EFTA01355433

GLDUS141 Greg Martin 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 PI rgination and sotmng Too dam identdcation ot attractne assets Focus on key Seller *nice% Preece. eating eons Leland old potential beats into pipette Screening and due dikgerce Woddy °now re Ptehne Stalling and Pnontoration Detailed batteen- ud duo dhgence Transaction neigh:don and Cluttering Irp,estment decision closing Apretyal by Investment Committee Final no:S*8W* • Swinge( transit/coon GP consent r other closing condemns FX kedien9 posing frbflaiarira and risk mgrrit Prom of realssaboas and updates on padomonce at eeeely meeting Insv.stment realiZaticnn - Revew casMoves from unckelymt) funds Crop 99 dOloaton Cd Sale &ornate and oceolunities execute realisatcins Attest Eternal coadorly we hoe CISCIetiCei msliatco and pedotrnance riNew Valuab0n tn0dte PSA and Valuation memo IC memo 8 Pipeline IC memo eutecnotion cbCuments Coarterly wen, 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 Pintale Placement Memorandum 26 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0040596 CONFIDENTIAL SDNY GM_00186780 EFTA01355433