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 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 frog, 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 t extensions (5xlyear(
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 cor rnitrrert:s during
Investment Period
lurd SOF SCf 0' Sc. SC4111 las!
vnaee 2006 2010 2011 7014 • 1.00% pa. of Invested Capital1l in
foevotopmenesce5r, froretscro Mann:AGO (inolverg) frarrystor)
the following two years
k,rdue US$565r US$14/n OS$614m 1451.654r t/S$2.4SCr,
• 'hereafter greater of 90% of
icor-awn. %No% werpson't 2111541:,774 1128/193 29/75/737 15/:49/2%37
previous year and 0.25% of
Net roultyle (TWO 184 2 3x 15o 13x 5.
Invested Capital
Net ilsolbuteel(DPII lax 2 Ix 1.h 0.34 09'
Carried Interest:
Net IRR 22% 29% 20% Jos 23%
12.5% or a whole fund basis
Peak re: cartnb.tM caprvl 76% 51% 42% 44%
Hurdle rate:
Consistent top returns among peers:
8%
SOF Funds vs Cambridge Associates' secondary funds performancew
vscm. nu, twt IRRN)Irioec pa Orel SA.(3.;:e. y h,WS Net riultik to %%WC wines'
Team commitment:
Min 1% of total fund size
1014 1.041
n4P•14i Mn•lf Woo
1-.14
01•6). Contacts:
Can° Pirzio-6roli
Managirp, Partner & CEO
Oa t. a :4
11ll 1111 Charles Smih
Managing Partner & CIO
lost ua C G aser
Partner, Chent Relations
7?pi:; cf,x.;rrtorit. rt,g, roiy,te rOi...reo rCMtr,,rto: Mvest,;+: Qui26(..:d f :in:1;43On Th,s ;zr.‘,) •
-1.0: eije, LI* :aro s;:f .; NOS.: I.I.1t4f.of
ogIf 1.,!` p 3 ji>. .:Ift".!•-rinn :rd....corr.:4.V; Post peffbnnarab not an
itrlu.~~7iKM Or' fiirliGrite of (utter rt! ,:tr:,
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 100336
CONFIDENTIAL SDNY_GM_00246520
EFTA01394336