EFTA Document EFTA01392545

Glendower Capital Glendower Capital Secondary Opportunities Fund IV, LP The Offering Glendower Capital Secondary Opportunities Fund IV, PI ("SOF 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 buyout: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 1.5x TVPI and 23% Net IRR.' SOF IV will continue the successful secondary strategy pursued since 2006: • Aiming to build a globally C iversif led portfolioof seasoned funds, GP-led transactions anc co-investments on the secondary market • Value creation through in-cepth fundamental analysis as opposec to creel structuring • Seeking US$1.75 billion in commitments with same key terms as prior lune Strong and consistent track record? tar:: so, 2006 SCf D' 2010 SC" a /011 SCI 7014 14,21 fateitor^w^.:““ thoretscrtgj (hancatmpl tradurre') (rarrystor) Further US$S65r vS$14/r OS$614m US$1.654r US$1.9SCri liar-awns. Va:.% (organic?' 11I1541:.774 lf/8/193 /9/ 75/ 737 15(149/2.837 Net roultyle(TVP) lax 2 34 154 134 54 65141buta0(DPII lax 2 Ix 1.h 0.3x 09. Net IRR 22% 1976 20% 30% 23% Pea re:car tnla.rdc.a, 75% 51% 41% 44% Consistent top returns among peers: SOF Funds vs Cambridge Associates' secondaryfunds performance mg Vats hetIRR., tr j C•ctaiodia fano f Nee abaft.* to Mated pirtnet0 OX V. • MD Y!. VNi I 4 2 I • • ; Oa ,• Is :4 ICI. IN6P•1 O -iM ,W4 MR•lf tin• Woo 01•6). cf,x...etorit r(, nwy ,te rOi rec. re Icrento: Mvem,;+: f Th,s :s ;zr.‘ ) ;lie, 7:%:ae IC' %MA: .11t4f. ".; te.?!/' P,..c.e ;.ir- % t' • 3 fls r ./4 ft itATUIVO:: post performance b not un Fund key terrns 10 Target size: US$1.75 billion Currency: US$ Investment Period: 4 years Iron., final closing Term: 7 years - extensions iSiclyearI Structure: English l..P. General partner share: • 1.25% p.a. of con, rnitrren:s during Investment Period • 1.00% p.a. of Invested Capital1l in the following two years • 'hereafter greater of 90% of previous year and 0.25% of Invested Capital Carded Interest: 12.S% or a whole fund basis Hurdle rate: Team commitment: MM 1% of total fund sire Contacts: Caro Pirrio-E;roli Managirg Partner & CEO 4.44.2C-3947-7CC1 carlo.oirzio.birotifaelendowercaoital.corn Smitn Managing Partner & CIO 444.2C-3947.70C2 charges setthfioglendowercaoital con"( Joshua C Laser Partner. Client Relaticrs +1-212-653.8402 josh.glaserreklendowercanit tom CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0097784 CONFIDENTIAL SDNY_GM_00243968 EFTA01392545