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GLOUSI 33 Georgetown University Endowment
Section 2: Investment Performance
Glendower Capital Secondary Opportunities Fund IV, LP
In Exhibit 2 each of SOF. SOF D. SOF II and SOF III is benchmarked against its vintage peer group reported in the
Cambridge Associates Secondaries Benchmark statistics (September 30, 2017). The SOF Funds present comparatively
strong Net IRR. DPI and TVPI across each vintage year.
Exhibit 2: SOF Funds performance versus Cambridge Associates Secondary Fund Benchmark
" 34 37
Secondary funds: Net IRR to limited partners
Secondary funds: Net multiple to limited partners
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In Exhibit 3. each of SOF. SOF D. SOF II and SOF III is benchmarked against its vintage group of top quartile buyout
funds reported in the Cambridge Associates Global Buyout Benchmark as of September 30. 2017. Again, the SOF
Funds present comparatively strong Net IRR, DPI and TVPI across each vintage year.
Exhibit 3: Buyout•hke returns with a secondary risk profiles
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Some: Cambridge Associates Secondaries Benchmark statistics as of September 30 2017 SOF Funds are shown benchmarked against their
vintage yew peer group SOF and SOF 0 performance is not included m the data se teed to calculate the tenclvnark data Note that the performance
fumes in respect el SW and SOF D have not been audried and should be reed and reviewed in conmiteco win Appendix 5 ImponanIPmlonnance
latirmatton Past pedamance of SOF Fields 6 not a predecton of Mute performance.
Information presented n Exhibt 21s based cn the unzip:Med results ol SOF, SOF D. SOF II and SOF III as of September 30. 2017
Past performance is not a ofeckbon of the future performance of SOF, SOF D. SOF II or SOF III In is included to demaigrate the track record or the
Glendower SOF Team There can be no aesurance that SOF fif win achieve canceratle results or that any target resultswill be acrewed
DPI = Cierbulons to Paid-in Capital. RVOI = Residual Value to Peel- In Capital. TVPI = Total Value to Paid-in Capital
Source' Cambridge Associates Global Buyout Benctimaik as of September 30. 2017. The information reflects a comparison of SOF. SOF D. SOF II a
SCf HI performance against one benchmark only Past performance 6 not a prediction ol the Uwe performance of SOF. SOF D, SOF II. SCf III or
any other Glendower finds and there can be no asswance that SOF W vall achieve comparatte resifts or that any Impel results will be achieved. but
is included to demonstrate the track record of the Glendower SOF Team Interne= presented in this chart is based on the unaudted issues of SOF.
SOF D. 9CF II and SOF III as of September 30.2017 and should be read and reviewed in COnpnetCn and Mold be read and ICV,OW•d in conjunction
with Appendix 5 inmalant Pet nine Information which sets forth amongst other throe: important infamation regarding the performance
emoted above
Confidential Prrrate Placement Memorandum
9
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e)
DB-SDNY-0093694
CONFIDENTIAL
SDNY_GM_00239878
EFTA01389338