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 bailer'
• 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 lune English I.
General partner share:
Strong and consistent track record2
• 1.25% p.a. of cor rnitmert:s during
Investment Period
lurd SOF SCf 0' Sc.,' Sc'Sc411i Iasi
Vint4ht 2006 2010 2011 7014 • 1.00% pa. of Invested Capital1l in
fonttopmenesto5r, thoretscro thannungj (monolog) (rarrystor)
the following two years
Further US$565r liS$14/r, OS$614m 1451.654r liS$2.4Sern
• "hereafter greater of 90% of
Tr4r-ations. %or% corp4ron'ir 211 1541:.774 1/28/193 29/75/737 15/:49/$837
previous year and 0.25% of
her roult4:4e(TVPI) lax 2 3x 154 13x 5.
Invested Capital
6suibutr0(DPO lax 2 Ix 1.h 0.34 094
Carded Interest:
Net IRR 22% 29% 20% 30% 23%
12.5% or a whole fund basis
Praire; car trib.ted carrel 76% 51% 42% 44%
Hurdle rate:
Consistent top returns among peers:
8%
SOF Funds vs Cambridge Associates' secondary funds performancew
twt IRR Irii:ec pa:WES SA.03“:d. y 'u Wt Ne:riultik to kruted pinnet0
Team commitment:
Min 1% of total fund size
101, 1.011
TIPP•Ifl MR•lf Woo
01•6). Contacts:
att
Car'o Pirric-E;roli
Mann irk, Partner & CEO
Charles Smitn
Oa t. a :4 a a Managing Partner & O0
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5 a%.
lost ua C. G aser
Partner, Client Relations
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CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093848
CONFIDENTIAL SDNY_GM_00240032
EFTA01389489