EFTA Document EFTA01391396

GL0US124 BBR Partners Glendower Capital Secondary Opportunities Fund IV. LP THIS MEMORANDUM. EACH OF GLENDOWER CAPITAL, LLP AND THE GENERAL PARTNER IS EXEMPT FROM REGISTRATION WITH THE U.S. COMMODITY FUTURES TRADING COMMISSION (THE 'CFTC') AND IS NOT REGISTERED WITH THE CFTC AS A COMMODITY POOL OPERATOR ('CPO'), PURSUANT TO AN EXEMPTION UNDER CFTC REGULATION SECTION 4.13(AX3) FOR POOLS (A) WHOSE INTERESTS ARE EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT AND ARE OFFERED AND SOLD WITH