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at Deutsche Bank where he co-founded and has led the SOF business since 2006. From 2003 to 2006 he participated in the restructuring and sale of Deutsche Bank's E6 billion private equity portfolio. From 2012 to 2016 Carlo served as the Global Head of DB Private Equity with USS13 billion AUM in primary fund
yst in technology investment banking at Cowen & Co. Adam holds a BA from Colgate University. S'I'R Om), CONFIDENTIAL CHI CHEUNG Partner Europe Deutsche Bank MA, Cambridge Univervitiy Based in London. Chi is a Partner of Glendower Capital. Prior to Glendower. Chi spent 19 years at Deutsche Bark where he w
as responsible for the secondary private equity business in Europe and led the implementation and management of secondary transactions. Chi joined Deutsche Bark in 2000 working as an Associate in Global Corporate Finance focusing on TMT and real estate advisory, and from 2003 to 2006. he participated in th
GLDUS130 Aspen Grove Capital. LLC Team Bios CARLO PIR210-BIROLI Managing Partner Chief Executive Officer Deutsche Bank: CDB Web Tech: General Electric; The Boston Consulti
ndary Opportunities Fund investment program (the 'SOF Business') in 2006 after having worked together from 2003 to 2006 to restructure and wind down Deutsche Bank's E5.1 billion proprietary balance sheet private equity portfolio.' Chi Cheung and Deirdre Davies (Partners of Glendower) and Francesco Rigamonti (Sen
GLDUS130 Aspen Grove Capital, LLC Section 1: Executive Summary Glendower Capital Secondary Opportunities Fund IV. LP Executive Summary Overview Glendower Capital Secondary O
mith. Chi Cheung, Deirdre Davies & Francesco Rigamonti start working together to Team Tearn Team restructure USS6bn raises raises raises Deutsche Bank PE SOF SOF D SOF Ili proprietary portfolio USS565in USS147m L1S51 550n --• 2003 2005 2006 2007 Carlo Pirzio-Biroli and Charles Smith co-foun
GLDUS130 Aspen Grove Capital. LLC Glendower Capital Overview Established investment team active in the secondary market since 2003' Glendower Capital at a glance Independent
. Francesco joined Deutsche Bank in 2000 with responsibility for corporate development in Italy and participated in the restructuring and sale of Deutsche Bank's E Ebillion private equity portfolio. Previously he worked at Gallo & Co.. an Italian merchant bane where he focused on restructurings. Francesco
GLDUS130 Aspen Grove Capital. LLC Team Bios DEIRDRE DAVIES Partner Chief Operating Officer Deutsche Bank. ABN Amro, KPMG 6Com. University of South Africa: CA (SA) Based
GLDUS130 Aspen Grove Capital, LLC Deutsche Bank will serve as one of the Placement Agents to the Access Funds. Deutsche Bank may charge a DB Introduced Person the DB Placement Fee in respect of ea
GLDUS130 Aspen Grove Capital, LLC Deutsche Bank will serve as one of the Placement Agents to the Access Funds. Deutsche Bank may charge a DB Introduced Person the DB Placement
Entities connected to both Deutsche Bank and GLDUS130 Aspen Grove Capital

United States
LOCATIONDeutsche Bank Securities Inc.
ORGANIZATIONGlendower
LOCATION
Prince Charles
PERSONGlendower Capital
ORGANIZATIONCharles Smith
PERSON
Credit Suisse
ORGANIZATION
United Kingdom
LOCATIONChi Cheung
PERSON
Samantha Power
PERSONthe Securities and Exchange Commission
ORGANIZATIONAdam Graev
PERSONDeutsche Asset & Wealth Management
ORGANIZATION
North America
LOCATIONAccess Fund
ORGANIZATIONthe SOF Team
ORGANIZATION
New York
LOCATIONSOF IV
ORGANIZATION
Middle East
LOCATIONSOF D. SOF II
ORGANIZATION