EFTA01389337.pdf

GLOUS133 Georgetown University Endowment 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.18 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, 20173, 3I. II " Fuld SOF SOFO SOF n SOF • Teti Waage 2036 2010 2011 2014 (devetdpmece stage) (naniesnng) fnan/Nring) freanwrow feat stage) Fund see LGS565rn US/5147m USS614m USSI854m USS2.980m Transactons. funds computes s 21/154/1174 It 28i 193 29/ 75/ 737 35/149/2.837 Gossmulti* 21x 3 Cu 17x 14x Id GiossIRR 29% 37% 23% 31% 26% Net mull* (WPM tag 2.3: 1.5x 1.3a 14: Net enstributed (OFF) ttx Lk 1.tx Lk Ott NotIRR 22% a% 20% 30% 23% Peak net contrib.red captor 26% 51% 42% 44% For dirsur on purposes cnly Scorco Glendower Canted based on Prow benchmark data for the median 1VPI and Net RR achieved by buyout funds la vireages et 1997 to 2017 Average buyout TVPI = 159x Average Net RR v 155% Data as of September 30 2017 For further benchmarlong VI Glendower Capital to tuyoLt returns. pease refer to Exhibit 3 Pau performance is not a pedietert of the future performance of r -/F. SOF D SOF II or SOF III but is included to demonstrate the track record of the Gknclowee SOF Team and there can be no assurance that SOF IV V.48 achieve mint:wade results or that any target results wall be achieved 'Invested' is cleaned as the sum et me purchase price and iernamong unfunded ottgaten as of the time of dosng. or tore at expected closav for pending deals The performance figures have not teen audited and should be read and renewed on comuncton web Appendix 5 Important Pertonnance ;Mama:Jon witch sets forth amongst other thugs important nfamatim regardng me performance described above The SOF Funds' performance data is not expected to be representente of the vestment returns that wil to expenenced by anestors on the Fund Past performance of the SOF Funds is hot a prediction of future performance Both SOF and SOF D are invested in the DaVorop Poo11O1O - a viol dyers/toed portfeho cf 28 prorate equity funds purchased through en SPV. providong exposure to buyout special situations, venture captal and real estate strategies on North America. Europe and Asa The number of funds and companes is an estimate and shows the aggregate of each deal at dosing and may inctude sane double onunbng TVPI = Trial Value to Paid on Capital. DPI = Dstritutons to Pad in Capital RR ix Internal Rate at Return SOF D rs a Euro denomnated fund USS valued have teen converted at September 30 2017 EURAJSS rate of 1 1822 Both SOF and SOF D are Invested in the DaVera POOTOhe - dwell divers/fed portfoloo of 28 private equity funds purchased through an SPV porvidng exposure to buyout. special situations venture cepa& and real estate strateges in North Amenca. Europe and Asia The number et funds and companies is a best estimate and shows the aggregate of each deal at closing and may include some OCUNe ocuntrog TVPI = Taal Value to Paid on Capital. DPI = Dseitutons fo Pig in Capital. IRR = Internal Rate ot Return Confidential Private Pbcoment Memorandum 8 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093693 CONFIDENTIAL SDNY_GM_00239877 EFTA01389337