Glendower
Capital
Glendower Capital
Secondary Opportunities Fund IV, LP
The Offering Fund key terrnslo
Glendower Capital Secondary Opportunities Fund IV, 1P1 ("S0F 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 IN, yout•like performance with an attractive risk profile. earn/ cash flows, arw negligible loss ratio
4 years frog, final closing
• Mature program at 1.7x TVPI and >20% Net IRR and overall program at 1.Sx TVPI and 23% Net IRIV
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 t 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 lunc English I.
General partner share:
Strong and consistent track record2
• 1.25% p.a. of cor rnitrrert:s during
Investment Period
lurd SOF SCf 0' itz I Sc4111 las!
vnaer 2006 2010 2011 7014 • 1.00% pa. of Invested Capital1l in
foevotopmenes<e5r, froretscro Mann:AGO (inolverg) (rarrystor)
the following two years
Furdwr US$565r US$14/n 05$614m 1451.654r t/S$2.4SCr,
• 'hereafter greater of 90% of
Tror-auors. %cc% werpoon't 2111541:,774 1128/193 29/75/737 15/:49/$837
previous year and 0.25% of
Net roult.4:441TWO 184 2 3x 15o 13x 5.
Invested Capital
Net ilsolbuteel(DPII lax 2 Ix 1.h 0.34 09'
Carried Interest:
Net IRR 22% 29% 20% Jos 23%
12.5% or a whole fund basis
Peak re: car ININ.ted caprvl 76% 51% 42% 44%
Hurdle rate:
Consistent top returns among peers:
8%
SOF Funds vs Cambridge Associates' secondary funds performancew
twt IRR to Irioec pir:nerl SA.03“: do y 'u Wt Ne:riultik to £r,tet wines'
Team commitment:
Min 1% of total fund size
1014 tar
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txi•t3. 1-.14 Contacts:
01•6).
Car'o
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11ll 1111 Clarles Smitn
Managing Partner & CIO
lostua C G aser
Partner, Client Relaticrs
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CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0038994
CONFIDENTIAL SDNY_GM_00185178
EFTA01354400