EFTA Document EFTA01392205

GL0USI44 Glenn Warren SOF Funds positioned as mid-sized value investor Below large levered beta players, above small local funds Secondary funds raised or in fundraising 1996-20181 Fund Size (USS000) L and ) ..., 0 8 7) • • • Levered beta play PE market index Volume-driven 1 0 , 000 <S1bin $1-3bn • >$3bn • Glendower Capital 3,000 • Alpha play M • Value investing • Selective sourcing 1,000 Low barriers to entry 13 Cs ' r a S • Smaller deals Local sourcing O ,