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owth potential, low leverage • Significant downside protection through securities owned (senior, PIK preferred and structured notes) • GP known to SOF Team through prior fund investment Laurel (SOF II & SOF III) US$147m 24% 11 fund 33 assets Europe Southern European bank • Motivated, distress
8 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries GP-led secondaries as % of total (1) Source: Glendower Capital analysis based on Greenhill Secondary Market Trends & Outlook, January 2018; and Dow Jones Private Equity Analyst Guide to the Secondary Market, June 2017. STRICTLY CONFIDENTIAL 35 2.7 2.7
owth potential, low leverage • Significant downside protection through securities owned (senior, PIK preferred and structured notes) • GP known to SOF Team through prior fund investment Laurel (SOF II & SOF III) US$147m 24% 11 fund 33 assets Europe Southern European bank • Motivated, distress
8 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries GP-led secondaries as % of total (1) Source: Glendower Capital analysis based on Greenhill Secondary Market Trends & Outlook, January 2018; and Dow Jones Private Equity Analyst Guide to the Secondary Market, June 2017. STRICTLY CONFIDENTIAL 35 2.7 2.7
owth potential, low leverage • Significant downside protection through securities owned (senior, PIK preferred and structured notes) • GP known to SOF Team through prior fund investment Laurel (SOF II & SOF III) US$147m 24% 11 fund 33 assets Europe Southern European bank • Motivated, distress
8 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries GP-led secondaries as % of total (1) Source: Glendower Capital analysis based on Greenhill Secondary Market Trends & Outlook, January 2018; and Dow Jones Private Equity Analyst Guide to the Secondary Market, June 2017. STRICTLY CONFIDENTIAL 35 2.7 2.7
owth potential, low leverage • Significant downside protection through securities owned (senior, PIK preferred and structured notes) • GP known to SOF Team through prior fund investment Laurel (SOF II & SOF III) US$147m 24% 11 fund 33 assets Europe Southern European bank • Motivated, distress
8 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries GP-led secondaries as % of total (1) Source: Glendower Capital analysis based on Greenhill Secondary Market Trends & Outlook, January 2018; and Dow Jones Private Equity Analyst Guide to the Secondary Market, June 2017. STRICTLY CONFIDENTIAL 35 2.7 2.7
Entities connected to both SOF Team and Greenhill Secondary Market
Glendower
LOCATIONSOF IV
ORGANIZATION
Bulgaria
LOCATIONChi Cheung
PERSONCharles Smith
PERSONEmilio Olmos
PERSON
Prince Charles
PERSONGlendower Capital
ORGANIZATION
Laurel
LOCATION
Macedonia
LOCATION
Bank of England
ORGANIZATIONFitzgerald II
PERSON
First Data
ORGANIZATION
Porter
PERSONthe SOF Team
ORGANIZATIONFamily Office
ORGANIZATIONFrancesco
PERSONAldrich
PERSON
Julie K. Brown
PERSONDeirdre
PERSON