Epstein Secrets

fund sponsors (each such co-investment, a "Single Asset Deal"). SOF IV will be the fourth dedicated secondary fund led by Carlo Pirzio- Biroli and Charles Smith (the "Managing Partners") and invested by Glendower Capital's team of investment professionals. As described in "History" (immediately below), thi

GLDUS127 Annandale Capital U.S. Securities Exchange Act of 1934. It is not expected that the Access Fund will be required to register the Interests under Section 12(g) or an

ower Capital Secondary Opportunities Fund IV, LP Section 1: Executive Summary Confidential Private Placement Memorandum 1 EFTA01397130 GLDUS127 Annandale Capital Section 1: Executive Summary Glendower Capital Secondary Opportunities Fund IV, LP Executive Summary Overview Glendower Capital Secondary Opport

ount equal to the aggregate Commitments Investor A qualified prospective investor in the Fund IRS The U.S. Internal Revenue Service Kcy Persons Charles Smith. Carlo Pirzio.Biroh. Adam Graev and Chi Cheung (and their replacements). LIBOR London Interbank Offered Rate. Limited Partner A limited partner o

GLDUSI 27 Annandale Capital Glendower Capital Secondary Opportunities Fund IV. LP Investment Period The period from the First Closing until the end of the quarter following t

sociate, London 2 years with the team Louise Schoeman 0 6 CA .> Vice President, Finance. London Repined team in 2017 Glendower Capital Charles Smith 0 Managing Partner, CIO - London Deutsche Bank; Bankers Trust; Coopers 8 Lybrand Cainheclou UnNer.44; ALMA Joshua Glaser O Partner, Client Co

GLOUSI27 Annandale Capital Glendower Capital Team Core members of senior team have worked together for 15 years Carlo Pirzlo-Blroll 00 Managing Partner, CEO - London Deut

Glendower. when the team were employees of Deutsche Bank In evaluating the track record. each Recipient should note that (i) Carlo Pirzio-Bircai and Charles Smith have been permanent voting members of the SOP Funds investment committees since inception: (ii) Chi Cheung. Francesco Rigamonti and Adam Graev have

GL0USI27 Annandale Capital Notes to Investment Performance Important Information on the Track Record. The Glendower SOF Team spun-oft from Deutsche Bann and its affiliates (

09 10 11 12 13 14 '04 '05 '06 Index DPI '07 '08 Index RVPI '09 '10 '11 SOF funds DPI '12 '13 EFTA01397425 '14 SOF funds RVPI Charles Smith Managing Partner & CIO This document can only be offered to Accredited Investors and Qualified Purchasers. This material is personal to each offe

GLDUS127 Annandale Capital GLENDOWER ACCESS SECONDARY OPPORTUNITIES FUND IV (U.S.), L.P. CONFIDENTIAL Glendower Access Secondary Opportunities IV (U.S.), L.P. will invest s

al Admission Date, an amount equal to the aggregate Commitments. A qualified prospective investor in the Fund. The U.S. Internal Revenue Service. Charles Smith, Carlo Pirzio-Biroli, Adam Graev and Chi Cheung (and their replacements). London Interbank Offered Rate. A limited partner of the Fund. An invest

GLDUS127 Annandale Capital Glendower Capital Secondary Opportunities Fund IV, LP governed by Colombian law. The Interests have not been and will not be registered with the N

— Screened thousands of funds over 10 years — Integrated, self-contained processes — Developed by the Team over 10 years Carlo Pirzio-Biroli and Charles Smith co-found the SOF business, a self-contained unit with its own investment and operational processes Adam Graev opens New York Office Team ra

GLDUS127 Annandale Capital CONFIDENTIAL Glendower Access Secondary Opportunities IV (U.S.), L.P. Overview April 2018 STRICTLY CONFIDENTIAL FOR INVESTMENT PROFESSIONAL AND

ndower, when the team were employees of Deutsche Bank. In evaluating the track record, each Recipient should note that (i) Carlo Pirzio-Biroli and Charles Smith have been permanent voting members of the SOF Funds investment committees since inception; (ii) Chi Cheung, Francesco Rigamonti and Adam Graev have

"Important Information" and "Important Performance Information" sections of this Presentation. STRICTLY CONFIDENTIAL 54 EFTA01397560 GLDUS127 Annandale Capital SOF Remaining portfolio construction by FMV1 as of September 30, 2017 Overview Vintage Fund size Invested capital Capital called Distribution