EFTA Document EFTA01390268

Glendower Capital Glendower Capital Secondary Opportunities Fund IV, LP The Offering Glendower Capital Secondary Opportunities Fund IV, 1P1 ("S0F IV" or the "Fund") is being formed by Glendower Capital ("GC"): • An independent secondary manager spun-off from Deutsche Asset Management in August 2017 • fully owned by its partners who worked together for IS years • Established 23-strong team with US$3 billion in total client assets and offices in London arc New York Glendower's mission is to deliver outstanding results for its investors • Strung buyout:like performance with an attractive risk profile. ear& cash flows, arw negligible loss ratio • Mature program at 1.7x TVPI and >20% Net IRR and overall program at 1.Sx TVPI and 23% Net IRR.' SOF IV will continue the successful secondary strategy pursued since 2006: • Aiming to build a globally C iversif led portfolio of seasoned funds, GP-let transactions anc co-investments on the secondary market • Value creation through in-cepth fundamental analysis as opposec to creel structuring • Seeking US$1.75 billion in commitments with same key terms as prior lunc Fund key terrnslo Target size: US$1.75 briber' Currency: US$ Investment Period: 4 years from final closing Term: 7 years - extensions (5xlyeari Structure: English I. General partner share: Strong and consistent track record2 • 1.25% p.a. of nor rnitrrert:s during Investment Period I urd SOF SC+ D' Sc.,' Sc' Virr.444 2006 2010 2011 2014 • 1.00% pa. of Invested Capital'1 in foNvoLopmenes<e4r, Furd4or thorwescro US$565r Mann:AG0 US$14 in (monolog) US$614m (earystor) 1451.654r US$2.441Crn the following two years • "hereafter greater of 90% of Titration. %cc% corpson't 2111541:,774 1118/193 29/25/737 35/ 149 / 2•37 previotis year and 0.25% of Net maple (TWO 18x 2 3ir 1.5. I 3x 5. Invested Capital Net ilsolbuteCI(DPII 18* 2 Ix 1.h 0.34 09' Carded Interest: Net IRR 22% 29% 20% 30% 23% 12.5% or a whole fund basis Peak re: cart/4,4,4d capr4I 76% 51% 12% 44% Hurdle rate: Consistent top returns among peers: SOF Funds vs Cambridge Associates' secondary funds performancew iwt i RR to InKt• y 'u Wt Ne:inultilk to irote4 hirtnet0 o'N Wr 14o • 0.1 S • I I 03 ie w r A y r i. t, a :4 n4P•14i %di wn•lf :kr II. Woo 01•6). 1 1 ll 1111 7?•:; cf,x.;,•orit. rt,g, (iv ,te rOi...rec. Aztrerito: Mvest,;+: Qui26(..:d f Th,s nv.•:..,?cd is ;tr.,..) OVCI: NS:. - tieoy 0:1iy •;:fA: .; 7f ihr4fri ecyro c!? C 3 ji>. .:I3c.!•-•nc; :rdirirmacr: Post perforynorpg ts not we inekgrion on fiisliCrite Of tut002 fr30t0. 8% Team commitment: Min 1% of total fund size Contacts: Can° Pirric-E;roli Manaflire Partner & CEO Smitn Managing Partner & CIO lost ia C G aser Partner. Client Relaticrs CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0094714 CONFIDENTIAL PROT1 PROT0