EFTA01392426

GLDUS1 28 Patrick Gerschel Section 4. Glendower Capital Secondary Opportunities Fund IV. LP Glendower Capital Secondary Opportunities Fund IV. LP million, make it a potential buyer of choice in these transactions. Maturity of fund interests The mid-sized fund segment of the market is further differentiated through the maturity of fund interests targeted. Some strategies target interests in immature buyout funds which are between 15% and 50% drawn down. These strategies do a primary style analysis of the blind pool portion of the portfolio - focusing on the capability of the Fund Sponsor to invest the remaining commitments well, alongside a secondary pricing analysis of the existing assets. Complementary to this. some secondaries funds target interests in Fund Sponsors that are considered by their primary fund investment businesses to be of high quality on the basis that these interests, even if bought at close to par value, represent a compelling purchase. In contrast to these approaches, the Fund will focus only on mature fund interests (at least 50% drawn, typically over 80% drawn). This approach provides the Manager with visibility on the underlying assets and reduces reliance on the Fund Sponsor to select strong investment opportunities (reduces 'blind pool risk'). Investment Process Overview The Glendower SOF Team has developed a robust and selective investment process to support its focused and disciplined investment strategy. Exhibit 20: Secondaries Investment Process Deal VI IclinditIOll and sotmng Too dean identecation or attractne assets Focus on key Sellerxemcals Proactne eating °axis Lonna olds potential des onto name Screening and due dikgerce Weekly °now cA Ptehne Stalling and Poontoration CetaleCI hart:m- uddm dIrgence Transaction rneiptotion and SIneturing irp,estment decision closing Apperal by Investment Committee • Final negdlialaCen • &mongol fransacbon • GP Consent /other casing commons FX Irradiant, posing Fttarktonfo and risk mgml Reeve or realisations and uPla:0s on pedternance at neerrly floating Inwstroent realizaticn - Ravow eashilous from unckelon2 funds Oxon ng exeluaton Ci Sale Evaluate and otapoluntles execute realisatrons men Friel coadorly we hoe CISCIetiCei location and porkernante riNew ValuabOn Mader PSA and vaioaton memo IC memo 8 Popolew IC memo sutecnotion CbCtstnentS CASIOrly remew Sale documents Deal origination and sourcing The Glendower SOF Team will seek to purchase funds in exclusive or minimally competitive negotiated transactions through its own extensive network of industry relationships. which includes financial sponsors. Fund Sponsors, portfolio companies, intermediaries/placement agents, and investment banks. The Glendower SOF Team will seek to proactively identify private equity funds through a combination of top-down and bottom-up analysis. Top-down identification of assets: an extensive private equity database listing certain funds is maintained with recent Confidential Private Placement Memorandum 26 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0097647 CONFIDENTIAL SDNY GM_00243831 EFTA01392426