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ty kind sponsors (each such co-investment. a 'Single Asset Dear). 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), this
GLOUS124 BBR Partners Section 1: Executive Summary Glendower Capital Secondary Opportunities Fund IV. LP Executive Summary Overview Glendower Capital Secondary Opport
d by the secondary opportunities team that spun-out from Deutsche Asset Management on August 1, 2017. The senior team led by Carlo Pirzio-Biroli and Charles Smith has worked together for 15 years at Deutsche Bank in its asset management division. The secondaries business, co-founded by Carlo and Charles in 200
GLDUS124 BBR Partners Section 5 Fund Management Glendower Capital Secondary Opportunities Fund IV. LP Fund Management Glendower Capital Glendower Capital is an indepe
drawings of the General Partner's Share (as defined below) or pay organizational expenses or Fund expenses. The Fund's initial key persons will be Charles Smith. Carlo Pirzioaroli, Adam Graev and Chi Cheung (with such persons, and any replacement key persons, being the 'Key Persons"). The General Partner ma
GLDUS124 BBR Partners Section 6: Summary of Terms and Conditions Glendower Capital Secondary Opportunities Fund IV. LP Investment Period Reinvestment Key Person Event
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 Pam-Birch. Adam Graev and Chi Cheung (and their replacements). LIBOR London Interbank Offered Rate. Limited Partner A limited partner of t
GLDUS124 BBR Partners Glendower Capital Secondary Opportunities Fund IV. LP Investment Period The period from the First Closing until the end of the quarter following t
Glendower. when the team were employees of Deutsche Bank in evaluating the track record. each Recipient should note that 0) Carlo Pirzio-Efirch and Charles Smith have been permanent voting rnembers of the SOP Funds investment comnettees since inception: (ii) Chi Cheung. Francesco Rigamonti and Adam Graev have
GLDUS124 BBR Partners Notes to Investment Performance Important Information on the Track Record. The Glendower SOF Team spun-off from Deutsche Beni and its affiliates (
Entities connected to both Charles Smith and BBR Partners

Prince Charles
PERSONGlendower
LOCATION
Deutsche Bank
ORGANIZATIONAdam Graev
PERSONChi Cheung
PERSONGlendower Capital
ORGANIZATIONDeirdre Davies
PERSONFrancesco Rigamonti
PERSONSOF IV
ORGANIZATIONthe SOF Program
ORGANIZATION
Credit Suisse
ORGANIZATION
United States
LOCATIONAccess Fund
ORGANIZATIONthe Glendower SOF Team's
ORGANIZATIONSOF Team
ORGANIZATIONDeutsche Asset & Wealth Management
ORGANIZATIONGlobal Corporate Finance
ORGANIZATIONSOF D. SOF II
ORGANIZATIONInternal Rate of Return
ORGANIZATION
United Kingdom
LOCATION