EFTA Document EFTA01394759

GLDUS140 Lawrence Hirsch SOF Funds positioned as mid-sized value investor Below large levered beta players, above small local funds Secondary funds raised or in fundraising 1996-20181 Fund Size (USS000) L • Levered beta play • PE market index • Volume-driven • Alpha play M • Value investing • Selective sourcing • Low barriers to entry S • Smaller deals Local sourcing • Very competitive 10,000 3,000 1,000 • 100 1996 <S1bin $1-3bn • >$3bn • Glendower Capital • SOF III