Glendower
Capital
Glendower Capital
Secondary Opportunities Fund IV, LP
The Offering Fund key terms10
Glendower Capital Secondary Opportunities Fund IV, 1P1 ("SOF IV" or the "Fund") is Target size:
being formed by Glendower Capital ("GC"):
US$1.75 billion
• An independent secondary manager spun-off from Deutsche Asset Management in August 2017
• fully owned by its partners who worked together for IS years Currency:
• Established 23-strong team with US$3 billion in total client assets and offices in London arc New York US$
Glendower's mission is to deliver outstanding results for its investors Investment Period:
• Strung buyout:like performance with an attractive risk profile. earn/ cash flows, arw negligible loss ratio
4 years Iron., final closing
• Mature program at 1.7x TVPI and >20% Net IRR and overall program at 1.5x TVPI and 23% Net IRR.'
SOF IV will continue the successful secondary strategy pursued since 2006: Term:
• Aiming to build a globally C iversifled portfolio of seasoned funds, GP-led transactions anc 7 years - extensions (5xlyear;
co-investments on the secondary market
• Value creation through in-cepth fundamental analysis as opposec to creel structuring
Structure:
• Seeking US$1.75 billion in commitments with same key terms as prior lune English l..P.
General partner share:
Strong and consistent track record?
• 1.25% p.a. of con, rnitrren:s during
Investment Period
lar.1 so, SCf D' SC, a SCI III 14,21
2006 2010 /011 7014 • 1.00% p.a. of Invested Capital1l in
fdeveJorwriJ,“ thoretscrtgj (hancatmpl (niverg) (tarry star)
the following two years
Further US5S65r I.S$14/n 055614m 1451.654r
• 'hereafter greater of 90% of
liar-acts:oh rcoc%ciarparin't 211 154/ :.774 /9/ 75/ 737 15/149/2.837
previous year and 0.25% of
her roultyle (TWO lax 13x 54
Invested Capital
651libuta0(DPII lax 1.h 0.3x 09.
Carded Interest:
Net IRR 22% 20% 30% 23%
12.S% or a whole fund basis
Pea re: car tnla.k.dc.a, 76% 51% 42% 44%
Hurdle rate:
Consistent top returns among peers:
SOF Funds vs Cambridge Associates' secondary funds performancemg
secohda, %rah hetIRR., t. ... j . J C.“14,Thefuncf Nee abaft.* to Mated partnet0
Team commitment:
MM 1% of total fund sire
,W.
IN6P•1 MR•lf Woo
WO. O.- tr.II. Contacts:
MD 3,3 01•6).
• Caro Pirrio-E;roli
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Managirg Partner & CEO
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• • ;
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03 0, ,• Is :3 Managing Partner & CIO
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charges setthfioglendowercaoital con"(
Joshua C Laser
Partner. Client Relaticrs
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