Epstein Secrets

et is expected to develop in the future. Neither the General Partner nor the Investment Manager is authorized or expected to become authorized under the European Union's Directive 2011/61/EU on Alternative Investment Fund Managers (the "AIFM Directive') as of the date of this Memorandum, and the substantive requirem

GLOUS143 Henry Nicholas This confidential private placement memorandum (as amended or supplemented from time to time. this "Memorandum') is furnished on a confidential bas

other deposit obligations of, commercial banks chartered by the United States, any state thereof, the District of Columbia, or any member nation of the European Union, each having, at the date of acquisition by the Partnership, combined capital and surplus of at least $500,000,000 or the equivalent thereof, in ea

GLOUS143 Henry Nicholas Proprietary and Confidential than by Standard & Poor's Ratings Services or "P-I" by Moody's Investors Service, Inc., or a comparable rating by a

tive Investment Fund Managers Directive. Neither the General Partner nor the Investment Manager is authorized or expected to become authorized under the European Union's Directive 2011/6I/EU on Alternative Investment Fund Managers (the "AIFM Directive") as of the date of this Memorandum, and the substantive requirem

GLOUS143 Henry Nicholas Furthermom, in response to increased regulatory concerns with respect to the sources of funds used in investments and other activities, the Glendow

dered for prospective investment by the Fund. The future application of European Union-based legislation to the private fund industry in the UK and the European Union will ultimately depend on how the UK renegotiates its relationship with the European Union. There can be no assurance that any renegotiated terms or

GL0US143 Henry Nicholas Section 7: Risk Factors Glendower Capital Secondary Opportunities Fund IV, LP be no assurance as to whether any such regulatory scrutiny or initia

ive Investment Fund Managers Directive. Neither the General Partner nor the Investment Manager is authorized or expected to become authorized under the European Union's Directive 2011/61/EU on Alternative Investment Fund Managers (the "AIFM Directive") as of the date of this Memorandum, and the substantive require

GLDUS143 Henry Nicholas 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

European Union. Given these possibilities and others that are not anticipated, at this time, it is difficult to predict how the UK withdrawal from the European Union will be implemented and what the economic, tax, fiscal, legal, regulatory and other implications will be for the asset management industry, the bro

xpenses at any time, generally upon 12 business days' prior written notice. Confidential Private Placement Memorandum 37 EFTA01395494 GLDUS143 Henry Nicholas Section 6: Summary of Terms and Conditions Glendower Capital Secondary Opportunities Fund IV, LP Investment Period The Fund's investment period w

other deposit obligations of, commercial banks chartered by the United States, any state thereof, the District of Columbia, or any member nation of the European Union, each having, at the date of acquisition by the Partnership, combined capital and surplus of at least $500,000,000 or the equivalent thereof, in ea

implement Glendower Access Secondary Opportunities IV (U.S.), L.P. Amended and Restated Limited Partnership Agreement 43 EFTA01395262 GLDUS143 Henry Nicholas Proprietary and Confidential and continue the valid and subsisting existence of the Partnership or any Alternative Investment Vehicles, Parallel