GLOUSI 33 Georgetown University Endowment
Benefits of secondary private equity investing
Attractiveness of secondary opportunities' Secondaries can result in earlier cash flows'
In 'WO
Timeframe of secondary investment
1.400
Pricing - Re-price existing funded assets 1,200
Flexibility — Capitalise on pricing inefficiencies
1,000
800 Hypothetical
— Knowledge of existing underlying companies timing of
Mitigate Blind secondary
600
Pool Risk — Mature assets typically yield more predictable cash flows transaction
400
\`I
200
Mitigate J- - Shorter duration of investments
Curve — Earlier cash distributions
5 6 7 8 9 10 11
(200) Years
Complement — Accelerate deployment of capital
(400)
Portfolio — Provides back-seasoned diversified exposure across vintage,
Construction strategy, industry and geography (WO) Capital calls and managen*nt fees
Distributions
tE00) Cumilabve cash flows
(1) This information is for rii,x.uz<nm purposes and i efIrrcts Glendower Capitals own analysis. The graph is an example roe illtrstrative purposes only and the actual profile of any given investment may vary substantially.
Glendower STRICTLY CONFIDENTIAL
Capital
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093867
CONFIDENTIAL SDNY_GM_00240051
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