GLIDUS238 SOUTHERN FINANCIAL LLC
SOF Funds positioned as mid-sized value investor
Below large levered beta players, above small local funds
Secondary funds raised or in fundraising 1996-20181
Fund Size
(USS000)
<S1bin
10,000 $1-3bn
• Levered beta play
L • PE market index • >$3bn -10 players
• Volume-driven • Glendower Capital
3,000
• Alpha play
M •
•
Value investing
Selective sourcing • SOF III
•
SOF IV
-10 players
1,000
• a-...-)c ri
SOF II 1—il
. ,,.
Li Cis ' .. /— : . {
-, -.. o
• Low barriers to entry
O 0 7) SO: and 7: D
f.D 0 `...., C) fr.: ,
S
• Smaller deals
Local sourcing O e 8 O
ri
cA)
>50 players
, O
/
•
•
i i
...,
• Very competitive
, O O O O O
O
ps
? O
O .%.
O
o
O Q
c 00 r."
..p, O
,
(,..• c c'.
ft it
100
1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
(I; Gtendrmer Capital own market segmentation analysis. Data source'. Preqin database end Glendower Capital own market inteiigence as of November 2017. Includes target fund sizes for funds that ire currently raising.
Glendower STRICTLY CONFIDENTIAL 22
Capital
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0055076
CONFIDENTIAL SDNY_GM_00201260
EFTA01364528