EFTA Document EFTA01390924

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 USS1.75 billion in commitments with same key terms as prior lunc Strong and consistent track record2 lurd SOF SC+ 0' SC1 it Sef Ill last •Arr.44 2006 2010 2011 1014 fonttopmenesto5r, Further 04r-auens. %or% werpoion't thoretscepj US5S65r 211 154/ 1,74 Marta-U.0GO t/S$14/r, 1 f 22/193 (monolog) OS$614m 29/25/737 (earrystoge) US$1.6540 35114912,837 t/S$15.40ri Net roultyle (TWO 18. 23x 1.5. 13. 5. Net ilsulbutrif(DPO lax 21. 12* 034 09. Net IRR 22% 29% 20% 30% 23% Praire; car lob. 'et! carrel 16% 51% 11% 44% Consistent top returns among peers: SOF Funds vs Cambridge Associates' secondary funds performancew vscm. nu, twt i RR Irii:tc pa:frets SrO3 r: do y ' void S Net inultik to 0-..ted wines' nro•Ift O.-; • • • • 03 ie w er A y r i. t. Is :4 rot wn•lf :kr l? Woo 01•6). cf,x.;rrtorit. rt,g, rOi...reo rC Aztrerirea Mvest,;+: Qui26(..:d f :in:1;430n Th,s nv..:0,:oi IS ;zr.‘) IQ -It,: eije, f.1- :aro terry oniy rt--• ern:re r.f.1.:Lis -art. St;.,:ty egve.27f c!` 2, 3 ji>. .:Ift".!•-r :nftorna:0:: Pot pefformonce b not an iirliGrite of (utter rt, ,:tr:, Fund key terrnslo Target size: USS1.75 billion Currency: US$ Investment Period: 4 years from final closing Term: 7 years - extensions (5xlyear( Structure: English I. General partner share: • 1.25% p.a. of tor rnitrren:s during Investment Period • 1.00% p.a. of Invested Capital1l in the following two years • Thereafter greater of 90% of previous year and 0.25% of Invested Capital Carded Interest: 12.S% or a whole fund basis Hurdle rate: 8% Team commitment: Min 1% of total fund size Contacts: Caro Managirg Partner & CEO +44.2C-3947-70C1 carlo.oirzio-bireelPelendowercaoital.com Cnales Sant, Managirg Partner & 00 444.2C-3947.70C2 ;banes srittnio)elendowercaoital corn Joshua C Laser Partner, Client Relation +1-212-653-8402 josh RlaserPRIendowercaoitaccom CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0095594 CONFIDENTIAL SDNY_GM_00241778 EFTA01390924