Epstein Secrets

GLOUS143 Henry Nicholas Section 1: Executive Summary Glendower Capital Secondary Opportunities Fund IV. LP • SOF 11,5 the second secondary fund that was formed in 2011 a

nd there can be no assurance that SOF N van acrreve comparable results or that any target resorts will be achieved Source. Glendower Captor based on Greenhill Secondary Market I rends 8 Outlook. January 2018 Source. Glendower Capital based on 2018 Precan Global Private Eguity 8 Venture CaptS Report. Bain & Company Global P

GLDUS143 Henry Nicholas Section 4. Glendower Capital Secondary Opportunities Fund IV. LP Glendower Capital Secondary Opportunities Fund fV. LP cash flows between signing

dary market pricing has recovered to within a transactable range, resulting in a more robust market. Glendower CDS.' analysis and estimates based on Greenhill Secondary Market Trends 8 Outlook January 2018. Cogent Fanners Secondary Market Trends 8 Outlook. July 2014, Cogent Partners Secondary Market Vpdate. Mardi 2009. and

GLDUS143 Henry Nicholas Significant unrealized value still locked in tail-end funds Seller composition expected to remain diverse Unrealized PE value: US$600bn in pre-cri

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 issztilas itt Sourer 2017 Preqin GohrA Private Entity S Venture Capital Report 1.2) &Airco. Greenhill Secondary Market tends 8 Outlook. January• 2013 General Partners 24% Financial Institutions 12% Public Pensions / SWF 24% Glendower Capital STRICTLY