EFTA Document EFTA01390946

GLOUS113 Cliff IIlig 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) • Levered beta play 10,000 L • PE market index • Volume-driven 3,000 • Alpha play M • Value investing • Selective sourcing 1,000 Low barriers to entry S • Smaller deals Local sourcing Very competitive 100 1996 <S1bin $1-3bn • >$3bn • Glendower Capital OF II -.7) • SOF III