. of Invested Capital1l in fonttopmenesto5r, Further thoretscepj US$S65r thannungj US$14/r (monolog) OS$614m (rarrystor) GS$1.654r US$2.4Sern the following two years • "hereafter greater of 90% of Tr4r-auers. %or% corp4ron't 111 154/ :.774 108/193 29/75/737 15/ 149 / 2,837 previous year and 0.25% of her roult4:4e (TWO lax 2 3x 15o 13x 5. Invested Capital 6suibutr0(DPO lax 2 Ix 1.h 0.34 094 Carried Interest: Net IRR 22% 2916 20% 30% 23% 12.5% or a whole fund basis Praire; car trib.ted capr.31 76% 51% 12% 44% Hurdle rate: Consistent top returns among peers: SOF Funds vs Cambridge Associates' secondary funds performancew pa:WES SA.03.;:e. y 'void Ne:inultilk to kruted pig:WO nro•Ift l! . 03 ie w r A y r i. t, a :4 %di nn. s> :kr II. Woo 01•6). 7?pi:; cf,x.;rrtorit. rt,g, (iv lw rOi...reo Aztrerto: Mvest,;+: Qui26(..:d f :in:1;430n Th,s nv..:O,:oi IS ;zr.‘) tC .•, e• LX :aro 'nay onik r•-• eitii rkr.e. s;:f .; -at. St;.:ty lc? ifr:.• o'f 1.!` p 3 ji>. :nftirma.V-: PD$t pefformonce b not an fiisli0rite of futweresete. 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 sritthre)glendowercaoital corn Joshua C 6 aser Partner. Client Relaticrs +1-212-653.8702 josh glasergglendowercaoita:scm CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0039425 CONFIDENTIAL SDNY_GM_00185609 EFTA01354827