EFTA01393892.pdf

OLDUS137 Forrestal Capital LLC Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund IV. LP Investment Performance Secondaries Performance Highlights The Glendower SOF Team has delivered strong buyout-like returns27 to investors in the SOF Funds with an attractive risk profile, early cash flows, and negligible loss ratio. The performance of the SOF Funds in terms of the key closed-end funds metrics such as Net IRR, TVPI, and DPI is strong in absolute terms, compares favorably with its peers and shows strong consistency across fund vintages.28 Through September 30. 2017. the SOF Program had invested29 US$3.3 billion in 82 transactions resulting in distributions of over USS1.8 billion and had generated a 1.5x Net Multiple and a 23% Net IRR to investors. The mature funds in the SOF Program (SOF, SOF D, and SOF II) had generated a 1.7x Net Multiple and over 20% Net IRR. Exhibit 1: Performance of SOF Funds as of September 30, 2017" 3I " Fuld SOF SOFO SOF n SOF • Toted Village 20/6 2010 2011 2014 (dwetomfl stage) (naniesnng) (nantooneg) fcriatoorow fee/ stage) Fun] see I-65565m L153147m US36l4m 0651654m USS2.980m Transactons. funds comoenes s 21/154/1,774 It 28/ 193 29i 75i737 35/149/2.837 Gossnue-0e 21x 3 Ca 17x 1 dx ICs GiossIRR 29% 37% 23% 31% 28% Neuman* (WPM 1.te 2.3: 1.5x 1.3x 14: Not distributed (0P1) ttx 3.1x 1St Lk Mx Melee 22% 20% 20% 30% 23% hell( net centrit‘teci °doter 26% 51% 42% 44% For dirounn purposes cnly Score° Glendower Capital based on Prow benchmark data for the median WIDI and Net RR achieved by buyout Rods Ice %/Images et 1997 to 2017 Average buyout TVPI = 159x Average Net RR = 155% Data as of September 30 2017 Fot further benchmariong a Glendower Ceptei to tuyoul returns. Neese refer to Exhibit 3 Pau performance is net a predotal of the future performance of r-iF SOF D SOF II or SOF Ill but is included to demonstrate the !rack record of the Gknclower SOF Team and there can be no assurance that SOF IV WII achieve °cowhide results or that any target teas %III be achieved 'Invested is defined as the sum et the purchase once and remaining unfunded ottgaton as of the time of dceng. or tore of expected closing for pending deals The performance figures have not teen audited and should be read and resnewed in coniuncton web Appendo 5 Important PerIonnance ;Mon-Paton *bah sets forth amongst other thngs important nagmation regaining the performance described above The SCF Funds' performance data is not expected to be represent&rve of the vestment returns that will to expenenced by :en/esters in the Fund Past performance of the SOF Funds is riot a predict., of haute perk:mance Both SOF and SOF D are invested in the DaVirord PortfOloP - a viol dvervford portfeko ce 28 prwale equity funds purchased through en SPV. providng exposure to knout special situations, venture capital and real estate strategies on North America. Europe and Asia The nurnoer or funds and companes is an estimate and shows the aggregate 01 each deal at dosing and may include sane double counting TVPI = Taal Value to Paid in Capes'. DPI = Dstritutrons to Pad in Capital IRR = Internal Rate at Return SOF D rs a Euro denomnated fund US$ valued have been converted at September 30 2017 EURAJSS rate at 1 1822 Both SOF and SOF D are invested in the DaVera POCeOhe - await diversified porddio of 28 private equity funds purchased through an SPV prcrodng exposure to buyout. special situations venture cape& and real estate straleges in With Amenca. Europe and Asher The number ce funds and companies is a best estimate and shows the aggregate at each deal at closing and may include seine Cadge °warp TVPI = Tctal Value to Paid in capital. DPI = Dsoitutons fo Poe in Capital. IRR = eternal Rate ot Return Confidential Private Placement Memorandum 8 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0099735 CONFIDENTIAL SDNY_GM_00245919 EFTA01393892