EFTA Document EFTA01391750

GLOLIS142 Ironsides Asset Mgmt Section 4. Glendower Capital Secondary Opportunities Fund IV, LP Glom:tamer Capital Secondary Opportunties Fund IV. LP Exhibit 14: 2017: Seller composition breakdowno Exhibit 15: Funds marketed by vintage 100% - 2016 >2006 POSI-4t1S.6 General Entkmmems Fa 80% 39% Pones 24% -edition Firmly OOP ese es 60% Se% 20:36.06 Owens* 40% 43% VrnoI instaatiens 12% Asset 14Ineger fcf 20% • 11% <2006 PM-COSI' 0% 2316 2017 0.koc Penvens SW!, 24% Emergence of tail-end sales There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as sellers. While these seller types may be emerging, motivations for doing so are not new and are consistent with the broader asset management sub-segment, where sellers are looking to wind down older vehicles to either lock in gains, return capital to LPs. or both. Glendower estimates that here is a significant supply of secondary opportunities in pre-crisis bubble funds as evidenced by ca. USS600 billion of private equity assets still locked in 2003.2008 vintage funds. Exhibit 16: PE Assets by Fund Vintage Yearo USSon 250 200 226 201 188 193 150 137 149 144 129 100 92 50 67 48 0 11 ._ _ 20 S 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 iiimrtmairoain " Greennl Cogent Secondary Market Trends 8 Oulook January 2018 f' 2017 Preps Glotel Pena* Equity 8 Verdure Canal Report - Prreate Eatery and Venture Cispdal Unrealized Value by Fund Vintage Year n of June 2016. Confidential Private Placement Memorandum 22 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0096780 CONFIDENTIAL SDNY GM_00242964 EFTA01391750