EFTA01389958.pdf

GLDUS132 EverWatch Financial GP-led transactions are a growing source of supply Secondary bespoke liquidity solutions are now part of the GP toolkit GP-led transactions now represent 20-25% of the secondary market Illustrative transachons % of Secondary ......... USSIdn GPs seeking le He Partners YE C:7 15 market deal volume 30% Brand-name DIAMOND CAIST1.! 14.0 liquidity for worse 14 managers performing funds or One Ecpady Partners fund term extension 13 WARMINGPlait1p. 25% 12 18% 11 DNUANCED CAGR • . • 10 8.2 9.0 20% Lt^zir12/ .t.1 Can in!. Mid-market GPs DUKE 9 looking to provide a STREET Quality • liquidity option in ilka:Yr-..• :Anna 8 7.1 mid-market year 10+ or GMT 15% managers • bespoke solution . 7 after a bump in the g 6 road RAI] Zurmont Madison SbnA • Ci.,Ai ‘l 5 10% STAGE 4 3 a 2.4 2.7 1.9 1.9 5% Under- Zombies looking for 2 performing solutions make ZOMBIE GPs 1 0.6 managers unlikely targets 0 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries —GP-led secondaries as % of total (I; Glendower Capital analysis based on Gueenhil Secondary Marker!' erris 3 Outlook, January 2013: and Dow Jones Private Equity Anislyst Guide to the Secondary Market, June 2917 Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0094326 CONFIDENTIAL SDNY_GM_00240510 EFTA01389958