GLDUS125 Gerald Ford
Secondary market shows a balanced capitalization
Strong secondary capital supply'... ... but dry powder/deal volume remains balanced2
US$bn US$bn
140 700
125 Dry Powder 3.7x
• Deal volume
120 600
<1- Cry Fbw der
Deal Volurre
100 - 500
GlendowerCapital estimates that
2.2x annualdeal volume is
80 available to deployin Secondaries 400
60
58 300
40 • 200 •••
1: 2.2x
20 100
iil MI
0 0
Dry Powder Annual Deal Volume Secondaries Buyout
ii) Source: Glendower Capital estirr a sed on Greenhil Secondary Pricing Trends & Analysis. January 2018.
(21 ource, Glendower C..t.wit on 2018 Primp Global Private Forirty & %Immure Carat Repolt. GreentiO Seculdary Pri6ra Trends & Analysis. Jws.ery 2018 and Bain & Company Glotrzl Private Etat.,
Report 2018
Glendower STRICTLY CONFIDENTIAL
Capital
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0039471
CONFIDENTIAL SDNY_GM_00185655
EFTA01354873