EPSTEIN
page 4 / 1960 . OCR, unverified
amended ("ERISA") (such as corporate retirement plans); (2) U.S. plans or accounts subject to Section
4975 of the Internal Revenue Code of 1986, as amended (the "Code") (such as IRAs or Keoghs); (3) entities
deemed to hold "plan assets" of the plans described in the preceding bullets (such as certain hedge funds
that manage ERISA assets); or (4) fiduciaries that otherwise manage or handle the assets of any of the plans
or entities described in Items 1-3. Each Plan Investor hereby represents and warrants as follows:
(Please Check "Yes" or "No" as Applicable)
1.
The Plan Investor is, or is acting on behalf of: (i) an "employee benefit plan" within the
meaning of Section 3(3) of ERISA, that is subject to Title I of ERISA; (ii) a "plan" within
the meaning of Section 4975(eX I) of the Code that is subject to Section 4975 of the Code;
or (iii) any other entity or account that is deemed under applicable law to hold the assets of
a plan described in (i) or (ii).
K
Yes
K
No
2.
The Plan Investor represents that it is, or is acting on behalf of, a person or entity the
underlying assets of which are "plan assets" within the meaning of Section 3(42) of ERISA.
K
Yes.
The Plan Investor holds "plan assets" and the percentage of
interests in the Plan Investor held by benefits plan investors,
determined in accordance with Section 3(42) of ERISA is
%.
K
No.
None of the Plan Investor's assets arc "plan assets" within the
meaning of Section 3(42) of ERISA.
IF AT ANY TIME DURING THE TERM OF THE PARTNERSHIP, THE
FOREGOING REPRESENTATION BECOMES INACCURATE,
THE PLAN
INVESTOR WILL NOTIFY THE PARTNERSHIP IMMEDIATELY.
3.
The Plan Investor is, or is acting on behal f of: (i) a "governmental plan," within the meaning
of Section 3(32) of ERISA; or (ii) a partnership, limited liability company or other entity
in which such a governmental plan holds a majority of the interests or in which a
governmental plan holds an interest sufficient to subject the entity to applicable state or
local law governing governmental plans.
K
Yes
K
No
4.
The Plan Investor is, or is acting on behalf of: (i) a "church plan" within the meaning of
Section 3(33) of ERISA with respect to which no election has been made under
Section 410(d) of the Code; or (ii) a partnership, limited liability company or other entity
in which such a church plan holds a majority of the interests or in which a church plan holds
an interest sufficient to subject the entity to the rules and policies governing the sponsoring
church.
K
Yes
K
No
PROPRIETARY AND CONFIDEN71AL
E- I
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e)
DB-SDNY-0099884
CONFIDENTIAL
SDNY_GM_00246068
EFTA01393975
--- SOURCE: IMAGES__0062__EFTA01393976.txt ---
METADATA_SOURCE: IMAGES0062
METADATA_FILENAME: EFTA01393976.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 later 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