Glendower
Capital
Glendower Capital
Secondary Opportunities Fund IV, LP
The Offering Fund key terrns 10
Glendower Capital Secondary Opportunities Fund IV, PI ("SOF IV" or the "Fund") is Target size:
being formed by Glendower Capital ("GC"):
US$1.75 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 buyout: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 1.5x TVPI and 23% Net IRR.'
SOF IV will continue the successful secondary strategy pursued since 2006: Term:
• Aiming to build a globally C iversifled portfolioof seasoned funds, GP-led transactions anc 7 years - extensions iSiclyearI
co-investments on the secondary market
• Value creation through in-cepth fundamental analysis as opposec to creel structuring
Structure:
• Seeking US$1.75 billion in commitments with same key terms as prior lune English l..P.
General partner share:
Strong and consistent track record?
• 1.25% p.a. of con, rnitrren:s during
Investment Period
tar:: so, SCf D' SC" a SCI 14,21
2006 2010 /011 7014 • 1.00% p.a. of Invested Capital1l in
fateitor^w^.:““ thoretscrtgj (hancatmpl tradurre') (rarrystor)
the following two years
Further US$S65r vS$14/r OS$614m US$1.654r US$1.9SCri
• 'hereafter greater of 90% of
liar-awns. Va:.% (organic?' 11I1541:.774 lf/8/193 /9/ 75/ 737 15(149/2.837
previous year and 0.25% of
Net roultyle(TVP) lax 2 34 154 134 54
Invested Capital
65141buta0(DPII lax 2 Ix 1.h 0.3x 09.
Carded Interest:
Net IRR 22% 1976 20% 30% 23%
12.S% or a whole fund basis
Pea re:car tnla.rdc.a, 75% 51% 41% 44%
Hurdle rate:
Consistent top returns among peers:
SOF Funds vs Cambridge Associates' secondaryfunds performance mg
Vats hetIRR., tr j C•ctaiodia fano f Nee abaft.* to Mated pirtnet0
Team commitment:
MM 1% of total fund sire
ICI. ,W4
MR•lf Woo
IN6P•1
MD
V. • O -iM tin•
01•6).
Contacts:
Y!. VNi
Caro Pirrio-E;roli
Managirg Partner & CEO
4.44.2C-3947-7CC1
I 4 2 I
carlo.oirzio.birotifaelendowercaoital.corn
• • ;
Smitn
OX
Oa ,• Is :4 Managing Partner & CIO
444.2C-3947.70C2
charges setthfioglendowercaoital con"(
Joshua C Laser
Partner. Client Relaticrs
cf,x...etorit r(, nwy ,te rOirec. re Icrento: Mvem,;+: f Th,s :s ;zr.‘ ) +1-212-653.8402
;lie, 7:%:ae IC' %MA: .11t4
f. ".;
te.?!/' P,..c.e ;.ir- % t' • 3 fls r ./4ft itATUIVO:: postperformance b not un josh.glaserreklendowercanit tom
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0097784
CONFIDENTIAL SDNY_GM_00243968
EFTA01392545