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 briber'
• 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 buyout:like performance with an attractive risk profile. ear& cash flows, arw negligible loss ratio
4 years from final closing
• Mature program at 1.7x TVPI and >20% Net IRR and overall program at 1.Sx TVPI and 23% Net IRR.'
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 (5xlyeari
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 rnitrrert:s during
Investment Period
I urd SOF SC+ D' Sc.,' Sc'
Virr.444 2006 2010 2011 2014 • 1.00% pa. of Invested Capital' 1 in
foNvoLopmenes<e4r, thorwescro Mann:AG0 (monolog) (earystor)
the following two years
Furd4or US$565r US$14in US$614m 1451.654r US$2.441Crn
• "hereafter greater of 90% of
Titration. %cc% corpson't 2111541:,774 1118/193 29/25/737 35/ 149 / 2•37
previotis year and 0.25% of
Net maple (TWO 18x 2 3ir 1.5. I 3x 5.
Invested Capital
Net ilsolbuteCI(DPII 18* 2 Ix 1.h 0.34 09'
Carded Interest:
Net IRR 22% 29% 20% 30% 23%
12.5% or a whole fund basis
Peak re: cart/4,4,4d capr4I 76% 51% 12% 44%
Hurdle rate:
Consistent top returns among peers:
8%
SOF Funds vs Cambridge Associates' secondary funds performancew
iwt iRR to InKt• y 'u Wt Ne:inultilk to irote4 hirtnet0
Team commitment:
Min 1% of total fund size
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01•6). Contacts:
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• Can° Pirric-E;roli
Manaflire Partner & CEO
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• I •,
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03 ie w r A y r i. t, a :4
1111 Smitn
Managing Partner & CIO
lost ia C G aser
Partner. Client Relaticrs
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CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0094714
CONFIDENTIAL SDNY_GM_00240898
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