GLDUS137 Forrestal Capital LLC
Significant unrealized value still locked in tail-end funds
Seller composition expected to remain diverse
Unrealized PE value: US$600bn in pre-crisis vintages' Seller composition breakdown2
US$bn
250
226
Endowments &
201 General Foundations
200 193 Partners 16%
186 24%
Family Office I
150 149 144 „dada Other
137 6%
129
100 92
Financial
Institutions
67
12%
Asset Manager / FoF
50 48 18%
20
11
0 Public
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Pensions /
SWF
issztilas 24%
Sourer ar17 Preritin GoCriS Private Equity S Ventura Capital Report.
1.2) Sokurce. Greenhill Secondary Market tends 8 Outlook. January• 2013
Glendower STRICTLY CONFIDENTIAL
Capital
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0099933
CONFIDENTIAL SDNY_GM_00246117
EFTA01394007