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sd-10-EFTA01354444Dept. of JusticeOther

EFTA Document EFTA01354444

GLDUS143 Henry Nicholas GP-led transactions are a growing source of supply Secondary bespoke liquidity solutions are now part of the GP toolkit GP-led transactions now represent 20-25% of the secondary market GPs seeking Brand-name liquidity for worse managers performing funds or fund term extension Mid-market GPs looking to provide a Quality • liquidity option in mid-market year 10+ or managers • bespoke solution after a bump in the road Under- Zombies looking for performi

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Dept. of Justice
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sd-10-EFTA01354444
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Summary

GLDUS143 Henry Nicholas GP-led transactions are a growing source of supply Secondary bespoke liquidity solutions are now part of the GP toolkit GP-led transactions now represent 20-25% of the secondary market GPs seeking Brand-name liquidity for worse managers performing funds or fund term extension Mid-market GPs looking to provide a Quality • liquidity option in mid-market year 10+ or managers • bespoke solution after a bump in the road Under- Zombies looking for performi

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Text extracted via OCR from the original document. May contain errors from the scanning process.
GLDUS143 Henry Nicholas GP-led transactions are a growing source of supply Secondary bespoke liquidity solutions are now part of the GP toolkit GP-led transactions now represent 20-25% of the secondary market GPs seeking Brand-name liquidity for worse managers performing funds or fund term extension Mid-market GPs looking to provide a Quality • liquidity option in mid-market year 10+ or managers • bespoke solution after a bump in the road Under- Zombies looking for performing solutions make managers unlikely targets Illustrative transachons l3C Partners DIAMOND CAIST1.! FEC:7 One EcpåIty Partners WARSUR6PIytaxc DNUANC, Lt^zir1/2.t.1 Can in!. DUKE STREET ilka:Yr-..• :Anna g• RAI] cny zit Sb GMT Zurmoht Madison STAGE ZOMBIE GPs USSIdn 15 14 13 12 11 10 9 8 7 6 5 4 3 a 2.4 2.7 1.9 2 1 0 18% CAGR 0.6 1.9 8.2 7.1 % of Secondary market deal volume 30% 14.0 9.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries —GP-led secondaries as % of total (I; Glendower Capital analysis based on Gueenhil Secondary Marker!' earls. 3 Outlook. January 201S. and Dow Jones. Private Equity Anislyst Guide to the Secondary Market, June 2017 Glendower Capital STRICTLY CONFIDENTIAL 25% 20% 15% 10% 5% 0% CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0039038 SDNY_GM_00185222 EFTA01354444

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GLDUS133 Georgetown University Endowment GP-led transactions are a growing source of supply Secondary bespoke liquidity solutions are now part of the GP toolkit GP-led transactions now represent 20-25% of the secondary market GPs seeking Brand-name liquidity for worse managers performing funds or fund term extension Illustrative transachons ......... le He Partners DIAMOND CAIST1.! YE C:7 One EcpåIty Partners WARS9R6P1yraxc NAN( ED • Lt^zir1/2.t.1 Can in!. Mid-market GPs DUKE

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