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DPI and 30% Net IRR. Experienced, independent team dedicated to secondaries • Newly established, independent firm wholly owned by its Partners. ■ Glendower Capital acts as adviser and sub•delegated manager to the SOF Funds. generating meaningful fee income for Glendower Capital ■ Privately owned by its partner
wholly owned by its Partners. ■ Glendower Capital acts as adviser and sub•delegated manager to the SOF Funds. generating meaningful fee income for Glendower Capital ■ Privately owned by its partners who worked together for 15 years$' before spinning-out from Deutsche Asset Management in 2017. ■ London and New
's proprietary pnvate equity pordobo Charles Smith and Carlo PiraciBroli were not invoked in all such transactions and the efforts described in this Merncrandum in respect or the proprietary pnvate emery restructunng are atributade to the whole Deutsche Bar* learn rather than any inandual within it Tnere ca
DPI and 30% Net IRR. Experienced, independent team dedicated to secondaries • Newly established, independent firm wholly owned by its Partners. ■ Glendower Capital acts as adviser and sub•delegated manager to the SOF Funds. generating meaningful fee income for Glendower Capital ■ Privately owned by its partner
wholly owned by its Partners. ■ Glendower Capital acts as adviser and sub•delegated manager to the SOF Funds. generating meaningful fee income for Glendower Capital ■ Privately owned by its partners who worked together for 15 years$' before spinning-out from Deutsche Asset Management in 2017. ■ London and New
's proprietary private equity pordobo Charles Smith and Carlo Pirao.Broli were not invoked in Si such transactions and the effects described in this Merncrandum in respect or the proprietary private &hey restructunng are attributable to the whole Deutsche Bark team rather than any irdmdu• within it There ca
DPI and 30% Net IRR. Experienced, independent team dedicated to secondaries • Newly established, independent firm wholly owned by its Partners. ■ Glendower Capital acts as adviser and sub•delegated manager to the SOF Funds. generating meaningful fee income for Glendower Capital ■ Privately owned by its partner
wholly owned by its Partners. ■ Glendower Capital acts as adviser and sub•delegated manager to the SOF Funds. generating meaningful fee income for Glendower Capital ■ Privately owned by its partners who worked together for 15 years$' before spinning-out from Deutsche Asset Management in 2017. ■ London and New
ank's proprietary pnvate equity pordobo Charles Smith and Carlo Pirao.Broli were not invoked In Si sum transactions and the efforts described In the Merncrandum in respect of the proprietary private equty restructunng are attributable to the whole Deutsche Bark team rather than any individual wren it There
Entities connected to both Glendower Capital and Merncrandum

Deutsche Bank
ORGANIZATION
Prince Charles
PERSONCharles Smith
PERSONDeirdre Davies
PERSONChi Cheung
PERSONthe SOF Program
ORGANIZATIONthe SOF Team
ORGANIZATIONJoshua Glaser
PERSONInternal Rate of Return
ORGANIZATIONSOF H
ORGANIZATION
Josh Brolin
PERSONCarlo Pirao
PERSON
Larry Summers
PERSON