EFTA01355025

GLDUS126 Pacific Life Insurance Co 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 Iclind4I011 and sotmng Too dean identiecation or suntan* assets Focus on key sellertemeals Proactne eating fans Lonna of at ootannei Sae onto nese Screening and due damer , Morey faxraw ed Ptehne Stelling and enontreation Cetalecl botteen- up duo dlfgence 'transit tan naeptokon and StructunN irp,estment decision closing Apre04.1 by Investment Committee FINS neVISIXAS Swinge( transaction GP consent /other cketog condemns FX leadiente posing fttorefoinfo and risk mom* Reeve of realssations and Ucaa:0s on perfoonente at neertly meeting lirmstroent realizaticn - Resew cashdoes from unckelyee2 funds Goo 99 exeleaten ce safe &sleete and otopoluntoes execute realisations Ater, Eternal coadorly we he. CISCIetial mstiatco and performance MOON' Valuation model PSA anti Valuaton memo C memo 8 Popolew IC memo setecnotion CbCtstnentS CASIOrly renew 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 Prnrate Placement Memorandum 26 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0039732 CONFIDENTIAL SDNY GM_00185916 EFTA01355025