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 fror 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 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 nor rtitrren:s during
Investment Period
lurd SOF SC+ 0' SC1 it SC. 01 last
•Arr.42 2006 2010 2011 1014 • 1.00% p.a. of Invested Capital1l in
fonttopmenesto5r, thorwescrtgj thanC14.10 (monolog) IVOI•StOft9
the following two years
Further US5S65r t/S$14/r, OS$614m US$1.6540 t/S$1.S.SCrn
• Thereafter greater of 90% of
Trtr-auens. %or% werpsion't ill 154/ 1,24 1f 28/193 29/25/737 35114912,837
previous year and 0.25% of
Net roultyle (TWO 18. 23x 1.5. 13. 5.
Invested Capital
Net 6•10butriffDPO lax 21. lb 03* 09.
Carded Interest:
Net IRR 22% 29% 20% 30% 23%
12.S% or a whole fund basis
Praire; car to% 'et! carrel 16% 51% 11% 44%
Hurdle rate:
Consistent top returns among peers:
8%
SOF Funds vs Cambridge Associates' secondary funds performancew
twt iRR Irii:tc pa:WES S•03“: do y 'voids Ne:multik to kruted ;mimes'
Team commitment:
Min 1% of total fund size
%di
%I.P•Ift nn.ta Woo
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01.2% Contacts:
Caro
Managirg Partner & CEO
• 4414.2C-3947-7CCI
• carlo.oinio.biro:IPRIendowerCarktal.COrn
• •
Cuales Stnitn
m a u. er t. Is :4 Managirg Partner & 00
444.2C-3947.70C2
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Partner, Client Relation
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CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0088135
CONFIDENTIAL SDNY_GM_00234319
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