Epstein Secrets

ver 90% of non-market deal risk. Pursuing a portfolio construction according to a barbell approach adjusted to market cycles. Since inception, the SOF Team has completed around 58% of its transactions in Fund Secondaries and 42% in GP-led Secondaries and Single Asset Deals16 adjusting to focus on the f

GLDUS127 Annandale Capital U.S. Securities Exchange Act of 1934. It is not expected that the Access Fund will be required to register the Interests under Section 12(g) or an

ower Capital Secondary Opportunities Fund IV, LP Section 1: Executive Summary Confidential Private Placement Memorandum 1 EFTA01397130 GLDUS127 Annandale Capital Section 1: Executive Summary Glendower Capital Secondary Opportunities Fund IV, LP Executive Summary Overview Glendower Capital Secondary Opport

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 Southern • Motivated, distressed sole LP seeking to divest its captive, non-core European private equity business

GLDUS127 Annandale Capital GP-led transactions and single asset deals liustrative case studies Project / Fund Deal Size / Funds / Seller Description Discount' assets /

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

GLDUS127 Annandale Capital CONFIDENTIAL Glendower Access Secondary Opportunities IV (U.S.), L.P. Overview April 2018 STRICTLY CONFIDENTIAL FOR INVESTMENT PROFESSIONAL AND