GLDUS1 33 Georgetown University Endowment Section 4. Glendower Capital Secondary Opportunities Fund IV. LP Glendower Capital Secondary Opportunities Fund IV. LP million, make it a potential buyer of choice in these transactions. Maturity of fund interests The mid-sized fund segment of the market is further differentiated through the maturity of fund interests targeted. Some strategies target interests in immature buyout funds which are between 15% and 50% drawn down. These strategies do a primary style analysis of the blind pool portion of the portfolio - focusing on the capability of the Fund Sponsor to invest the remaining commitments well, alongside a secondary pricing analysis of the existing assets. Complementary to this. some secondaries funds target interests in Fund Sponsors that are considered by their primary fund investment businesses to be of high quality on the basis that these interests, even if bought at close to par value, represent a compelling purchase. In contrast to these approaches, the Fund will focus only on mature fund interests (at least 50% drawn, typically over 80% drawn). This approach provides the Manager with visibility on the underlying assets and reduces reliance on the Fund Sponsor to select strong investment opportunities (reduces 'blind pool risk'). Investment Process Overview The Glendower SOF Team has developed a robust and selective investment process to support its focused and disciplined investment strategy. Exhibit 20: Secondaries Investment Process Deal VI Ightili011 and soimng Too two identecabon ot attracts* assets Focus on key seder seaman Frownre caling enorls Lone" dad potential deb onto pipeline Screening and due ditger , Woddy meow cd Ptehne Stalling and Sinoresation Cetaled bottom- up duct dlfgence 'transit eon nervation and Structuring Irnestment decision & clostng Apperal by Investment Committee Finer negotiant.* • Si-mongol tarmac ton GP consent /otter closing conamons FX !redirect Cooing frbfeliniftra and risk mgml Resew of realisations and uPla:04 on pertooneree at weekly nVoling Insv.stvent fealizaticnn - Renew cashdowe from unckelyind funds Grodong dreloaton cd sale Ekaluate and OPPORuntlieS execute realisatrons Ater, Formal monody we ham CISCIetiCei msliatco and perfotrance fiNew Valuation model PSA and Valuarten memo IC memo 8 Popolew IC memo suteencton CbCtstnentS CASIOrly resew Sale documents Deal origination and sourcing The Glendower SOF Team will seek to purchase funds in exclusive or minimally competitive negotiated transactions through its own extensive network of industry relationships. which includes financial sponsors. Fund Sponsors, portfolio companies, intermediaries/placement agents, and investment banks. The Glendower SOF Team will seek to proactively identify private equity funds through a combination of top-down and bottom-up analysis. Top-down identification of assets: an extensive private equity database listing certain funds is maintained with recent Confidential Predate Placement Memorandum 26 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0093711 CONFIDENTIAL SDNY GM_00239895 EFTA01389355