EFTA Document EFTA01391514

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 Strong and consistent track record2 lurd vnaee foevotopmenesce5r, k,rdue • 'hereafter greater of 90% of icor-awn. %No% werpson't 2111541:,774 1128/193 29/75/737 15/:49/2%37 previous year and 0.25% of Net roultyle (TWO 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: cartnb.tM caprvl 76% 51% 42% 44% Hurdle rate: Consistent top returns among peers: SOF Funds vs Cambridge Associates' secondary funds performancew vscm. nu, twt I RR to Irioec pa Orel SA.03.;:e. y h,WS Ne:riultik to %%WC wines' SOF 2006 froretscro US$565r SCf 0' 2010 Mann:AGO US$14/n Sc. 2011 (inolverg) OS$614m Sc4111 las! 7014 (rarrystor) 1451.654r t/S$2.4SCr, 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: • 1.25% p.a. of cor rnitrrert:s during Investment Period • 1.00% pa. of Invested Capital1l in the following two years oti Oa t. a :4 wD nro•Ift 1.041 Mn•lf Woo 01•6). 1 1 ll 1111 7?pi:; cf,x.;rrtorit. rt,g, roiy,te rOi...reo rC Aztrer tte, Mvest,;+: Qui26(..:d f :in:1;430n Th,s f.‘0: • k, "1'0: eije, LX :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: C,ro - ' t (-Axles Smitn Managirg Partner & CIO lostua C aser Partner. Client Relatiors CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0096457 CONFIDENTIAL SDNY_GM_00242641 EFTA01391514