GLDUS130 Aspen Grove Capital, LLC
Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund IV, LP
In Exhibit 4, each of SOF, SOF II and SOF III is compared against each other.
The SOF Funds, each of a different size, raised in a different vintage and invested across diverse economic cycles, show
strong consistency in terms of Net Contributed Capital. Net IRR, TVPI and DPI development. All funds peak below 50%
in terms of Net Contributed Capital at around 16 quarters from inception. Net IRR. initially artificially high, levels off over
time and converges at around 20% after 20 quarters. Capital tends to be returned in around 24 quarters. or 6 years.
Lastly. TVPI tends to converge to the 1.65 - 1.65x range by the time funds are liquidated. The similar profiles exhibited
below are ascribed to the consistency of the investment strategy which the Glendower SOF Team has adhered to since
2006.39
Exhibit 4: Consistency of SOF Funds performance10
Net Contributed Capital (as % at Fund Size) Net IRR
— ••i ts •
DPI (Distributed to Paid4n Capital) TVPI (Total Value to Paid4n Capital)
Past perfomience 43 not a predation of future Terrormante and therefore there can be no assurance that the Fund will Weave comparable results or
that any target resuns wa be adveved
Net Contnbuled Capital as % Fund Sze Net IRR Development TVPI (Total Value to Pawl in Canaan. CPI (DistnIxtions b Paid-rn Capital). as of
September 30. 2017 Performance lours have been triturated based on the unaudited ;Moment. results of SOF. SOF II and SOF III as d
September 30. 2017 and should be read and reviewed in coritinctim with Appends 5. Inriffent Podotmanoe inkomafico Mich sets forth among
other thngs, important inform/on regarding Ihe I:attentions, 'Somalian described in Exhibit 4 Past performance is noise...doctor of future returns
and awe Can be no assurance that SOF fit will achieve comparable results Or tat any target testes we be *Oilseed Performance information on
SOF 0 has not been included on this slide because SOF D is a single transaction / top-up Mid raised in 201010 urdenente ptel-passu the DaVonci
trareacaon with SOF GiefldOWISt WS not expect that similar vansacbons wi be available so 939 IV
Confidential Private Placement Memorandum 10
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0098872
CONFIDENTIAL SDNY_GM_00245056
EFTA01393349