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"):
USS1.75 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 from 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
Structure:
• Value creation through in-cepth fundamental analysis as opposec to creel structuring
• Seeking USS1.75 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 tor rnitrren:s during
Investment Period
lurd SOF SC+ 0' SC1 it Sef Ill last
•Arr.44 2006 2010 2011 1014 • 1.00% p.a. of Invested Capital1l in
fonttopmenesto5r, thoretscepj Marta-U.0GO (monolog) (earrystoge)
the following two years
Further US5S65r t/S$14/r, OS$614m US$1.6540 t/S$15.40ri
• Thereafter greater of 90% of
04r-auens. %or% werpoion't 211 154/ 1,74 1f 22/193 29/25/737 35114912,837
previous year and 0.25% of
Net roultyle (TWO 18. 23x 1.5. 13. 5.
Invested Capital
Net ilsulbutrif(DPO lax 21. 12* 034 09.
Carded Interest:
Net IRR 22% 29% 20% 30% 23%
12.S% or a whole fund basis
Praire; car lob. 'et! carrel 16% 51% 11% 44%
Hurdle rate:
Consistent top returns among peers:
8%
SOF Funds vs Cambridge Associates' secondary funds performancew
vscm. nu, twt iRR Irii:tc pa:frets SrO3r: do y ' void S Net inultik to 0-..ted wines'
Team commitment:
Min 1% of total fund size
rot
wn•lf Woo
nro•Ift
O.-; :kr l?
01•6).
Contacts:
Caro
Managirg Partner & CEO
• +44.2C-3947-70C1
• carlo.oirzio-bireelPelendowercaoital.com
• •
Cnales Sant,
03 ie w er A y r i. t. Is :4 Managirg Partner & 00
444.2C-3947.70C2
;banes srittnio)elendowercaoital corn
Joshua C Laser
Partner, Client Relation
cf,x.;rrtorit. rt,g, rOi...reo rC Aztrerirea Mvest,;+: Qui26(..:d f :in:1;430n Th,s nv..:0,:oi IS ;zr.‘) +1-212-653-8402
IQ -It ,: eije, f.1- :aro terry oniy rt--• ern:re r.f.1.:Lis -art. St;.,:ty
egve.27f c!` 2, 3 ji>. .:Ift".!•-r :nftorna:0:: Pot pefformonce b not an josh RlaserPRIendowercaoitaccom
iirliGrite of (utter rt, ,:tr:,
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0095594
CONFIDENTIAL SDNY_GM_00241778
EFTA01390924