EFTA Document EFTA01389489

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 lune Strong and consistent track record2 lurd Vint4ht fonttopmenesto5r, Further • "hereafter greater of 90% of Tr4r-ations. %or% corp4ron'ir 211 1541 :.774 1/28/193 29/75/737 15/:49/$837 previous year and 0.25% of her roult4:4e(TVPI) lax 2 3x 154 13x 5. Invested Capital 6suibutr0(DPO lax 2 Ix 1.h 0.34 094 Carded Interest: Net IRR 22% 29% 20% 30% 23% 12.5% or a whole fund basis Praire; car trib.ted carrel 76% 51% 42% 44% Hurdle rate: Consistent top returns among peers: SOF Funds vs Cambridge Associates' secondary funds performancew twt I RR Irii:ec pa:WES SA.03“:d. y 'u Wt Ne:riultik to kruted pinnet0 SOF 2006 thoretscro US$565r SCf 0' 2010 thannungj liS$14/r, Sc.,' 2011 (monolog) OS$614m Sc'Sc411i Iasi 7014 (rarrystor) 1451.654r liS$2.4Sern Fund key terrnslo Target size: US$1.75 bailer' Currency: US$ Investment Period: 4 years Iron., final closing Term: 7 years - extensions (5xlyear( Structure: English I. General partner share: • 1.25% p.a. of cor rnitmert:s during Investment Period • 1.00% pa. of Invested Capital1l in the following two years att Oa t. a :4 101, TIPP•Ifl 1.011 MR•lf Woo 01•6). 8% Team commitment: Min 1% of total fund size Contacts: Car'o Pirric-E;roli Mann irk, Partner & CEO Charles Smitn n-... a• ta li ap p a%. a Managing Partner & O0 ai 5 a0.16.4 7?pi:; cf,x.;rrtorit. rt,g, (q)4,te rOi...reo Aztrerto: Mvest,;+: Qui26(..:d f :in:1;430n Th,s f.0: • k, "1'0: :fjt, Lir inoy onik rt--• nit.) rixeie s;:f .; -at St; .,:ty egfrfkif 3 ji>i :rd..corr.:4.V; Post pefformonce b not an ;refry:elan on flan:torte:of futeritnearei lost ua C. G aser Partner, Client Relations CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093848 CONFIDENTIAL SDNY_GM_00240032 EFTA01389489