GL0US143 Henry Nicholas
Section 4. Glendower Capital Secondary Opportunities Fund IV, LP Glendower Capital Secondary Opportunities Fund N. LP
Exhibit 14: 2017: Seller composition breakdowno Exhibit 15: Funds marketed by vintage
100% -
2016 >20013 POSI-4116.4
Entkmmeto 410% 39%
General Ircue4ens
Pones
24%
reerdy 0114. 60%
arm 2036a Pre.crisa
66%
40% 43%
Franoal
instaatiens
12% 20% •
Asset 1AIneger / rcf
11% <2006 PIIKIISIS
0%
2316 2017
0.koc
Penvens
SW!
24%
Emergence of tail-end sales
There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as sellers.
While these seller types may be emerging, motivations for doing so are not new and are consistent with the broader
asset management sub-segment, where sellers are looking to wind down older vehicles to either lock in gains, return
capital to LPs. or both. Glendower estimates that here is a significant supply of secondary opportunities in pre-crisis
bubble funds as evidenced by ca. USS600 billion of private equity assets still locked in 2003.2008 vintage funds.
Exhibit 16: PE Assets by Fund Vintage Yearo
USSon
250
226
200
201
188 193
150
149 144
137
129
100
92
50 67
48
11
0 20
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
iiimrtmairoain
" Greenhill Cogent Secondary Market Trends & Outlook January 2016
f' 2017 Preps Global Pena* Equity 8 Venture Capt.! Report - Pewee Eatery and Venture Corral Unrealized Value by Fund Virago Year a of
June 2016.
Confidential Prerate Placement Memorandum 22
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0038852
CONFIDENTIAL SONY GM_00185038
EFTA01354258