GLDUS133 Georgetown University Endowment
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)
-cS1bin
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
. ,, r., SOF,...
II i,
L,} Cis ' /— . 18! il ri
, .:
,.., ,1
...,-,
Low barriers to entry :: SO; art)d SOF D :), 0 ::., ,.. CT,
O Ci
S
• Smaller deals
Local sourcing .../ 8
1-7
rs >50 players
• O
Very competitive ..,
? O O O C. r o O O
O its O
0 .• o
r.> c I
c; Q O ..P,
c c'.
'Jim, 4 100
1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
(1; Glendower Capital own market segmentation analysis. Data source. Presin database end Glendower Capital own market intelligence as of November 2017. Includes target fund sizes for funds that are currently raising.
Glendower
STRICTLY CONFIDENTIAL 22
Capital
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093879
CONFIDENTIAL SDNY_GM_00240063
EFTA01389520