EFTA01355020

GLDUS126 Pacific Life Insurance Co Section 4. Glendower Capital Secondary Opportunities Fund IV. LP Glendower Capital Secondary Opportunities Fund IV, LP The Manager believes it will be able to source less intermediated deal flow and work directly with sellers to address their objectives. which often include non-monetary factors such as confidentiality, speed of transaction and certainty of execution. Differentiated Sourcing The Glendower SOF Team maintains an extensive network of relationships and referral sources amongst fund investors. fund sponsors, managers, portfolio companies. intermediaries/placement agents. investment banks and other counterparties in the financial industry which they can leverage to source proprietary, less intermediated, deal flow. The Manager believes that its global sourcing approach is critical to achieving attractive risk-adjusted returns for the Fund by allocating capital to what the Manager considers to be the best investment opportunities on a global basis. Since inception, the SOF Program has benefitted from a diversified pool of sellers as well as assets. More specifically: • The secondary investments represented in the SOF Funds are comprised of assets located in (by fair market value) North America 47%, Europe 47%. Asia and Pacific 3% and the rest of the world 4%.45 • Sellers of the assets purchased by the SOF Funds were located in (by value) North America 43%, Western Europe 55% and the rest of the world 3%.0 The Manager expects to leverage non-monetary factors. such as confidentiality. trust, speed and certainty of execution. In Glendower's experience, these factors become particularly relevant to sellers in distressed financial conditions or who are keen to mitigate execution risk in rapidly changing markets. In sourcing transactions for the Fund, the Manager expects the Glendower SOF Team to focus on sellers who ascribe value to non-monetary factors that the Fund may be in a position to offer. Exhibit 6: Established and disciplined sourcing and deal selection process. A wide funnel and a narrow filter:" Access to extensive industry network developed over 15 years • GPs. LPs. Advisory Board members • Close private beefing rabbonshee DB WswIth Mane:smart, Raymond James, Alex Brown Law firms, seurcaspaganrs, banks Preachy top-down approach • Engage sect* cum potenter steer unlverse tanks. insurance convenes Oensenfunds • On-tine-sneir prong forcbsely monitored library of >100funds Investor of reference in GP-led and Single Asset Deals • Convected over 30 deals sees 2007 • Substantralfoltobon deal tow subsequent to frst transaction —3,000 potential deals screened since 2007, fore. US$400bn :PV...-1.!S sees taw soce • MO tirm/JaYari MS/ :0 ylM.9 . ymn•MI ?JIM. C.PMSY • Wir4.1.1..a a V.:1..010S PS i+.•/MM .'J MO, a F Rena Firers PIMPS Transacted I1)Iry Akk moss c.100 barna:born Sauce. Glendower Capital orcpnetary information Data as ci September 33. 2017. Source. GlerWaver Capital proprietary information Data as of September 30. 2017. Source Glendower Capital proprietary information Data ascii March 19, 2018, Driertsned deahlw.dtil tsvP•voltinB cS tor • Lidevered tear* lot•OF LPs • iPP/44 krallt•Pa. a0Ctnµ(l Urea. linque CIP-restrv-hrur; Jed srai•off ripener.", • •••••• lave vat rite •••••r its "VT Confidential Private Placement Memorandum 16 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY GM_00185906 DB-SDNY-0039722 EFTA01355020