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 fror• 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 core rtitrren:s during
Investment Period
lurd SOF SCC 0' Sc.,' Sef
Vrt.ht 2006 2010 2011 7014 • 1.00% p.a. of Invested Capital1l in
fdevetopmenesto5r, thorwescrtgj Mann:AGO (monolog) (earystor)
the following two years
Further US5S65r 1./S$14/r, L155614m 1,551.654m 1./5$),440n
• Thereafter greater of 90% of
Trtr-auens. %or% torpsion't 2111541:.774 1/28/193 29/75/737 15/:49/2%37
previous year and 0.25% of
her mac* (TWO 18. 2 3. 15. 13x 5.
Invested Capital
6•10butrO(DPO lax 2 I. 1.h 0.3. 09.
Carded Interest:
Net IRR 22% 29% 20% 30% 23%
12.5% or a whole fund basis
Praire; car tol% 'et! capr.31 76% 51% 42% 44%
Hurdle rate:
Consistent top returns among peers:
8%
SOF Funds vs Cambridge Associates' secondary funds performancew
twt IRR IroKtc pa:WES y 'u Wt Ne:inultilk to knot ;mimes'
Team commitment:
Min 1% of total fund size
%di
nro•Ift wn•lf Woo
01•6). Contacts:
CarO
Managirp, Partner & CEO
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1111 Cnatles
Managirg Partner & 00
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Partner. Client Relatiors
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CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 100769
CONFIDENTIAL SDNY_GM_00246953
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