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GLDUS126 Pacific Life Insurance Co
Section 2: Investment Performance
Glendower Capital Secondary Opportunities Fund TV, LP
In Exhibit 2 each of SOF. SOF D. SOF II and SOF III is benchinarked against its vintage peer group reported in the
Cambridge Associates Secondaries Benchmark statistics (September 30, 2017). The SOF Funds present comparatively
strong Net IRR. DPI and TVPI across each vintage year.
Exhibit 2: SOF Funds performance versus Cambridge Associates Secondary Fund Benchmark
"
34 37
Secondary funds: Net IRR to limited partners
Secondary funds: Net multiple to limited partners
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In Exhibit 3. each of SOF. SOF D. SOF II and SOF III is benchmarked against its vintage group of top quartile buyout
funds reported in the Cambridge Associates Global Buyout Benchmark as of September 30. 2017. Again, the SOF
Funds present comparatively strong Net IRR, DPI and TVPI across each vintage year.
Exhibit 3: Buyout•hke returns with a secondary risk profiles
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Some: Combo:Ice Associates Secondaries Benchmark statistics as of September 30 2017 SOF Funds are shown benchmarked against their
*tape year peer group SOF and SOF 0 performance is riot included in the data se teed to calculate the tenclvnark data Note that the performance
figures in respect ci SW and SOF D have not been audited and shaft be read and reviewed in COnamatai hMN Apr:ender 5 impOrtanIParlonnanCe
bitirmatton Past pedcrmance of SOF Finds 6 not a predecton ci future performance.
Information presented n Exhibt 21s based at the Lineup:Med results of SOF, SOF D. SOF II and SOF III as of September 30. 2017
Past performance is !lad 011100•0n of the future performance of SOF, SOF D. SOF II or SOF III be is included to demanuate the track record or the
Gkricioner SOF Team There can be no assurance that SOF fif win achieve canceratle results a that any target resultswill be acheved
DPI = Cietrbutions to Paid-in Capital. RVOI = Reedual Value to Para- In Capful. TVPI = Total Value to Paid-in Caotal
Source' Cambridge Associates Gobi& Buyout Benchmark as of September 30. 2017. The information reflects a comparison of SOF. SOF D. SOF II a
SCf HI performance against one benchmark only Past performance is not a prediction ol the Um performance of SOF. SOF D, SOF II. SOF III or
any other Glendower Vide and there can be no assurance that SOF hr well achieve oomparaVo resifts or that any target results will be achieved. but
is included to demonstrate the track record of the Glandover SOF Team IMormatcc presented in this chart Is based on the unaudted issues of SOF.
SOF a 9CF II and $OF III as of September 30.2017 and afraid be read and reviewed in CianpnetCn and *hand be read and reviewed in conjunction
with Appendix 5
Important Pet , nine InfOrrnation which sets forth amongst other throe important nfamation regarding the performance
awaited above
Confidential Private Placement Memorandum
9
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e)
DB-SDNY-0039715
CONFIDENTIAL
SDNY_GM_00185899
EFTA01355018