Glendower
Capital
Glendower Capital
Secondary Opportunities Fund IV, LP
The Offering Fund key terms30
Glendower Capital Secondary Opportunities Fund IV, 1P1 ("S0F IV" or the "Fund") is Target size:
being formed by Glendower Capital ("GC"):
USS1.75 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 Iron., 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-let 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$1.75 billion in commitments with same key terms as prior lunc English I..P.
General partner share:
Strong and consistent track record2
• 1.25% p.a. of cor rnitmert:s during
Investment Period
lurd sOF SC+ D' Sc.,' Sc'Sc{Iii 14,21
vnaer 2006 2010 2011 7014 • 1.00% pa. of Invested Capital1l in
fonttopmenesto5r, thoretscepj thannungj (monolog) (rarrystor)
the following two years
Further US$S65r US$14/r OS$614m GS$1.654r US$2.4Sern
• "hereafter greater of 90% of
Tr4r-auers. %or% corp4ron't 111154/ :.774 108/193 29/75/737 15/ 149 / 2,837
previous year and 0.25% of
her roult4:4e (TWO lax 2 3x 15o 13x 5.
Invested Capital
6suibutr0(DPO lax 2 Ix 1.h 0.34 094
Carried Interest:
Net IRR 22% 2916 20% 30% 23%
12.5% or a whole fund basis
Praire; car trib.ted capr.31 76% 51% 12% 44%
Hurdle rate:
Consistent top returns among peers:
8%
SOF Funds vs Cambridge Associates' secondary funds performancew
pa:WES SA.03.;:e. y 'void Ne:inultilk to kruted pig:WO
Team commitment:
Min 1% of total fund size
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nro•Ift :kr II.
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Contacts:
l! .
Caro Pirzio-E;roli
Managirp, Partner & CEO
+44.2C-&947-7CC1
carlo.oezioibirotifaglerdowercaraital.corn
Cnyles &min
03 ie w r A y r i. t, a :4 Managing Partner & CIO
444.2C-3947.70C2
charges sritthre)glendowercaoital corn
Joshua C 6 aser
Partner. Client Relaticrs
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fiisli0rite of futweresete.
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0039425
CONFIDENTIAL SDNY_GM_00185609
EFTA01354827