EFTA01354422.pdf

GLDUS143 Henry Nicholas Introductiont" Glendower Capital Secondary Opportunities Fund IV, LP ("SOF IV") Glendower Capital is an independent secondary private equity manager owned by its partners - Fully funded and operational since its team spun-off from Deutsche Asset Management on August 1st, 2017 - Glendower continues to advise and manage the legacy SOF Program with US$3 billion of third-party client assets Our mission is to deliver outstanding results for its investors - Strong buyout-like performance with an attractive risk profile, early cash flows and negligible loss ratio - Mature SOF Funds show 1.7x Net Multiple and over 20% Net IRR, overall program shows 1.5x Net Multiple and 23% Net IRR Glendower Capital is launching SOF IV to continue the successful value-investing strategy pursued since 2006 - Disciplined bottom-up underwriting of attractive assets managed by quality managers globally - Across a range of transactions: traditional fund secondaries, GP-led transactions and single asset deals - With focus on value creation through in-depth fundamental analysis as opposed to deal structuring and leverage The Fund is seeking US$1.75 billion in commitments with same key terms as prior fund - In the process of closing US$1.3 billion in a first close in May with ca. 50 investors - Second close before the summer at or above target and final closing in 4Q18 - Active pipeline with two deals for US$200 million closing in May / June and two near term opportunities for additional US$200 million ;• (2) Perfoiniance lytires have been calculated bas-:-..-3 ‘;rE tine unaudted mfortitarce results of SS.S.C.. oCrE. Ii ai o, Septen!be: A ',f. one 4rrou* aris P.:,...111..Itti0n the :ta"! Information" and -Notes to the Investment Performance" sections of this presentation. The "Notes to Investment Performance.' section in particular includes. among other things. a desciiption of the terms tared in the tables above and sets forth tam:a-tank guidelines and lb.:rulers as to the performers:46 described above. Net perlorrname data relleas amourds net of expenses. feel and CEETISti interest. Imieslors should consult with lila' own kittOWer₹ as to rite appropriate tactors to he cotwidte-ed i n twatiatiri this iniarn*ion Past perfor mance is not a prediction of Ira. Vtra performance of 40F. SOF D. SOF II a SOF lit but is included to demonstrate the track record of the Glendower SOF Team and there can be no assurance that SOF IV will achieve comparable results or that any target results will be achieved 0) (Trentham Capita Secondary Opportunities Fund IV. L P. rSOF IV or the "Ftesin is being foymed by GiVirdo'brig Capital. LIP rCtienr weri. which is authorized and regulated by the United Kingdom Financial Conchs:I Authority The Fund is seekiru USS1 75 billion in total commitments with the aim of generating attractive risk adjusted investment returns principally in the form of capital appreciation. through the acquisition. hokling and disposition of a diverse oormlso a investments incitAna buyout growth Aintixe capital special sinadions, tuntuound. mezzanine. distressed coconut:Kies. realestate art infrastructure assets from the secondary market The Fund will target globally Dui priniaril' in the (15 and Europe (ij the acquisition of intelests in established generalist and specialist private equity fund stiuctures tincludirg funds of funds. feerlei funds and other similar siructurest on the secondary market fev...h such fund or structure. a 'Raid Secondaryi. the acquisition of interests in *Afore* of private touly assets on the secorAary market in transactions with greater poinplexiti eicluding Spilern SpfrOttS. tali-end r‘sstiuctizing. asseurquidatia..4. and LP tenders teach investment interest. a . G.F-led Secoridarci. arie: tie) inveginents el an individuai portfolio company alongside private equity fund si-4411.ois (each such invei:Inient. a 'Single. Asset Dear). Glendower STRICTLY CONFIDENTIAL Capital CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0039016 CONFIDENTIAL SDNY_GM_00185200 EFTA01354422