deal volume 30% 14.0 9.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries —GP-led secondaries as % of total (I; Sourne. Glendower Capital analysis basted on Gieonhil Secondary Market ireixls 3 Outlook. January MIS: and Dow Jones. Private Equity Antilyst Guide to the S

arket deal volume 30% 14.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries —GP-led secondaries as % of total (I; Sourne. Glendower Capital analysis based on Gieenhil Secondary Marker!' ery.ls 3 Outlook, January 201 S; and Dow Jones Private Equity Antilyst Guide to the