GLDUS132 EverWatch Financial Prospective investors should not construe the contents of this Memorandum as legal, tax, investment, or accounting advice. Each prospective investo

GLDUS132 EverWatch Financial indirect interests in other funds managed or under the control of Glendower. Moreover, none of the limited partners of the Access Fund (the "Limite

GLDUS132 EverWatch Financial This confidential private placement memorandum (as amended or supplemented from time to time. this "Memorandum') is furnished on a confidential bas

GLDUS132 EverWatch Financial IN MAKING AN INVESTMENT DECISION, INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE ACCESS FUND AND THE TERMS OF THE OFFERING, INCLUDING THE MER

GLDUS132 EverWatch Financial referenced. Neither Glendower nor the Underlying Fund is responsible for updating any information provided in this Memorandum. The minimum subscri

GLDUS132 EverWatch Financial organized under the laws of a relevant member state (each, a "Member State) of the European Economic Area ("EEA')I when such marketing is reasonabl

GLDUS132 EverWatch Financial EXEMPTIO OM REGISTRATION UNDER COMMODITY EXCHANGE ACT ALTHOUGH THE ACCESS FUND IS PERMITTED TO DIRECTLY OR INDIRECTLY TRADE COMMODITY FUTURES, SWA

GLDUS132 EverWatch Financial TABLE OF CONTENTS I. INTRODUCTION II. SUMMARY OF PRINCIPAL TERMS OF THE ACCESS FUND 2 M. CERTAIN RISK FACTORS AND POTENTIAL CONFLICTS OF INTE

GLDUS132 EverWatch Financial (the "Management Fee") in respect of the Access Fund, payable quarterly in advance by the Access Fund. See "Management Fee." This Memorandum refer

GLDUS132 EverWatch Financial iI. SUMMARY OF PRINCIPAL TERMS OF THE ACCESS FUND To understand this investment opportunity, a prospective investor should read both this summary

GLDUS132 EverWatch Financial AGGREGATE SUCH POSITIONS, FOR CFTC POSITION LIMIT AND LARGE TRADER REPORTING PURPOSES, WITH ANY DIRECT OR INDIRECT POSITIONS OF THE ACCESS FUND IN

GLDUS132 EverWatch Financial I. INTRODUCTION Glendower Access Secondary Opportunities IV (U.S.), L.P., a Delaware limited partnership (the -Access Fund'), has been formed to

GLDUS132 EverWatch Financial warranties in its Subscription Agreement and (ii) any failure by a Limited Partner to provide information as requested by the General Partner or I

GLDUS132 EverWatch Financial The Access Fund will make its investment in the Underlying Fund at closings of the Underlying Fund on or after the Initial Closing, and if any Lim

GLDUS132 EverWatch Financial The General Partner shall have the sole discretion to apply the default provisions to each investor in any Feeder Fund on a look-through basis as

GLDUS132 EverWatch Financial governmental returns, reports and filings of the Access Fund; any costs or expenses in connection with the Access Fund's admission to the Underlyi

GLDUS132 EverWatch Financial entity. directly or indirectly, in the Underlying Fund, to the extent practicable. In particular, the General Partner or the Investment Manager wi

GLDUS132 EverWatch Financial include, and therefore Limited Partners will be responsible for, all of the operating expenses of the General Partner. Moreover, expenses of or re

GLDUS132 EverWatch Financial unpaid portion of such Limited Partner's Subscription. Failure to pay any applicable Transfer Expenses will be considered a default under the Part

GLDUS132 EverWatch Financial FORM ADV PART 2B: Brochure Supplement iCapital Advisors, LLC 60 East 42"d Street, 26th Floor New York, NY 10165 March 30, 2018 This Brochure Su