EPSTEIN
page 2 / 702 . OCR, unverified
• Established 23-strong team with US$3 billion in total client assets and offices in London arc New York
Glendower's mission is to deliver outstanding results for its investors
• Strung buyout:like performance with an attractive risk profile. earn/ cash flows, arw negligible loss ratio
• Mature program at 1.7x TVPI and >20% Net IRR and overall program at 1.5x TVPI and 23% Net IRR.'
SOF IV will continue the successful secondary strategy pursued since 2006:
• Aiming to build a globally C iversif led portfolio of seasoned funds, GP-led transactions anc
co-investments on the secondary market
• Value creation through in-cepth fundamental analysis as opposec to creel structuring
• Seeking US$1.75 billion in commitments with same key terms as prior lune
Strong and consistent track record?
lar.1
fdeveJorwriJ,“
Further
liar-acts:oh rcoc%ciarparin't
her roultyle (TWO
651libuta0(DPII
Net IRR
Pea re: car tnla.k.dc.a,
so,
2006
thoretscrtgj
US5S65r
211 154/ :.774
lax
lax
22%
SCf D'
2010
(hancatmpl
I.S$14/n
SC, a
SCI III
14,21
/011
7014
(niverg)
(tarry star)
055614m
1451.654r
/9/ 75/ 737
15/149/2.837
1.h
20%
76%
51%
42%
13x
0.3x
30%
44%
Consistent top returns among peers:
SOF Funds vs Cambridge Associates' seconda ry funds performancemg
secohda, %rah hetIRR., t. ... j .
J
C.“14,Thefuncf Nee abaft.* to Mated partnet0
OX
WO.
MD
3,3
•
Y!.
VNi
I
2
I
•
• ;
0,
,•
Is
:3
IN6P•1
O.-
,W.
MR•lf
tr. II.
09.
23%
Woo
01•6).
cf,x...etorit rt,”(Y1:5',te rOi rec. re Icrento: Mvem,;+:
f
Th,s
;.Yr.‘ )
;lie, rX
.6;0y 0:ay 4. :•it.)..0. 7:%aae
(.1'Sa
're7. te.?!/'
P,..c.e
;.ir-
t' •
fl ..:41'•
./4ftitATUIVO:: Pa{t performance $ not un
Fund key terms10
Target size:
US$1.75 billion
Currency:
US$
Investment Period:
years Iron., final closing
Term:
years - extensions (5xlyear;
Structure:
English l..P.
General partner share:
• 1.25% p.a. of con, rnitrren:s during
Investment Period
• 1.00% p.a. of Invested Capital1l in
the following two years
• 'hereafter greater of 90% of
previous year and 0.25% of
Invested Capital
Carded Interest:
12.S% or a whole fund basis
Hurdle rate:
Team commitment:
MM 1% of total fund sire
Contacts:
Caro Pirrio-E;roli
Managirg Partner & CEO
4.44.2C-3947-7CC1
carlo.oirzio.birotifaelendowercaoital.corn
Smitn
Managing Partner & CIO
444.2C-3947.70C2
charges setthfioglendowercaoital con"(
Joshua C Laser
Partner. Client Relaticrs
+1-212-653.8402
josh.glaserreklendowercanita:.coni
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e)
DB-SDNY-0038562
CONFIDENTIAL
SDNY_GM_00184746
EFTA01353970
--- SOURCE: IMAGES__0022__EFTA01353971.txt ---
METADATA_SOURCE: IMAGES0022
METADATA_FILENAME: EFTA01353971.pdf
----------------------------------------
Glendower Capital SOF IV, LP.
Distinctive investment strategy"
Glendower will target globally, but primarily in the US and Europe, three types of investment:
• Fund Secondaries. the purchase of LP interests in existing private ad uity funds;
• GP-led Secondaries which can often involve greater complexity than traditional Fund Secondanes, and incluCe spin-in / spin-outs, tail-end restructuring,
asset heLicaLions, and LP tenders; and
• Single Asset Deals into individual private equity companies, either at the time of the originalacquisition, or tater from an investor seeking early liquidity.
Glendower's portfolio construction follows an opportunistic barbell approach adjusted to market cycles by dialing up:
• Discounted Fund Secondaries during market corrections(58% of transactions since inception)
• Less competitive GP-led Secondaries and off-market Co-investments during normalized market conditions(43% of transactions since inception)
Identify kw compegthe dials
• ti5$40maveragedeal size
• Smaller uS55.100n turd ponfolos
• Mod sue USS103-250mGP led deals
Focus on effident portfolio
construction
• No leverage at transaction level and limited at
ponfaolevel
• sledging to mitigate SO.60%of currency
volatihty
• Portfolio diversified across a 35 deals to seek
to mitigate90%• of nonmarketriska
Pursue a Swain true value
approach
• transacted 1% of total pipeline by value
• Mid-sized alpha value rvestorys large levered
beta play
• Value creation through in .depth fundamental
anSysisys dealstructuring
Buy man.n else*,
Purchased 3S0• mature fund interests at a
discountover 10 years:
• Average 20% discounttor MY
• hemp -1O%funded at time of entry
Established Investment Team Active In the Secondary Market Since 2003"
•
23-strong team expected to grow to 26-23 by IHIS
• 16 investment professionals with an average of 12 years of relevant experience
Managing Partner, CEO— London
Deutsche Bank; CO8 Web Tech;
General Electric; The Boston
Consulting Group
Deirdny Davies
Parther, COO —London
Deutsche Bank; ABNAmra;
KPMG
•
Relevant Years of experience
Charles Smith