Epstein Secrets

and (iii) co-investments in individual portfolio companies alongside private equity 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

GLDUS140 Lawrence Hirsch Section 1: Executive Summary Glendower Capital Secondary Opportunities Fund IV. LP Executive Summary Overview Glendower Capital Secondary Opport

vestment Committee of the Fund will consist solely of individuals from Glendower Capital. • Deutsche Bank will not be involved in the management of SOF IV. or any future funds managed or advised by Glendower Capital. Accordingly. Deutsche Bank will not receive any carried interest or general partners s

GL0US140 Lawrence Hirsch Section 1: Executive Summary Glendower Capital Secondary Opportunities Fund IV. LP • Leverages informational advantage from relationships with ov

rmance of SCF. SOF D SOF II or SOF Ill but is included to demonstrate the track record of the Gknclowiee SOF Team and there can be no assurance that SOF IV wil achieve comparable results or that any target results wet be achieved 'Invested' is defied as the sum et me purchase price and moaning unfunded

GLDUS140 Lawrence Hirsch Section 2: Investment Performance Glendower Capital Secondary Opportunities Fund fV, LP Investment Performance Secondaries Performance Highlights

directors. Bnef biographies of the proposed directors of the General Partner are set out in Appendix 7: Board of Directors of the General Partner. SOF IV will be managed and operated by Glendower Capital from within the UK. Glendower Capital is authorized as an AIFM by the FCA and will act as the AIFM

GLOUS140 Lawrence Hirsch Section 5 Fund Management Glendower Capital Secondary Oppodundies Fund IV. LP Fund Management Glendower Capital Glendower Capital is an independ

Secondary Opportunities Fund II, LP, a Scottish limited partnership. SOF III Secondary Opportunities Fund III. LP, an English limited partnership. SOF IV or the Fund Glendower Capital Secondary Opportunities Fund IV. LP. SOF Business Deutsche Asset Management's Secondaries Opportunities Fund investm

GL0US140 Lawrence Hirsch Glendower Capital Secondary Opportunities Fund fV, LP PFICs As defined in Section 9: Certain Legal, ERISA and Tax Considerations. Push-Out Electi

nce of SOF. SOF ID SOF or SOF lIl but rs Ettek1/4104 dal:ion:watts the tiack record of the Geri:towel SCiF Team anti dane can be no a.seurance that SOF IV yak' achana comparabai Riwads or that taw target niatilm will ie acitiewti See important information on the Track Record- sections of tha Presentati

GLIDL1S140 Lawrence Hirsch Established track record SOF Funds as of September 30, 2017A 2 3 Fund SOF Vintage 2006 (development stage) (harvesting) SOF D 2010 (harvest

Mature SOF Funds show 1.7x Net Multiple and over 20% Net IRR, overall program shows 1.5x Net Multiple and 23% Net IRR Glendower Capital is launching SOF IV to continue the successful value-investing strategy pursued since 2006 - Disciplined bottom-up underwriting of attractive assets managed by quality

GLIDUS140 Lawrence Hirsch I ntroductiont" Glendower Capital Secondary Opportunities Fund IV, LP ("SOF IV") Glendower Capital is an independent secondary private equity mana

performance of SOF. SOF D SOF It or SOF III but nincluded to demonstrate the track reseed of theGlendower SOF Teamand there can be no assurance that SOF IV wit achieve comparable revolts or that any target results will be atitexed See 'Important Information- and 'Notes to Investrriert Portormance- secti

GLIDUS140 Lawrence Hirsch SOF Program compares favourably to public markets Performance data as of September 30, 2017'-',•5 SOF Funds have delivered attractive performance c

GLDUS140 Lawrence Hirsch SOF IV ILPA 2 scorecard SOF IV      Key ILPA 2 Principles Alignment of interest - Best practice all-contribution-plus-preferred-return-back-first model - LP favorab

GLDUS140 Lawrence Hirsch SOF IV ILPA 2 scorecard SOF IV      Key ILPA 2 Principles Alignment of interest - Best practice all-contribution-plus-preferred-retu

ensions (the first three one-year extensions being at the discretion of Glendower and the final two one-year extensions requiring the consent of the SOF IV advisory committee) USS5 million Min of 1% of aggregate commitments 1.25% p.a. of commitments during Investment Period 1.00% p.a. of Invested Cap

GLOUS140 Lawrence Hirsch SOF IV - Master Fund Key Terms Same key terms as SOF III with an increased team commitment The Fund Target Size Structure Investment Period Te