document_description: Jeffrey E. Epstein as Grantor to Daphne Wallace and Lesley Groff as Trustees of The 2017 Caterpillar Trust dated January 3, 2017.

title: The 2017 Caterpillar Trust

key_people:
Jeffrey E. Epstein
Daphne Wallace
Lesley Groff


source: doj

document_description: Trust Agreement dated January 3, 2017, by and among Jeffrey E. Epstein as Grantor, and Daphne Wallace and Lesley Groff as Trustees. The agreement outlines the creation of a trust with a qualified annuity interest as defined by the Internal Revenue Code.

title: Trust Agreement by Jeffrey E. Epstein

document_type: legal

key_locations:
U.S. Virgin Islands
State of Connecticut

document_subtype: Trust Agreement


document_description: The document outlines the provisions of a Trust Agreement intended to establish a 'qualified annuity interest' under Section 2702(6)(1) of the Code and the Treasury Regulations. It specifies that the Trust should be administered in accordance with the Grantor's intention and applicable legal standards, ensuring no provisions prevent the Trust from qualifying as intended. Definitions for terms like 'Trustee' and 'IN TRUST' are provided.


document_description: The document outlines the terms of a Trust Agreement, including definitions of terms such as 'pay', 'payment', and 'Trust'. It specifies the disposition of principal and income during the term of the trust, including investment and annuity payment details.


document_description: The document outlines the terms of an annuity being paid from a Trust, including provisions for valuation adjustments and payment obligations. It specifies that any excess income of the Trust beyond the annuity will be added to the principal, and details the process for correcting valuation errors. The Trustees are restricted from using certain financial instruments to satisfy annuity payments, and no additional contributions to the Trust are allowed.

key_people: Grantor Trustees

document_type: financial

reference_numbers:
Treas. Reg. §1.664-2(a)(1)(iii)
Section 664


document_description: The document outlines the terms of THE 2017 CATERPILLAR TRUST, including its termination after two years from the Funding Date, the payment of the final annuity to the Grantor or their representatives, and the transfer of remaining assets to THE 2013 BUTTERFLY TRUST. The Grantor's interest cannot be commuted and the Trust's taxable year is the calendar year.

title: THE 2017 CATERPILLAR TRUST

key_people:
Jeffrey E. Epstein
Erika A. Icellhals
Richard Kahn

document_date: December 31, 2013


document_description: This document outlines the governing law and claims or charges against the Grantor or his estate for a Trust Agreement. It specifies that the Trust is governed by the laws of the U.S. Virgin Islands and that the courts of Delaware and the U.S. Virgin Islands have primary supervision over the Trust's administration. It also states that the Trust is intended to be a U.S. domestic trust and that no portion of the Trust's income or principal is liable for taxes or debts of the Grantor, unless expressly provided.

key_locations:
U.S. Virgin Islands
State of Delaware


document_description: This document is a Trust Agreement that establishes an irrevocable trust. It includes clauses on irrevocability, severability, and execution in counterparts. The trust can only be amended by the Trustee to ensure compliance with specific tax regulations. Any invalid part of the agreement does not affect the validity of the rest.


document_description: The document outlines the procedures for designating, resigning, and removing Trustees in a trust. Trustees can designate successors, resign with notice, and the Grantor has the power to remove Trustees.

key_people: Trustees Grantor

document_subtype: trust document


document_description: The document outlines the terms for the removal and exoneration of trustees in a trust agreement. It specifies that trustees do not need to provide a bond or security for their duties and are not required to file accounts with the court. The grantor waives these requirements under the Virgin Islands Code and can settle accounts or waive them, releasing trustees from liability.

reference_numbers:
Section 1212
Sections 1191
1192


document_description: The document outlines provisions for the settlement and release of a Trustee's acts or omissions, including the binding nature of such settlements on all interested parties. It also covers the process and expenses related to judicial accounting and the release of a resigning Trustee from accountability.


document_description: The document outlines the procedures for a Trustee to resign and settle accounts, either through judicial settlement or by agreement with beneficiaries. It specifies that the expenses of judicial accounting are to be considered proper administration expenses of the Trust.

document_subtype: trustee settlement agreement


document_description: The document outlines the responsibilities and liabilities of Trustees in managing a Trust. It specifies that Trustees are not accountable for the actions of other Trustees and are not liable for losses unless due to willful misconduct. It also grants the Grantor the right to substitute property of equivalent value in the trust corpus without limiting the Trustee's investment powers.


document_description: The document outlines the administrative powers granted to trustees, allowing them to manage and invest trust assets with broad discretion. Trustees can hold, invest, and reinvest assets in various forms, including stocks, bonds, securities, commodities, and real or personal property, without being restricted by laws on trustee investments or diversification principles.

document_subtype: trustee powers document


document_description: The document outlines the powers and authorities granted to a trustee, including the ability to engage in financial transactions, invest in partnerships, and lease property as part of managing a trust.

document_subtype: trust agreement


document_description: The document outlines the powers and responsibilities of a Trustee in managing property and securities. It includes the ability to partition property, manage mortgages and loans, repair and improve property, and handle leases. The Trustee can also vote on stocks, manage securities, and make financial decisions regarding the trust's assets.


document_description: The document outlines the powers and responsibilities of a Trustee in managing a trust. It includes provisions for participating in reorganizations, mergers, liquidations, and dissolutions, employing investment counsel and other professionals, making payments or distributions, and settling disputes.


document_description: The document outlines the powers and authorities granted to trustees in managing a trust. It includes provisions for borrowing money, keeping securities in nominee names, handling uncertainties in law or the trust agreement, and delegating authority to sign checks and manage securities.


document_description: The document outlines the powers and responsibilities of a Trustee in managing the assets of a Trust. It includes provisions for removing assets, making tax elections, and exercising authority after the Trust's termination. It also states that the Trust's assets are protected from the debts or liabilities of any beneficiary.


document_description: The document outlines the protection of the principal or income of a Trust from legal claims or creditors of any beneficiary. It specifies that the Trust's assets are not subject to attachment by garnishment or other legal processes for debts contracted by beneficiaries, and any assignment or encumbrance by beneficiaries is invalid.

document_subtype: Trust Document


document_description: Trust Agreement executed by Jeffrey E. Epstein as Grantor and Daphne Wallace and Lesley Groff as Trustees.


document_description: Notarized acknowledgments of signatures by Jeffrey E. Epstein and Daphne Wallace on an unspecified instrument.

key_people:
Jeffrey E. Epstein
Daphne Wallace
Habibe Avdiu
Gina Marie Bryan

document_type: correspondence

key_locations:
New York, NY
St. Thomas, USVI

document_subtype: notarized document


document_description: Notarized statement acknowledging Lesley Groff's execution of an instrument in her individual capacity.

key_people:
Lesley Groff
Habibe Avdiu

key_locations:
New York County
Richmond County

document_subtype: notarized statement


document_description: 100% of the Membership Interests in IGO Company, LLC, a United States Virgin Islands limited liability company, and all rights and claims in respect of such membership interests.

document_subtype: contract


document_description: Trust documents providing for the designation and acceptance of new trustees and the resignations of Richard Kahn and Darren K. Indyke as trustees are attached. Signature cards and photo identification for Erika and Harry are also attached. Original signature cards will be sent upon receipt from the trustees.

key_people:
Darren K. Indyke
Richard Kahn
Erika
Harry

document_subtype: letter

key_organizations:
Darren K. Indyke, PLLC
Louis J. Septimus & Company


document_description: This document contains details of an internal watchlist entry for Darren Indyke, flagged by Deutsche Bank's AML compliance program. The entry includes personal information, alert details, and watchlist specifics.

title: Local Internal Watchlist Entry Details

document_type: other

key_locations:
United States
New York
New Jersey

document_subtype: Internal Watchlist Entry


document_description: A request related to Darren Indyke with a status of 'Closed - Hit'. The request was escalated by the investigator. The alert was new with a score of 100.0% and was detected through a list of global names. The request was processed by the IN/Infrastructure/DBOI GS team.

key_people:
Darren Indyke
Tobias Marcoviciu
Prachi Patra

document_subtype: request

key_organizations:
AML Compliance New York
IN/Infrastructure/DBOI GS
Norkom Technologies Ltd.


document_description: This document is an alert from Deutsche Bank Private Bank regarding Richard Kahn, who is associated with regulatory actions and disciplinary actions by the NYSE Arca. The alert includes details of a decision made on 04/20/2012, where Richard Kahn and others were permanently barred from NYSE Arca membership unless they provided testimony within 120 days. The document is marked confidential and is intended for alert purposes only, not for determining credit eligibility.

title: Deutsche Bank Private Bank Alert

key_locations:
New York
United States

document_subtype: Alert

key_organizations:
Deutsche Bank Private Bank
NYSE Arca
FINRA
NYSE


document_description: This document is an alert from Deutsche Bank Private Bank regarding Richard Kahn, who appears on the Florida Office of Financial Regulation list of Final Orders. He is required to pay an administrative fine of $20,000 as per a stipulation and consent agreement dated 06/21/2011.

title: Deutsche Bank Private Bank Alert for Richard Kahn

document_subtype: alert

key_organizations:
Deutsche Bank Private Bank
Florida Office of Financial Regulation


document_description: Alert document from Deutsche Bank Private Bank regarding Richard Kahn, who appears on the list of Colorado Sex Offenders. The alert includes personal details and past convictions related to sexual offenses.

key_people:
Richard Kahn
Richard Leroy Kann

document_type: government

key_locations:
United States
GOLDEN, Colorado

key_organizations:
Deutsche Bank Private Bank
RiskConnect


document_description: An alert from Deutsche Bank Private Bank regarding Richard L. Kahn, who is wanted on a charge of calculated criminal drug conspiracy. The alert includes entity information, risk ID, and source information.

title: Deutsche Bank Private Bank Alert

key_locations:
United States
Havana

key_organizations:
Deutsche Bank Private Bank
RiskConnect
Peoria Journal Star


document_description: The document lists the current trustees and potential beneficiaries of The 2013 Butterfly Trust, with personal information redacted. It includes names and partially visible addresses.

title: The 2013 Butterfly Trust

key_people:
Bella Klein
Erika Kellerhals
Karyna Shuliak
Lesley Katherine Groff
Lawrence Paul Visoski, Jr.
Luciano A. Fontanilla, Jr.
Ann Rodriquez
Darren K. Indyke
Michelle F. Saipher
Richard Kahn
Lisa Kahn
Paul Barrett

key_locations: 301 East 66th Street, New York, NY 10065


document_description: Driver's license issued to Bella Klein, Class D, by the Executive Deputy Commissioner of Motor Vehicles, New York State. The license was issued on April 8, 2011, and expired on May 11, 2019.

title: Driver's License of Bella Klein

document_subtype: Driver's License


document_description: A British passport document with personal details redacted.

document_subtype: passport


document_description: A confidential document related to a New York State Driver License, marked as confidential pursuant to Federal Rule of Criminal Procedure 6(e).

title: New York State Driver License

key_people: Executive Deputy Commissioner of Motor Vehicles

document_subtype: driver license

key_organizations: New York State Department of Motor Vehicles


document_description: A New York State Driver License for Karyna Shuliak, class D, with personal details such as height, eye color, and date of birth.


document_description: A portion of a Russian Federation passport is displayed, showing text in both Russian and English, a space for the holder's signature, a circular emblem with 'RUS', and a partial view of the Russian coat of arms.


document_description: Russian Federation passport issued by the Ministry of Foreign Affairs of Russia (МИД РОССИИ 1210) with a date of birth of 15.07.1990, issued on 10.01.2017 and expiring on 10.01.2027. Country code is RUS.


document_description: A black and white photograph of a textured surface, possibly concrete or asphalt, with a transition from a darker, smoother area to a lighter, rougher area with visible aggregate.

document_type: media

document_subtype: photograph


document_description: Driver's license for Lawrence Paul Visoski Jr., indicating he is a safe driver and organ donor, with motorcycle endorsement. Issued in Florida.

title: Driver's License of Lawrence Paul Visoski Jr.


document_description: Driver license issued to Luciano A. Fontanilla Jr. from Valley Stream, NY, with details including date of birth, sex, eye color, height, and expiration date.

document_subtype: Driver License


document_description: A New York State Driver License document marked as confidential under Federal Rule of Criminal Procedure 6(e).


document_description: A black and white photograph featuring a textured surface with a large black rectangular area obscuring the center. The visible texture appears to be a woven pattern, possibly fabric or a composite material, with diagonal lines creating a grid-like effect. Light appears to be coming from the upper right, casting subtle shadows and highlighting the texture's contours.


document_description: This document is a passport issued to Michelle Fern Saipher by the United States. It includes personal details such as name, nationality, date of birth, place of birth, and passport number.

title: Passport of Michelle Fern Saipher


document_description: A New York State Driver License for Richard D. Kain with ID 982 131 827, Class D, residing at 130 75th St Apt 7E, New York, NY 13021.


document_description: A New York State Driver's License for Lisa Kahn, class D, with personal details such as date of birth, sex, eye color, and height.

title: New York State Driver's License


document_description: A New York State driver's license for Paul S. Barrett, class D, issued on February 27, 2017, with expiration details and physical description.


document_description: Confidential communication notice from Bebe Avdiu, Legal Assistant at Darren K. Indyke, PLLC, regarding attorney-client privileged information.

key_people:
Bebe Avdiu
Darren K. Indyke

document_subtype: confidential notice


document_description: An email signature and confidentiality notice from Navin Kumar Pankaj, COO Wealth Management Operations at DBOI Global Services Private Limited, Jaipur, India. The notice includes a reminder to consider the environment before printing the email and a disclaimer about the confidentiality of the email content.


document_description: This document is a Volcker Questionnaire used by Deutsche Bank Wealth Management for onboarding new Wealth Management clients that are not natural persons. It includes classifications to determine if a client is out of scope for Volcker Covered Fund Determination. The Haze Trust is identified as a family trust established by family members.

title: Volcker Questionnaire for Onboarding of WM Vehicles

document_subtype: questionnaire

key_organizations:
Deutsche Bank Wealth Management
The Haze Trust


document_description: A form related to the Volcker onboarding approval process for a vehicle, requiring attestation and signature from a client representative. It includes sections for determining if the vehicle is an operating company and instructions for further action based on responses.

key_people:
Rich Kahn
Cynthia Rodriguez

document_subtype: form


document_description: This document is a Volcker Questionnaire used by Deutsche Bank Wealth Management for onboarding new Wealth Management clients that are not natural persons. It includes classifications to determine if a client is out of scope for Volcker Covered Fund Determination.

key_organizations:
Deutsche Bank
Southern Financial LLC


document_description: A form related to the Volcker Rule compliance for a vehicle, requiring client certification. It includes sections for determining if the vehicle is an operating company and instructions for contacting Volcker onboarding approval.

document_subtype: client certification form


document_description: This document is a Volcker Questionnaire for onboarding new Wealth Management clients at Deutsche Bank. It is required for any new WM client that is not a natural person. The document includes a checklist to determine if the client falls under specific classifications, which would make them out of scope for Volcker Covered Fund Determination. The client in question is Southern Trust Company Inc, classified as a legal entity wholly-owned by one person.

title: Volcker Questionnaire for Onboarding (4 WM Vehicles)

key_organizations:
Deutsche Bank
Southern Trust Company Inc


document_description: A form related to the Volcker Rule compliance for Southern Trust Company Inc. It includes sections for determining if the entity is an operating company and instructions for contacting Volcker onboarding approval. The form requires attestation and signature from a client representative.

key_people:
Cynthia Rodriguez
Rich Kahn


document_description: This is a confidential communication from Deutsche Bank, which may contain privileged information. It includes a disclaimer about unauthorized copying, disclosure, or distribution, and advises recipients to refer to a specific URL for additional EU corporate and regulatory disclosures. It also states that Deutsche Bank does not provide legal or tax advice.


document_description: This is an image of a French passport cover. It includes text in multiple languages related to the European Union and the French Republic. A portion of the passport is blacked out, likely obscuring sensitive personal information. The passport contains an electronic component and instructions for care.

document_subtype: passport cover

key_organizations:
European Union
French Republic


document_description: The document is marked as confidential and is unprintable or corrupted, hence cannot be produced.


document_description: This document is the back of a New Jersey Motor Vehicle Commission (MVC) driver's license for INDYKE DARREN K. It includes sections for endorsements and restrictions, and provides instructions for placing a change of address sticker. The document features the MVC logo, a revision date of 07-23-2010, and a graphic outline of New Jersey. It is marked as confidential under Federal Rule of Criminal Procedure 6(e).


document_description: A United States passport portrait page with official seals and security marks. The document includes a bearer photo, US flag motif, issuing authority (Department of State), and machine-readable lines along the edge. Specific fields such as name, passport number, and dates of issue/expiration are not legible.


document_description: A memo from Cynthia Rodriguez discussing the KYC items needed for onboarding a new art fund, Prytanée, LLC. It includes details about the LLC's ownership, tax ID, and necessary documentation. The memo also outlines the requirements for The Pierre Trust, a 50% owner of the fund.

key_people:
Cynthia Rodriguez
Etienne Binant
Ms. Caroline Lang

key_locations:
St. Thomas, USVI
France

document_subtype: memo

key_organizations:
Prytanée, LLC
Southern Trust Company, Inc.
The Pierre Trust
Deutsche Bank


document_description: This document is a correspondence between Darren K. Indyke and Cynthia regarding the onboarding of a new art fund, Prytanée, LLC. It includes KYC (Know Your Customer) items such as the name, address, tax ID number, date of incorporation, and ownership details. The correspondence also mentions attached documents like the Certificate of Existence and the Operating Agreement showing ownership percentages. The document emphasizes confidentiality and attorney-client privilege.

key_people:
Darren K. Indyke
Cynthia
Etienne Binant

key_locations:
New York, New York
St. Thomas, USVI

key_organizations:
Darren K. Indyke, PLLC
Prytanée, LLC
Southern Trust Company, Inc.
The Pierre Trust


document_description: A letter discussing the management authority of Etienne, the 50% trust owner of a fund, and the necessary documentation for verification. It includes details about The Pierre Trust, its trustee, and beneficiaries.

key_people:
Etienne
Ms. Caroline Lang
Cynthia Rodriguez

document_date: unknown


document_description: Confidential communication from Deutsche Bank with a disclaimer about unauthorized copying, disclosure, or distribution. It also states that Deutsche Bank does not provide legal or tax advice.


document_description: A portfolio alert for Ghislaine Maxwell, monitored since 06/16/2014, with allegations related to illegal prostitution and promoting illegal prostitution. The alert references a Daily Mail article alleging Maxwell's involvement in facilitating abuse and converting a girl into a 'sex slave'.

title: Deutsche Bank Private Bank Portfolio Alert

key_locations:
Florida
United States

document_subtype: Portfolio Alert

key_organizations:
Deutsche Bank
Daily Mail


document_description: A memorandum from Darren K Indyke to Cynthia Rodriguez instructing a wire transfer of $5000 from a specified account to Promsvyaz Bank in Moscow.

key_people:
Darren K Indyke
Cynthia Rodriguez
Bella Klein

document_subtype: wire transfer


document_description: A confidential note or memo with a sign-off from Bella. It includes confidentiality notices and reference numbers.


document_description: A confidential document related to Akash-Kumar Gomes, a Trainee Analyst at DBOI Global Services Private Limited, located in Jaipur, India. The document is marked as confidential pursuant to Federal Rule of Criminal Procedure 6(e).


document_description: A failed email delivery report indicating that the email could not be delivered to the intended recipient due to an unknown user error.


document_description: This is a standard confidentiality and privacy notice from Navin Kumar Pankaj, COO of Wealth Management Operations at DBOI Global Services Private Limited, part of Deutsche Bank. It emphasizes the confidentiality of the email, the environmental consideration before printing, and the company's right to monitor communications for compliance purposes.

key_organizations:
DBOI Global Services Private Limited
Deutsche Bank


document_description: This document is a Volcker Questionnaire used by Deutsche Bank Wealth Management for onboarding new Wealth Management clients that are not natural persons. It includes classifications to determine if a client is out of scope for Volcker Covered Fund Determination. The Haze Trust is identified as a family trust established by family members.


document_description: A form related to the Volcker Rule compliance for The Haze Trust, requiring certification about the entity's status as an operating company and its securities holdings. The form includes instructions for contacting Deutsche Bank for onboarding approval and requires attestation by a client representative.

key_organizations:
The Haze Trust
Deutsche Bank


document_description: This document is a Volcker Questionnaire used by Deutsche Bank Wealth Management for onboarding new Wealth Management clients that are not natural persons. It includes classifications to determine if the client is out of scope for Volcker Covered Fund Determination.


document_description: A form related to the Volcker Rule compliance for a vehicle, requiring attestation and signature from a client representative. It includes sections for determining if the vehicle is an operating company and instructions for contacting Volcker onboarding approval.

key_people:
Cynthia Rodguez
Rich Kahn


document_description: This document is a Volcker Questionnaire for onboarding new Wealth Management clients at Deutsche Bank. It is required for any new WM client that is not a natural person. The document includes a checklist to determine if the client falls under specific classifications, which would make them out of scope for Volcker Covered Fund Determination. The client in this case is Southern Trust Company Inc, classified as a legal entity wholly-owned by one person.

title: Volcker Questionnaire for Onboarding


document_description: A form related to the Volcker onboarding approval process for a vehicle, requiring a client certification and attestation by a client representative.


document_description: A check (Ck # 1030) was cleared for $626.00 instead of the intended $624.00. The sender is unsure who will contact the bank to address this error.


document_description: This document is a portfolio alert for Ghislaine Maxwell, monitored since 06/16/2014, with recent events related to accusations of facilitating illegal activities. The alert includes entity information, recent events, and source information.

key_people:
Ghislaine Maxwell
Prince Andrew

key_locations:
London, England, UNITED KINGDOM
New York City, New York, UNITED STATES
Palm Beach, Florida, UNITED STATES

key_organizations:
Deutsche Bank
Mail Online
RiskConnect_Pm_Version


document_description: A check issued by Zorro Management, LLC to Jorge Juarez for the amount of $963.00.

key_people:
Jorge Juarez
Bruce Gordon

key_locations:
St. Thomas, USVI
New York, New York

document_subtype: check

key_organizations:
Zorro Management, LLC
Deutsche Bank Trust Company Americas


document_description: The document is the back of a check or deposit slip with instructions for endorsement and deposit.

document_subtype: check or deposit slip


document_description: A check issued by Zorro Management, LLC to Leon Ortiz for the amount of $624.00, processed through Deutsche Bank Trust Company Americas.


document_description: A check for deposit to Bank of the West from Sandia Laboratory FCU.

key_organizations:
Bank of the West
Sandia Laboratory FCU


document_description: A check issued by Zorro Management, LLC to Quinonez Bojorquez Juanrene for the amount of $648.00.


document_description: A check endorsement section with instructions for mobile or remote deposit and reserved space for financial institution use.


document_description: A check issued by Zorro Management, LLC to Gilberto Gonzalez for the amount of $668.00, processed through Deutsche Bank Trust Company Americas.


document_description: A check document with Federal Reserve Board of Governors information and confidential markings.


document_description: This document is a communication from Richard Kahn of HBRK Associates Inc., containing a confidentiality notice and a disclaimer from Deutsche Bank regarding legal or tax advice.

key_organizations:
HBRK Associates Inc.
Deutsche Bank


document_description: This document provides an overview of the Deutsche Bank Wealth Management's Multi-Asset Class 5% Target Volatility Portfolio, including metrics such as annualized return, volatility, and correlation to U.S. stocks over different time periods. It also includes a hypothetical investment return profile chart and details on risk premia components.

title: Deutsche Bank Wealth Management Risk Premia Investment Overview

document_type: tabular

document_subtype: investment overview


document_description: This document provides an overview of the Multi-Asset Class 5% Target Volatility Portfolio for key client partner clients or U.S. institutional investors. It includes investment performance summaries over 2, 3, and 5 years, portfolio return scenarios, and historical return data from June 2012 to June 2017. The document also discusses option protection strategies and the economic return on a swap on a risk premia portfolio.


document_description: This document is a financial presentation by Deutsche Bank Wealth Management focusing on a Multi-Asset Class 5% Target Volatility Portfolio. It outlines the risk-weighting and volatility-targeting strategies used in the portfolio, along with specific portfolio weights for various asset categories. The document is intended for Key Client Partner Clients or U.S. Institutional Investors and is not for retail distribution.

title: Risk Premia Investment Overview

document_subtype: presentation


document_description: The document provides an overview of the Risk Premia Investment for the Multi-Asset Class 5% Target Volatility Portfolio, intended for Key Client Partner Clients or U.S. Institutional Investors. It includes disclaimers about past performance, backtesting limitations, and risks associated with the investment products. The document also clarifies that the instruments are not insured by U.S. or U.K. governmental agencies and are not registered under the U.S. Securities Act of 1933.

key_locations:
United States
United Kingdom

document_subtype: Investment Overview

key_organizations:
Deutsche Bank
Deutsche Bank Securities Inc.
Deutsche Bank Trust Company Americas


document_description: A confidential report intended for key client partner clients or U.S. institutional investors, discussing liquid alternatives for diversification in Q1 2017.

title: Risk Premia /Alternative Beta: Liquid Alternatives for Diversification

document_subtype: report


document_description: The document discusses the growth and adoption of Risk Premia investing as a significant global investment industry. It highlights the cost and liquidity advantages of Risk Premia investments compared to hedge funds, leading to their rapid adoption among institutional clients. The document mentions specific organizations like Norges Bank Investment Management, Andra AP-fonden (Second Swedish National Pension Fund - AP2), and PKA pension, detailing their strategic shifts towards Risk Premia investments.

key_locations: Norway Sweden Denmark


document_description: The document provides an overview of Risk Premia or Alternative Beta, explaining it as a premium generated for taking certain types of risks. It describes risk premia as persistent sources of return that can be accessed systematically, and distinguishes between traditional risk premia (like Equity Risk Premium) and those involving systematic investment strategies (like Value, Quality, and Momentum in equities, or FX carry in other markets).

document_subtype: informational


document_description: Deutsche Bank's leadership in Risk Premia investing, highlighting its market presence, expertise, and assets under management.


document_description: The document discusses Deutsche Bank's leadership in Risk Premia investment strategies, driven by the Quantitative Investment Solutions (QIS) Research group. The group is highly ranked in investor surveys and consists of professionals across the US, Asia, and Europe. The document also lists several research reports from Deutsche Bank's Global Markets Research division.

key_locations: US Asia Europe

document_subtype: research summary


document_description: The document presents a correlation analysis of Risk Premia compared to traditional asset classes over time, highlighting their role as diversifiers during market stress. It includes a 3-year rolling average correlation to equities from 1992 to 2015.

title: Risk Premia Correlation Analysis

key_organizations:
Deutsche Bank
Bloomberg


document_description: The document discusses the implementation of factor research in equities, comparing long-only and long/short strategies. It highlights how long-only strategies are correlated with traditional market risk, while long/short strategies isolate factor exposure and provide diversification. Charts show correlations to MSCI World for different strategies over time.

title: Risk Premia Implementation: Isolating Alternative Beta


document_description: The document presents a comparison of correlations between Long Only Risk Premia and Relative Performance Risk Premia, highlighting significantly lower correlations in the latter. It includes correlation tables for both types of risk premia based on monthly returns from January 2002 to July 2013.

document_subtype: financial analysis


document_description: The document provides a financial analysis of the Cash Equity Risk Premia Portfolio, highlighting the diversification benefits as a critical driver of its attractiveness. It includes data from January 31, 2002, to October 31, 2016, comparing various financial metrics such as IRR, Volatility, and Max Drawdown across different risk premia categories and the MSCI World PR.

title: Cash Equity Risk Premia Portfolio

key_organizations:
Deutsche Bank AG
Bloomberg


document_description: The document discusses the DB Equity Risk Premia Portfolio TV5, which targets an annualized volatility of 5% by stabilizing the volatility of the Risk-weighted portfolio of Cash Equity Premia. The strategy involves monthly rebalancing based on 1-year trailing realized volatility and caps allocation at 2 times notional investment.

document_subtype: financial report


document_description: The document provides a historical performance summary of the Equity Portfolio TV5 compared to the MSCI World PR from February 2002 to October 31, 2016. It includes growth over the period, compounded annual growth, annualized daily volatility, information ratio, worst drawdown, Calmar ratio, average monthly return, best and worst monthly returns, percentage of months with gains, and correlations over different periods.

title: Cash Equity Risk Premia Portfolio TV5 Historical Performance

document_subtype: financial performance report


document_description: The document provides an analysis of the cost of protection on equity portfolios relative to expected returns. It includes tables summarizing the pricing of out-of-the-money put options on the S&P 500 and the Cash Equity Risk Premia Portfolio TV5, highlighting the cost-efficiency of purchasing protection through diversification strategies.

title: Cash Equity Risk Premia Portfolio TV5 Option Pricing


document_description: The document outlines the construction and management of a Multi-Asset Risk Premia Portfolio, focusing on volatility-targeting and risk-weighting strategies. It describes the methodology for rebalancing the portfolio based on Equal Risk Contribution and risk-weighted allocation, considering strategy volatility and correlation. The document also details the use of exponential moving averages for volatility calculation and the implementation of leverage caps and risk control measures.

title: Multi-Asset Risk Premia Portfolio - Portfolio Construction


document_description: The document provides a performance overview of the Multi-Asset Risk Premia Portfolio compared to MSCI World and Barclays Agg. It includes historical performance, correlation data, and summary statistics such as compounded annual growth, volatility, Sharpe ratio, and max drawdown. The report also details average risk premium weights across various categories.

title: Multi-Asset Risk Premia Portfolio — TV5 Performance Overview

document_subtype: performance report


document_description: The document provides a performance overview of the Multi-Asset Risk Premia Portfolio compared to MSCI World and Barclays Agg. It includes historical performance data, correlation metrics, and average risk premium weights. The data spans from February 2012 to February 2017, highlighting key performance indicators such as compounded annual growth, volatility, Sharpe ratio, and max drawdown. The document also details the average risk premium weights across various categories before volatility targeting.

title: Multi-Asset Risk Premia Portfolio Performance Overview


document_description: The document provides option pricing for Multi-Asset Risk Premia Portfolio TV5 and TV8, including costs for 2-year and 3-year puts at 90% and 85% strikes. Prices are indicative as of December 2016.

title: Multi-Asset Risk Premia Portfolio Option Pricing

document_subtype: financial data


document_description: Disclaimer from Deutsche Bank regarding the nature of the information provided in attached materials, emphasizing that they are not acting as a financial adviser and that the information should not be the primary basis for investment decisions. It also disclaims liability for any errors or omissions in the information provided.

key_locations: Germany UK US

key_organizations: BaFin - Federal Financial Supervising Authority


document_description: This document is a disclaimer and explanation of backtesting results related to financial instruments. It outlines the limitations of backtesting, the hypothetical nature of the results, and the risks associated with the financial products discussed. It also clarifies that these instruments are not insured by any governmental agency and are not registered under the United States Securities Act of 1933. The document is associated with Deutsche Bank and its affiliates.

key_organizations:
Deutsche Bank
Deutsche Bank Private Wealth Management
Deutsche Bank Alex. Brown


document_description: The document contains financial metrics, a chart depicting investment return profiles, risk premia weights, and a disclaimer about trade execution information. It includes a table of annualized returns, volatility, and correlation to U.S. stocks over different time periods, as well as a table of risk premia weights for various financial strategies.


document_description: This document provides an overview of the Multi-Asset Class 5% Target Volatility Portfolio for key client partner clients or U.S. institutional investors. It includes investment performance summaries over 2, 3, and 5 years, portfolio return scenarios, and cumulative rolling 2-year returns. The document emphasizes that past performance is not indicative of future returns and includes details on option protection strategies.


document_description: The document provides an overview of Deutsche Bank's 5% Volatility-Targeted Portfolio, detailing the risk-weighting and volatility-targeting strategies used. It includes a table of portfolio weights for various asset categories and emphasizes that the information is for key client partners or U.S. institutional investors, not for retail distribution.


document_description: This document provides an overview of the Deutsche Bank Wealth Management's Risk Premia Investment, specifically the Multi-Asset Class 5% Target Volatility Portfolio. It is intended for key client partners or U.S. institutional investors and not for retail distribution. The document discusses past performance, backtesting limitations, calculations of returns, and the non-insured nature of the instruments. It also outlines the roles of Deutsche Bank and its affiliates in offering these services.


document_description: A confidential report intended for key client partner clients or U.S. institutional investors, discussing liquid alternatives for diversification in Q1 2017.

document_subtype: confidential report


document_description: The document provides a conceptual breakdown of hedge fund returns, illustrating three layers: Traditional Beta, Replicable Alpha (Risk Premia/Alternative Beta), and Alpha. It highlights Liquid Alternatives as a source of portfolio diversification, particularly for investors with liquidity constraints, and notes that a significant portion of hedge fund returns are systematically replicable. DB CB&S is mentioned as a market leader in the Risk Premia space.

title: Liquid Alternatives for Diversification

document_subtype: conceptual diagram


document_description: The document discusses the growth and adoption of Risk Premia investing as a significant global investment industry. It highlights the cost and liquidity advantages of Risk Premia investments compared to hedge funds, leading to their rapid adoption among institutional clients. The document mentions specific organizations like Norges Bank Investment Management, Andra AP-fonden (Second Swedish National Pension Fund - AP2), and PKA pension, detailing their strategic shifts towards Risk Premia investments.

document_subtype: memo

key_organizations:
Norges Bank Investment Management
Andra AP-fonden
PKA pension


document_description: The document provides an overview of Risk Premia or Alternative Beta, explaining it as a premium generated for taking certain types of risks. It describes risk premia as persistent sources of return that can be accessed systematically, also known as Alternative Beta. The document distinguishes between traditional risk premia, such as Equity Risk Premium or Credit Risk Premium, and other systematic investment strategies like Value, Quality, and Momentum in equity, as well as FX carry and Rates term structure carry beyond the equity space. It notes that most well-known risk premia have been extensively analyzed in academic and practitioner literature.


document_description: Deutsche Bank has established a leading position in Risk Premia investing, implementing over 45 programs with major institutional investors globally since 2011. The bank's success is attributed to its Equity Quantitative Strategy Group and a seminal paper, "A New Asset Allocation Paradigm." The bank manages over USD 11 billion in Risk Premia investments, leveraging extensive project experience, a research-driven approach, and strong research and structuring teams.

key_locations: US Europe London Australia


document_description: The document discusses Deutsche Bank's leadership in Risk Premia investment strategies, highlighting the role of the Quantitative Investment Solutions (QIS) Research group. It mentions the group's top rankings in investor surveys and lists several research reports.

title: DB's Leadership Position in Risk Premia Investment Strategies


document_description: The document presents a correlation analysis of Risk Premia compared to traditional asset classes over time, highlighting their role as diversifiers during market stress. It includes a 3-year rolling average correlation to equities from 1992 to 2015.

title: Risk Premia Correlation Analysis


document_description: The document discusses the implementation of factor research in equities, comparing long-only and long/short strategies. It highlights how long-only strategies are correlated with traditional market risk, while long/short strategies isolate factor exposure and provide diversification. Charts show correlations to MSCI World for different strategies over time.


document_description: The document presents a comparison of correlations between Long Only Risk Premia and Relative Performance Risk Premia, highlighting significantly lower correlations in the latter. It includes correlation tables for both types of risk premia.


document_description: The document provides a financial analysis of the Cash Equity Risk Premia Portfolio, highlighting the diversification benefits as a critical driver of its attractiveness. It includes data from January 31, 2002, to October 31, 2016, comparing various financial metrics such as IRR, volatility, and max drawdown across different risk premia categories and the MSCI World PR.

title: Cash Equity Risk Premia Portfolio


document_description: The document outlines the DB Equity Risk Premia Portfolio TV5, which targets an annualized volatility of 5% by stabilizing the volatility of a Risk-weighted portfolio of Cash Equity Premia. The strategy involves monthly rebalancing based on 1-year trailing realized volatility, with allocation capped at 2 times notional investment.

document_subtype: financial strategy document


document_description: The document provides a historical performance summary of the Cash Equity Risk Premia Portfolio TV5 compared to the MSCI World PR from 20 Feb 2002 to 31 Oct 2016. It includes growth over the period, compounded annual growth, annualised daily volatility, information ratio, worst drawdown, Calmar ratio, average monthly return, best and worst monthly returns, and percentage of months with gains. It also includes correlations over different periods.


document_description: The document provides an analysis of option pricing for equity portfolios, specifically focusing on the Cash Equity Risk Premia Portfolio TV5. It compares the cost of protection on equity portfolios with expected returns and highlights the cost-efficiency of purchasing protection on the TV5 portfolio. The document includes tables summarizing the pricing of out-of-the-money put options for different maturities and strike prices.


document_description: This document contains the performance and characteristics of a multi-asset risk premia portfolio. It is marked as confidential pursuant to Federal Rules of Criminal Procedure 6(e).

title: Multi-Asset Risk Premia Portfolio

document_subtype: Portfolio Performance Report


document_description: The document outlines the construction and management of a Multi-Asset Risk Premia Portfolio, focusing on volatility-targeting and risk-weighting strategies. It describes the methodology for rebalancing the portfolio based on Equal Risk Contribution and risk-weighted allocation. The document also details the use of short-term trailing realized volatility for daily adjustments and the implementation of leverage caps and risk control measures.


document_description: The document provides a performance overview of the Multi-Asset Risk Premia Portfolio compared to MSCI World and Barclays Agg. It includes historical performance, summary statistics, and average risk premium weights from February 2012 to February 2017.


document_description: The document provides a performance overview of the Multi-Asset Risk Premia Portfolio compared to MSCI World and Barclays Agg. It includes historical performance data, correlation metrics, and average risk premium weights before volatility targeting.

title: Multi-Asset Risk Premia Portfolio — TV8 Performance Overview


document_description: The document provides indicative option pricing for Multi-Asset Risk Premia Portfolios TV5 and TV8, comparing costs of 2-year and 3-year puts at different strike levels with backtested returns.


document_description: A disclaimer from Deutsche Bank stating that they are not acting as a financial adviser and do not provide investment, legal, tax, or accounting advice. The document emphasizes that the information provided is for internal use only and should not be relied upon for investment decisions. It also disclaims liability for any errors or omissions in the information provided.

document_subtype: disclaimer


document_description: The document discusses the limitations and disclaimers associated with backtesting financial models. It highlights that backtesting results do not represent historical prices and are based on hypothetical scenarios. The document also outlines the risks associated with certain financial instruments and clarifies that these instruments are not insured by U.S. or U.K. governmental agencies. Additionally, it mentions the involvement of Deutsche Bank and its affiliates in wealth management activities.


document_description: The document provides a hypothetical investment return profile over a 2-year period, including metrics such as annualized return, volatility, and correlation to U.S. stocks. It also includes a chart depicting portfolio returns and investment values, and a table of risk premia portfolio weights.

document_subtype: investment analysis


document_description: A memo discussing the historical performance of a Risk Premia Portfolio compared to MSCI World and Barclays Agg. It includes a performance chart and a disclaimer about the non-advisory nature of the information provided by Key Client Partners (KCP) Americas.

title: Historical Performance vs MSCI World and Barclays Agg

key_locations: 345 Park Avenue, New York, NY, 10154-0004

key_organizations:
Deutsche Bank Securities Inc
Key Client Partners (KCP) Americas


document_description: This document provides an overview of the Multi-Asset Class 5% Target Volatility Portfolio for key client partner clients or U.S. institutional investors. It includes investment performance summaries over 2, 3, and 5 years, portfolio return scenarios, and cumulative rolling 2-year returns. The document emphasizes that past performance is not an indicator of future returns and includes details on option protection strategies.

document_subtype: investment overview


document_description: The document provides an overview of Deutsche Bank's 5% Volatility-Targeted Portfolio, detailing the risk-weighting and volatility-targeting strategies used to adjust portfolio weights. It includes a table of portfolio weights for various asset categories and emphasizes that the information is for key client partners or U.S. institutional investors, not for retail distribution.

document_subtype: Investment Overview


document_description: This document provides an overview of the Risk Premia Investment, specifically focusing on the Multi-Asset Class 5% Target Volatility Portfolio. It is intended for Key Client Partner Clients or U.S. Institutional Investors and not for retail distribution. The document discusses past performance, backtesting limitations, calculations of returns, and the non-insured nature of the instruments. It also outlines the roles of Deutsche Bank and its affiliates in offering these services.

title: Deutsche Bank Wealth Management - Risk Premia Investment Overview

key_organizations:
Deutsche Bank Wealth Management
Deutsche Bank AG
Deutsche Bank Securities Inc.
Deutsche Bank Trust Company Americas


document_description: A confidential presentation for key client partners or U.S. institutional investors, focusing on liquid alternatives for diversification in Q1 2017. The document is marked as confidential and not for retail distribution.


document_description: The diagram illustrates the components of Hedge Fund Returns, showing a tiered structure with Alpha at the top, 'Replicable Alpha' (Risk Premia / Alternative Beta) in the middle, and Traditional Beta at the bottom. It suggests that hedge fund returns are composed of these three elements. The text explains that 'Liquid Alternatives' offer diversification and returns similar to hedge funds, are attractive to investors with liquidity constraints, and that a significant portion of hedge fund returns are systematically replicable. DB CB&S is highlighted as a market leader in the Risk Premia space.

title: Liquid Alternatives for Diversification

document_subtype: diagram


document_description: The document discusses the growth and adoption of Risk Premia investing as a significant global investment industry. It highlights the cost and liquidity advantages of Risk Premia investments compared to hedge funds, leading to their rapid adoption among institutional clients. The document mentions specific organizations like Norges Bank Investment Management, Andra AP-fonden (AP2), and PKA pension, detailing their strategic shifts towards Risk Premia investments.


document_description: The document provides an explanation of Risk Premia or Alternative Beta, describing it as a premium generated for taking certain types of risks. It is a persistent source of return that can be accessed systematically. The document distinguishes between traditional risk premia, such as Equity Risk Premium or Credit Risk Premium, and other systematic investment strategies like Value, Quality, and Momentum in equity investments, as well as FX carry and Rates term structure carry beyond the equity space. It notes that most well-known risk premia have been extensively analyzed in academic and practitioner literature.


document_description: Deutsche Bank's leadership in Risk Premia investing, highlighting its market presence, expertise, and assets under management.


document_description: The document discusses Deutsche Bank's leadership in Risk Premia investment strategies, attributed to the Quantitative Investment Solutions (QIS) Research group. The group is highly ranked in investor surveys and consists of professionals across the US, Asia, and Europe. The document includes a table listing various research reports with their titles, dates, and types.

document_subtype: Research and Survey Summary


document_description: The document presents a correlation analysis of Risk Premia compared to traditional asset classes over time, highlighting their effectiveness as diversifiers during market stress. It includes a 3-year rolling average correlation to equities from 1992 to 2015.

title: Risk Premia Correlation Analysis


document_description: The document discusses the implementation of factor research in equities, comparing long-only and long/short strategies. It highlights how long-only strategies are correlated with traditional market risk, while long/short strategies isolate factor exposure and provide diversification. Charts show correlations to MSCI World for different strategies over time.

title: Risk Premia Implementation - Isolating Alternative Beta: Equities Example


document_description: The document presents a comparison of correlations between Long Only Risk Premia and Relative Performance Risk Premia, highlighting significantly lower correlations in the latter. It includes correlation tables for both types of risk premia based on monthly returns from January 2002 to July 2013.


document_description: The document provides a financial analysis of the Cash Equity Risk Premia Portfolio, highlighting the diversification benefits as a critical driver of its attractiveness. It includes data from January 31, 2002, to October 31, 2016, comparing various financial metrics such as IRR, Volatility, and Max Drawdown across different risk premia categories and the MSCI World PR.

title: Cash Equity Risk Premia Portfolio


document_description: The document outlines the DB Equity Risk Premia Portfolio TV5, which targets an annualized volatility of 5% by stabilizing the volatility of a Risk-weighted portfolio of Cash Equity Premia. The strategy involves monthly rebalancing based on 1-year trailing realized volatility, with allocation capped at 2 times notional investment.


document_description: The document provides a historical performance summary of the Cash Equity Risk Premia Portfolio TV5 compared to the MSCI World PR from 20 Feb 2002 to 31 Oct 2016. It includes growth over the period, compounded annual growth, annualised daily volatility, information ratio, worst drawdown, Calmar ratio, average monthly return, best and worst monthly returns, percentage of months with gains, and correlations over different periods.


document_description: The document provides an analysis of the cost of protection on equity portfolios relative to expected returns. It includes tables summarizing the pricing of out-of-the-money put options on the S&P 500 and the Cash Equity Risk Premia Portfolio TV5, highlighting the cost-efficiency of purchasing protection on the portfolio.


document_description: The document appears to be related to the performance and characteristics of a multi-asset risk premia portfolio. It is marked as confidential and is subject to Federal Rule of Criminal Procedure 6(e).

title: Multi-Asset Risk Premia Portfolio


document_description: The document outlines the construction and management of a Multi-Asset Risk Premia Portfolio, focusing on volatility-targeting and risk-weighting strategies. It describes the methodology for rebalancing the portfolio based on Equal Risk Contribution and risk-weighted allocation. The document also details the use of short-term trailing realized volatility for daily adjustments and the implementation of leverage caps and risk control measures.


document_description: The document provides a performance overview of the Multi-Asset Risk Premia Portfolio compared to MSCI World and Barclays Agg. It includes historical performance, summary statistics, and average risk premium weights.


document_description: The document provides a performance overview of the Multi-Asset Risk Premia Portfolio compared to MSCI World and Barclays Agg. It includes historical performance, summary statistics, and average risk premium weights before vol-targeting.

document_subtype: Performance Overview


document_description: The document provides indicative option pricing for Multi-Asset Risk Premia Portfolios TV5 and TV8, including costs for 2-year and 3-year puts at 90% and 85% strikes. It compares these costs to backtested returns on the indices.


document_description: A disclaimer from Deutsche Bank stating that they are not acting as a financial adviser and do not provide investment, legal, tax, or accounting advice. The document emphasizes that the information provided is for internal use only and should not be relied upon for investment decisions. It also disclaims liability for any errors or omissions in the information provided.


document_description: The document provides an overview of the Risk Premia Investment, a Multi-Asset Class 5% Target Volatility Portfolio by Deutsche Bank Wealth Management. It includes metrics on annualized return, volatility, and correlation to U.S. stocks over different periods. The document also outlines the portfolio's risk-weighting and volatility-targeting strategies, as well as the portfolio return scenarios based on initial investment. The portfolio is designed for Key Client Partner Clients or U.S. Institutions.

title: Risk Premia Investment Overview


document_description: A memo from Xavier Avila, Managing Director at Deutsche Bank Securities Inc, discussing investment products and solutions for sophisticated institutional investors. The memo emphasizes that the information is for discussion purposes only and not investment advice. It also highlights confidentiality and the need for internal approvals for trades and transactions.

key_locations: 345 Park Avenue, New York, NY 10154-0004


document_description: This document provides an overview of the Risk Premia Investment for Deutsche Bank's Key Client Partner Clients or U.S. Institutional Investors. It includes performance summaries over 2, 3, and 5 years, portfolio return scenarios, and cumulative rolling 2-year returns. The document emphasizes that past performance is not indicative of future returns and includes details on option protection strategies.

title: Deutsche Bank Wealth Management: Risk Premia Investment Overview


document_description: The document provides an overview of Deutsche Bank's Risk Premia Investment Portfolio, which targets a 5% volatility. It outlines the risk-weighting and volatility-targeting strategies, and provides a table of strategy weights. The document includes disclaimers about the nature of the information and its intended audience.

title: Risk Premia Investment Overview

key_organizations:
Deutsche Bank
Deutsche Bank AG
Deutsche Bank Securities Inc.


document_description: The document provides an overview of Deutsche Bank Wealth Management's Risk Premia Investment for their Multi-Asset Class 5% Target Volatility Portfolio. It is intended for Key Client Partner Clients or U.S. Institutional Investors and is not for retail distribution. The document discusses past performance, backtesting, calculations of returns, and the non-insured nature of the instruments. It also outlines the roles of Deutsche Bank and its affiliates.


document_description: A confidential report intended for key client partner clients or U.S. institutional investors, discussing liquid alternatives for diversification.


document_description: The document presents a hierarchical model of Hedge Fund Returns, detailing components such as Alpha, Replicable Alpha, and Traditional Beta.

title: Liquid Alternatives for Diversification

document_subtype: financial


document_description: The document discusses the growth and adoption of Risk Premia investing as a significant global investment industry. It highlights the cost and liquidity advantages of Risk Premia investments compared to hedge funds, leading to their rapid adoption among institutional clients. The document mentions specific organizations like Norges Bank Investment Management, AP2 (Second Swedish National Pension Fund), and PKA pension, detailing their strategic shifts towards Risk Premia investments.

key_organizations: Second Swedish National Pension Fund - AP2


document_description: The document provides an explanation of Risk Premia or Alternative Beta, describing it as a premium generated for taking certain types of risks. It is a persistent source of return that can be accessed systematically. The document distinguishes between traditional risk premia, such as Equity Risk Premium or Credit Risk Premium, and other systematic investment strategies like Value, Quality, and Momentum in equity investments, as well as FX carry and Rates term structure carry beyond the equity space.


document_description: Deutsche Bank's leadership in Risk Premia investing, highlighting their market presence, expertise, and success in implementing over 45 programs with institutional investors globally. The memo emphasizes the bank's strengths in project experience, research-driven approach, and strong teams across asset classes.


document_description: The document highlights Deutsche Bank's leadership in Risk Premia investment strategies, driven by the Quantitative Investment Solutions (QIS) Research group. The group is recognized for its top rankings in investor surveys and consists of professionals across the US, Asia, and Europe.

document_subtype: research summary


document_description: The document provides an overview of the Assets Under Management (AUM) for Deutsche Bank's Risk Premia Investing from Q2 2012 to Q2 2016. It includes a table showing the AUM in million USD for each quarter. Pension funds are the dominant contributors to AUM, while Sovereign Wealth Funds (SWF) contribute the least.


document_description: The document presents a correlation analysis of Risk Premia compared to traditional asset classes over time, highlighting their role as diversifiers during market stress. It includes a 3-year rolling average correlation to equities from 1992 to 2015.

title: Risk Premia Correlation Analysis


document_description: The document discusses the implementation of risk premia strategies, specifically focusing on isolating alternative beta in equities. It compares long-only and long/short 'relative performance' strategies, highlighting their correlation to the MSCI World index. The document includes charts showing rolling 1-year correlations for different strategies (Value, Quality, Low Beta, Momentum) from Feb 2003 to Feb 2013.

document_subtype: financial analysis


document_description: The document presents a comparison of correlations between Long Only Risk Premia and Relative Performance Risk Premia, highlighting significantly lower correlations in the latter. It includes correlation tables for both types of risk premia.


document_description: The document provides a financial analysis of the Cash Equity Risk Premia Portfolio, highlighting the diversification benefits as a critical driver of attractiveness. It includes data from January 31, 2002, to October 31, 2016, comparing various financial metrics such as IRR, Volatility, IRR/Volatility, Max Drawdown, and Beta to MSCI World across different premia categories.

title: Cash Equity Risk Premia Portfolio


document_description: The document outlines the DB Equity Risk Premia Portfolio TV5, a strategy targeting an annualized volatility of 5% by stabilizing the volatility of a Risk-weighted portfolio of Cash Equity Premia. It allocates based on 1-year trailing realized volatility and rebalances monthly, with a cap at 2 times notional investment.


document_description: The document provides a historical performance summary of the Cash Equity Risk Premia Portfolio TV5 compared to the MSCI World PR from 20 Feb 2002 to 31 Oct 2016. It includes growth over the period, compounded annual growth, annualised daily volatility, information ratio, worst drawdown, Calmar ratio, average monthly return, best and worst monthly returns, percentage of months with gains, and correlations over different periods.

document_subtype: financial performance report


document_description: The document provides an analysis of the cost of protection on equity portfolios relative to expected returns. It includes tables summarizing the pricing of out-of-the-money put options on the S&P 500 and the Cash Equity Risk Premia Portfolio TV5, highlighting the cost efficiency of purchasing protection through diversification strategies.


document_description: The document outlines the construction and management of a Multi-Asset Risk Premia Portfolio, focusing on volatility-targeting and risk-weighting strategies. It describes the methodology for rebalancing the portfolio based on Equal Risk Contribution and risk-weighted allocation, with adjustments made daily to meet volatility targets. Leverage caps and risk control measures are also detailed.

document_subtype: Portfolio Construction


document_description: The document provides a performance overview of the Multi-Asset Risk Premia Portfolio compared to MSCI World and Barclays Agg. It includes historical performance, rolling 2-year correlation, summary statistics, and average risk premium weights. The data covers the period from February 2012 to February 2017, with key metrics such as compounded annual growth, volatility, Sharpe ratio, and max drawdown.


document_description: The document provides a performance overview of the Multi-Asset Risk Premia Portfolio compared to MSCI World and Barclays Agg. It includes historical performance data, correlation metrics, and average risk premium weights before volatility targeting.

document_subtype: performance report


document_description: The document provides indicative option pricing for Multi-Asset Risk Premia Portfolios TV5 and TV8, including costs for 2-year and 3-year puts at 90% and 85% strikes. It compares these costs to backtested returns on the indices.

document_subtype: financial data


document_description: A disclaimer from Deutsche Bank stating that they are not acting as a financial adviser and do not provide investment, legal, tax, or accounting advice. The document emphasizes that the information provided is for internal use only and should not be relied upon for investment decisions. It also disclaims liability for any errors or omissions in the information provided.


document_description: This document is a disclaimer and explanation of backtesting results related to financial instruments. It outlines the limitations of backtesting, the risks associated with the financial products discussed, and the lack of insurance coverage for these instruments. It also mentions the involvement of Deutsche Bank and its affiliates in the context of wealth management.


document_description: This document is a supplemental disclosure intended for institutional customers of Deutsche Bank Wealth Management. It outlines the general nature of trading and investment ideas, clarifies that Deutsche Bank is not acting as a legal, financial, tax, or accounting adviser, and specifies that the document is for informational purposes only. It also describes the Key Clients Partners services and the non-liability of Deutsche Bank affiliates for products or services offered by other affiliates.

title: Deutsche Bank Wealth Management Supplemental Disclosure

document_subtype: Supplemental Disclosure

key_organizations:
Deutsche Bank
Deutsche Bank Wealth Management
Deutsche Bank Securities Inc.
Deutsche Bank Trust Company Americas


document_description: Confirmation of the termination of Foreign Exchange transactions between Private Client Services for Acct Southern Financial LLC and Deutsche Bank AG, London. The document outlines the terms of the termination, including transaction details, net present value calculations, and the total amount to be received by Deutsche Bank AG. The agreement is governed by New York State law.

title: Termination of Foreign Exchange Transactions

key_people:
Caroline Vincent
Bill Topis

key_locations:
London
New York

document_subtype: fax


document_description: This document is a confidential financial fund presentation for the Glendower Access Secondary Opportunities Fund IV (U.S.), L.P. It outlines the investment strategy, structure, terms, fees, and reporting requirements for both the Access Fund and the Underlying Fund. The Access Fund invests in the Underlying Fund, which focuses on private equity assets in the secondary market globally.

title: GLENDOWER ACCESS SECONDARY OPPORTUNITIES FUND IV (U.S.), L.P.

key_people: Glendower Access Secondary Opportunities IV GP, LLC

document_subtype: financial fund presentation

key_organizations:
iCapital Network
Glendower Capital


document_description: This document is a presentation for potential investors in the Glendower Access Secondary Opportunities IV (U.S.) L.P. and the Underlying Fund. It outlines the fees, expenses, and risks associated with investing in these funds. The document emphasizes that investing in the Access Fund involves a high degree of risk and potential conflicts of interest. It also notes that past performance is not indicative of future results.

document_subtype: investment presentation

key_organizations: Glendower Capital Secondary Opportunities Fund IV, LP


document_description: The document provides important information about investing in the Glendower Access Secondary Opportunities IV (U.S.), L.P. It highlights the potential risks and lower returns associated with investing in the Access Fund compared to direct investment in the Underlying Fund. The document also outlines the speculative nature and high risks of alternative investments, including lack of liquidity, volatility, and complex tax structures. It clarifies that investors in the Access Fund will not have direct interests or voting rights in the Underlying Fund.

document_subtype: investment information


document_description: The document outlines the investment strategy of Glendower Capital SOF IV, LP, focusing on fund secondaries, GP-led secondaries, and single asset deals. It details the opportunistic barbell approach to portfolio construction and provides key information on investment team members and their experience.

key_people:
Carlo Pirzio-Biroli
Charles Smith
Adam Graev
Chi Cheung
Deirdre Davies
Joshua Glaser
Emilio Olmos
Francesco Rigamonti

document_subtype: investment strategy document

key_organizations:
Glendower Capital
Deutsche Bank
General Electric
The Boston Consulting Group
Bankers Trust
Coopers & Lybrand
Pomona
Lehman Brothers
Chatterjee/Soros
Cowen
ABN Amro
KPMG
Paul Capital
Forum Capital
CIBC Oppenheimer
ADIA
UBS
Credit Suisse
Gallo & Co.


document_description: This document provides detailed information about the Glendower Capital Secondary Opportunities Fund IV, LP (SOF IV), including its formation, performance metrics, and investment strategies. It includes endnotes explaining various aspects of the fund's performance, investment strategies, and key definitions related to the fund's operations.

title: Glendower Capital SOF IV, L.P. Financial Document

key_people:
Glendower Capital LLP
Mirabella Advisers LLP

key_locations:
United Kingdom
North America
Europe
Asia

document_subtype: investment fund document

key_organizations:
Glendower Capital
Mirabella Advisers LLP
Cambridge Associates


document_description: This confidential presentation by Glendower Capital, LLP provides summary information about existing and future funds managed or advised by Glendower, including the Glendower Capital Secondary Opportunities Fund IV, LP. It is intended for a limited number of sophisticated recipients and is not an offer to sell or a solicitation to buy any security. The presentation discusses potential risks, conflicts of interest, and the need for recipients to consult their own advisors. It emphasizes the confidentiality of the information and the lack of independent verification.

key_people:
Glendower Capital, LLP
Mirabella Advisers LLP
Credit Suisse Asset Management Limited

document_subtype: confidential presentation

key_organizations:
Glendower Capital SOF IV, L.P.
Southern Financial LLC
Credit Suisse


document_description: This document is a confidential presentation related to Glendower Capital SOF IV, L.P. It contains forward-looking statements, performance information, and track record details of the Glendower SOF Team, which spun off from Deutsche Bank. The document emphasizes the risks and lack of liquidity associated with investing in the Fund, and it is intended for sophisticated investors only. It also includes notes on investment performance and valuation methodologies.

key_people:
Carlo Pirzio-Biroll
Charles Smith
Chi Cheung
Francesco Rigamonti
Adam Graey

document_subtype: Confidential Presentation

key_organizations: Deutsche Alternative Asset Management (Global) Limited


document_description: This document contains legal disclaimers for the distribution of a presentation by Glendower Capital Southern Financial LLC. It outlines the legal restrictions and requirements for recipients in various countries, including the EEA, UK, Australia, Bahrain, Brazil, Brunei, Canada, Chile, and China. The document specifies that the presentation is not a prospectus and provides guidance on the lawful distribution and offering of interests in the fund in these regions.

key_locations:
European Economic Area
United Kingdom
Australia
Bahrain
Brazil
Brunei
Canada
Chile
China

document_subtype: Legal Disclaimer

key_organizations: GLENDOWER CAPITAL SOUTHERN FINANCIAL LLC


document_description: This document contains legal disclaimers for the distribution of marketing material related to Glendower Capital SOF IV, L.P. in various countries including Colombia, France, Guernsey, Haiti, Hong Kong, Israel, and Japan. It outlines the legal restrictions and requirements for offering financial products in these jurisdictions, emphasizing that the material does not constitute a public offer and is intended for qualified or sophisticated investors only.

key_locations:
Colombia
France
Guernsey
Haiti
Hong Kong
Israel
Japan

document_subtype: legal disclaimer

key_organizations: Securities and Futures Commission of Hong Kong

key_organizations: Credit Suisse Securities (Japan) Limited

key_organizations: Type II Financial Instruments Firms Association


document_description: This document contains legal disclaimers for various countries regarding the distribution and offering of financial products by Glendower Capital SOF IV, L.P. It specifies the legal restrictions and conditions under which the document and the financial products it describes can be distributed in Malaysia, Mexico, Monaco, New Zealand, Oman, Qatar, Saudi Arabia, Singapore, South Korea, and Switzerland.

key_locations:
Malaysia
Mexico
Monaco
New Zealand
Sultanate of Oman
Qatar
Saudi Arabia
Singapore
South Korea
Switzerland

key_organizations: National Banking and Securities Commission

key_organizations: Commission de Controle des Activites Financieres


document_description: This document contains legal disclaimers for Glendower Capital SOF IV, L.P., addressing potential investors in St. Kitts and Nevis, UAE, and the USA. It outlines the non-registration of the fund with regulatory authorities and the associated risks of investment.

key_locations:
St. Kitts and Nevis
UAE
Abu Dhabi
Dubai
United States of America

key_organizations:
Glendower Capital SOF IV, L.P.
GLADCOUP SOUTHERN FINANCIAL LLC


document_description: This document is a supplemental disclosure by Deutsche Bank Securities Inc. and Deutsche Bank Trust Company Americas, acting as a solicitation agent for a fund. It provides information about the securities associated with the fund, including risks, lack of FDIC insurance, and the absence of guarantees by Deutsche Bank. It advises recipients to independently assess the appropriateness of transactions and highlights that past performance does not guarantee future results. The document also clarifies that Deutsche Bank does not provide accounting, tax, or legal advice and authorizes disclosure of the transaction's structure and tax aspects.

title: Deutsche Bank Wealth Management Important Information

key_organizations:
Deutsche Bank Securities Inc.
Deutsche Bank Trust Company Americas
Deutsche Bank


document_description: This document is a confidential investment overview for Glendower Access Secondary Opportunities IV (U.S.), L.P., intended for investment professionals and qualified investors.

title: Glendower Access Secondary Opportunities IV (U.S.), L.P. Overview

document_date: April 2018

document_subtype: investment overview

key_organizations:
Southern Financial LLC
iCapital Network


document_description: This document is a confidential investment presentation for Glendower Capital Secondary Opportunities Fund IV, LP and Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines the terms, risks, and conditions of investing in these funds, emphasizing the high risk and potential for capital loss. The presentation is not an offer to sell or a solicitation to buy interests in the funds, which are only available through a private placement memorandum. It highlights the differences between the Access Fund and the Underlying Fund, the potential for conflicts of interest, and the impact of fees on returns.

key_organizations:
Glendower Capital
Southern Financial LLC
iCapital Network


document_description: The document provides important information about the Access Fund managed by Southern Financial LLC. It discusses the risks and characteristics of alternative investments, emphasizing their speculative nature and potential for high risk and loss. It also outlines the limitations and fees associated with investing in the Access Fund compared to direct investment in the Underlying Fund. The document is intended for investment professionals and qualified investors only.

key_organizations:
Southern Financial LLC
iCapital Advisors, LLC
Institutional Capital Network, Inc.
U.S. Securities and Exchange Commission


document_description: This document outlines the risks associated with investing in a private equity fund, including limited regulatory oversight, portfolio concentration, strategy risk, use of leverage, valuation issues, performance uncertainty, limited liquidity, tax risks, fees and expenses, and reliance on fund manager transparency.

title: Additional Disclosures Regarding Certain Risk Factors

document_subtype: disclosure document

key_organizations:
Southern Financial LLC
Securities and Exchange Commission
iCapital Network


document_description: This document provides a summary of key terms for the Access Fund, including details about the underlying fund, general partner, investment manager, structure, strategy, minimum commitment, target size, fund term, capital calls, investment period, administrator, legal counsel, reporting, placement fee, management fee, carried interest, and subsequent closing fee.

title: Summary of Key Terms for Access Fund

key_people:
Debevoise & Plimpton LLP
Cleary Gottlieb Steen & Hamilton LLP

document_subtype: financial summary

key_organizations:
Glendower Capital
iCapital Advisors, LLC
DBSI


document_description: Summary of key terms for investors in the Access Fund, including fees, expenses, and performance compensation. Details on final admission date, placement fee waivers, management fee distribution, and investment options for large subscriptions.

document_subtype: Investment Summary

key_organizations:
Southern Financial LLC
DBSI
iCapital Advisors
Glendower Capital LLP


document_description: A confidential financial document related to Glendower Capital's Secondary Opportunities Fund IV, LP for the second quarter of 2018, intended for accredited investors and qualified purchasers only.

title: Glendower Capital Secondary Opportunities Fund IV, LP - 2nd Quarter 2018

key_organizations:
Glendower Capital
Southern Financial LLC


document_description: This confidential presentation by Glendower Capital LLP provides information about existing and future funds managed by Glendower, specifically the Glendower Capital Secondary Opportunities Fund IV, LP. It is intended for sophisticated investors and is not an offer to sell or a solicitation to purchase any interests. The presentation includes disclaimers about past performance not being indicative of future results and advises recipients to consult their own legal and financial advisors.

title: Glendower Capital Secondary Opportunities Fund IV, LP Presentation

key_organizations: United Kingdom Financial Conduct Authority


document_description: The document explains the concept of secondary private equity investments, contrasting them with primary private equity investments. It describes the secondary private equity market as a liquidity tool for primary PE investors, detailing the sale and purchase of Limited Partner interests, direct PE investments, and bespoke liquidity solutions for General Partners.

document_subtype: memo

key_organizations:
Southern Financial LLC
Glendower Capital


document_description: The document discusses the benefits of secondary private equity investing, highlighting the attractiveness of secondary opportunities, earlier cash flows, and the timeframe of secondary investments. It includes a table outlining pricing flexibility, risk mitigation, and portfolio construction benefits. A hypothetical graph illustrates the timing of secondary transactions and cash flows.

title: Benefits of Secondary Private Equity Investing

document_subtype: financial analysis


document_description: The document provides an analysis of the secondary private equity market, highlighting its strength with a deal volume of US$58 billion in 2017. It discusses pricing trends, the growth of GP-led deals, and the steady supply of tail-end funds. The analysis is based on Glendower's insights from their presentation's Section 3 'Secondary Market Update'.


document_description: This document contains information about Glendower Capital's investment strategy, updates on the secondary market, and key terms for the Secondary Opportunities Fund IV.

title: Glendower Capital Investment Document

document_subtype: Investment Document


document_description: Glendower Capital is launching the SOF IV fund, seeking $1.75 billion in commitments. The fund aims to continue its successful value-investing strategy with a focus on secondary private equity markets. It targets a range of transactions including traditional fund secondaries, GP-led transactions, and single asset deals, primarily in the US and Europe.

title: Glendower Capital Secondary Opportunities Fund IV Overview

key_locations: US Europe

document_subtype: Investment Fund Overview

key_organizations:
Glendower Capital
Deutsche Asset Management


document_description: Glendower Capital is an independent partnership that spun off from Deutsche Bank in 2017. The senior team has worked together for 15 years, managing US$3 billion in client assets with offices in London and New York. The team has invested in over 350 fund interests across 90 deals and has developed integrated operational processes over 10 years.

title: Glendower Capital Overview

key_people:
Carlo Pirzio-Biroli
Charles Smith
Chi Cheung
Deirdre Davies
Francesco Rigamonti

key_organizations:
Glendower Capital
Deutsche Bank


document_description: This document provides an overview of the core members of the Glendower Capital Team, highlighting their years of experience, previous affiliations, and educational backgrounds. It includes information about managing partners, partners, principals, vice presidents, associates, and other team members across locations in London and New York.

key_people:
Carlo Pirzio-Biroli
Charles Smith
Adam Graev
Chi Cheung
Deirdre Davies
Joshua Glaser
Emilio Olmos
Francesco Rigamonti
Rikesh Mohandoss
Devrup Banerjee
Aldrich Chan
Philippe Ferneini
Victoria Loidl
Elena Smirnova
Jonathan Roome
Doug O'Connell
Rafael Enriquez - Hesles
Sheldon Lee
Helena Turley
Louise Schoeman
Katherine Weaver
Maxine Turner
Maria Gianoli-Franklin

document_subtype: team overview

key_organizations:
Glendower Capital
Deutsche Bank
CDB Web Tech
General Electric
The Boston Consulting Group
Bankers Trust
Coopers & Lybrand
Pomona
Lehman Brothers
Chatterjee/Soros
Cowen
ABN Amro
KPMG
Paul Capital
Forum Capital
CIBC Oppenheimer
ADIA
UBS
Credit Suisse
Gallo & Co.


document_description: The document provides a detailed performance report of various SOF funds managed by Glendower Capital as of September 30, 2017. It includes information on fund vintage, size, number of transactions, gross and net multiples, IRR, and net distributed values. The report also notes that SOF D is a Euro-denominated fund and provides a conversion rate for US$ values.

title: SOF Funds Performance as of September 30, 2017

document_subtype: financial report

key_organizations:
Glendower Capital
SOF
SOF D
SOF II
SOF III


document_description: The document compares the performance of SOF Funds against Cambridge Associates' secondary funds benchmark as of September 30, 2017. It includes data on Net IRR, DPI, RVPI, and TVPI for various SOF funds and benchmarks them against their vintage peer group. The document highlights the performance of SOF, SOF D, SOF II, and SOF III funds.

title: SOF Funds vs Cambridge Associates' Secondary Funds Performance

document_subtype: financial performance report

key_organizations:
Southern Financial LLC
Cambridge Associates
Glendower Capital


document_description: The document provides a performance report of SOF Funds, comparing their returns to the Cambridge Associates buyout top-quartile benchmark. It includes metrics such as TVPI, DPI, and Net IRR for various SOF funds across different vintage years. The report highlights the buyout-like returns with a secondary risk profile and the compelling risk/reward profile of the funds.

title: SOF Funds Performance Report

key_organizations:
Southern Financial LLC
Cambridge Associates
Glendower


document_description: The document provides a performance comparison of SOF Funds against major public market indices as of September 30, 2017. It includes performance figures for various SOF Funds and compares them to indices like MSCI World, Russell 2000, and Thomson Reuters Private Equity Buyout Index.

title: SOF Program Performance Data


document_description: The document provides a performance overview of SOF, SOF II, and SOF III funds, showing consistent performance across different fund sizes, vintages, and economic cycles. It includes metrics such as Net Contributed Capital, Net IRR, DPI, and TVPI over various quarters from inception.

title: SOF Funds Performance Overview


document_description: This document is a confidential investment report from Glendower Capital, detailing their investment strategy, secondary market updates, and key terms for their Secondary Opportunities Fund IV.

title: Glendower Capital Investment Report

document_subtype: investment report


document_description: The document provides a market segmentation analysis by Glendower Capital, categorizing funds based on their investment strategies and sizes. It includes a table detailing fund categories, descriptions, sizes, time periods, and number of players. The analysis identifies key funds such as SOF, SOF D, SOF II, SOF III, and SOF IV, and uses data from Preqin and Glendower Capital's own intelligence as of November 2017.

title: Glendower Capital Market Segmentation Analysis

key_organizations:
Glendower Capital
Preqin


document_description: Glendower has a distinctive investment strategy focusing on disciplined bottom-up underwriting of attractive assets managed by quality managers. The strategy includes sourcing less competitive deals globally, pursuing a selective true value approach, buying with a margin of safety, and focusing on efficient portfolio construction.

title: Glendower Investment Strategy

document_subtype: investment strategy document


document_description: The document outlines a disciplined barbell approach by Southern Financial LLC, adjusted to market cycles, focusing on different types of secondary deals. It includes a detailed description of fund secondaries, GP-led secondaries, and single asset deals, along with market estimates and performance metrics by Glendower Capital.


document_description: The document discusses GP-led transactions and their evolution over the years, highlighting the advantages and strategies employed by Glendower Capital in this space. It emphasizes the benefits of GP-led opportunities over traditional LP interest acquisitions, including in-depth due diligence, bespoke fund design, and limited use of leverage.


document_description: The document provides an overview of Southern Financial LLC's sourcing and deal selection process, highlighting their extensive industry network and significant buy & sell side experience. It details their proactive approach to engaging with potential sellers and their track record in GP-led and Single Asset Deals.

title: Southern Financial LLC Deal Overview

key_people:
GPs
LPs
Advisory Board members

key_organizations:
Southern Financial LLC
DB Wealth Management
Raymond James
Alex Brown
Glendower Capital


document_description: This document provides illustrative case studies of fund secondaries transactions by Southern Financial LLC. It includes details on various projects/funds, deal sizes, discounts, regions, sellers, and descriptions of the transactions.

title: Fund Secondaries Transactions - Illustrative Case Studies

document_subtype: financial


document_description: The document provides illustrative case studies of GP-led transactions and single asset deals by Southern Financial LLC. It includes details on various projects/funds, deal sizes, regions, sellers, and descriptions of the deals.

document_subtype: case studies


title: Glendower Capital Investment Report

document_subtype: Investment Report


document_description: The document provides an analysis of secondary market volumes from 2006 to 2018, with a forecast for 2018. It highlights that the market is evolving with GP-led transactions now representing 25% of the volume. The forecast for 2018 is over US$60 billion.

key_organizations:
Southern Financial LLC
Glendower Capital
Greenhill


document_description: The document provides an analysis of the secondary market driven by global private equity (PE) market growth, highlighting the increase in total PE assets to US$2.8 trillion by 2017. It includes tables showing unrealized portfolio values, dry powder, and total PE assets from 2007 to 2017, as well as annual secondary volumes as a percentage of total PE assets.


document_description: The document provides an analysis of secondary market pricing for private equity fund interests, highlighting stable pricing trends from 2012 to 2017 after a bubble period in 2006-2007. It includes a table showing secondary market volume and pricing from 2005 to 2017.

title: Secondary Market Pricing Analysis

key_organizations:
Glendower Capital
Greenhill
Cogent Partners
Dow Jones Private Equity Analyst


document_description: The document provides an analysis of the secondary market capitalization, highlighting a balanced capital supply with specific figures for dry powder and annual deal volume. It includes a table and a chart illustrating the relationship between dry powder and deal volume, with data sourced from Glendower Capital and other financial reports.

key_organizations:
Southern Financial LLC
Glendower Capital
Greenhill
Bain & Company


document_description: The document provides an analysis of significant unrealized private equity value locked in tail-end funds, with a focus on pre-crisis vintages amounting to US$600bn. It includes a breakdown of unrealized PE value by year and period, as well as a seller composition breakdown by percentage.

title: Southern Financial LLC - Unrealized PE Value and Seller Composition


document_description: The document provides an analysis of GP-led transactions in the secondary market, highlighting their growth as a source of supply. It includes a table showing the volume and percentage of GP-led secondaries from 2006 to 2017.

title: GP-led Transactions in Secondary Market


document_description: The document provides a financial overview of the SOF Ill Portfolio managed by Southern Financial LLC, highlighting investment strategy, sector composition, and performance metrics as of September 30, 2017. It includes detailed tables on fund size, gross invested capital, capital called, distributions, remaining NAV, total net return, asset geography, category distribution, vintage year distribution, and sector distribution.

title: SOF Ill Portfolio - Highlights


document_description: The document lists 28 General Partners (GPs) representing approximately 90% of SOF III's current exposure as of September 30, 2017. It includes various financial entities and investment firms involved in buyouts, real estate, and growth equity.

title: SOF III Portfolio Exposure

key_organizations:
Southern Financial LLC
Gilde
KKR
NAVIS
HIGHSTAR CAPITAL
CENTRE
Bridgepoint
NEUBERGER BERMAN
TDR Capital
LANE
LONG POINT CAPITAL
GMT
COLONY
NORTHSTAR
DUKE STREET
ASTRA
Quadrangle
Morgan Stanley
STAGE
ARCO REAL ESTATE
CANTAL
TURKVEN
UNLU & Co
SMITHFIELD
TCV
Zurmont Madison
octopus ventures
AUGENS
Amadeus Capital Partners
Palamon Capital Partners
Glendower Capital


document_description: The document outlines the near-term investment pipeline for SOF IV as of March 31, 2018, detailing various projects across different regions, deal types, and stages. It includes information on deal sizes, SOF IV investments, and descriptions of each project.

title: SOF IV - Near term pipeline

key_locations:
North America
EMEA
Global
APAC

document_subtype: financial pipeline


document_description: This document outlines the investment details for Project Sunrise led by Southern Financial LLC. It is a GP-led secondary deal expected to close in April 2018, involving mid-market investments in the US consumer industry. The portfolio includes franchisees of dining brands and a fitness brand. The investment rationale highlights Glendower's ability to deliver bespoke solutions and perform extensive diligence.

title: SOF IV - Project Sunrise


document_description: This document outlines an exclusive GP-led secondary deal for Project Klein, expected to close in June 2018. It involves a mid-market buyout strategy focusing on Europe/UK, with investments in business services and healthcare services. The key value driver is a UK premium distributor, with additional assets in medical and cosmetics clinics, a digital marketing company, and a management consulting firm. The deal involves four companies with an average age of 9 years at purchase, and aims to leverage Glendower Capital's expertise in complex transactions.

title: SOF IV — Project Klein

key_people:
Glendower Team
GP founder

key_locations: Europe UK Italy

document_subtype: investment summary


document_description: The document outlines the investment strategy of Glendower Capital, updates on the secondary market, and provides key terms for the Glendower Capital Secondary Opportunities Fund IV. It includes sections on the introduction, investment strategy, market updates, and fund updates.

title: Glendower Capital Secondary Opportunities Fund IV Key Terms


document_description: Key terms for Glendower Capital Secondary Opportunities Fund IV, LP, including target size, structure, investment period, term, minimum commitment, team commitment, general partner share, carried interest, hurdle rate, and clawback provisions.

title: SOF IV - Master Fund Key Terms

document_subtype: investment fund terms


document_description: The document is a scorecard for SOF IV, evaluating alignment of interest, governance, and transparency based on ILPA 2 principles. It includes best practices such as all-contribution-plus-preferred-return-back-first model, LP favorable clawback provision, and comprehensive financial reporting.

title: SOF IV - ILPA 2 Scorecard

document_subtype: scorecard

key_organizations: Institutional Limited Partner Association


document_description: This document contains an introduction, details about Glendower's investment strategy, a secondary market update, updates on SOF III and IV, and key terms for the Glendower Capital Secondary Opportunities Fund IV.

title: Glendower Capital Financial Document


document_description: This document provides the professional biographies of key team members at Southern Financial LLC, including Carlo Pir210-Biroli, Charles Smith, Adam Graev, and Chi Cheung. It details their roles, previous experience, and educational background.

title: Team Bios of Southern Financial LLC

key_people:
Carlo Pir210-Biroli
Charles Smith
Adam Graev
Chi Cheung

document_subtype: team bios

key_organizations:
Southern Financial LLC
Deutsche Bank
General Electric
The Boston Consulting Group
Pomona Capital
Lehman Brothers
Chatterjee Group
Soros Fund Management
Cowen & Co
Glendower Capital


document_description: Team bios for Southern Financial LLC, detailing the professional backgrounds and responsibilities of key partners and directors.

key_people:
Deirdre Davies
Joshua Glaser
Emilio Olmos
Francesco Rigamonti

key_locations:
London
New York
Abu Dhabi
Milan
South Africa
Spain
Italy

key_organizations:
Deutsche Bank
ABN Amro
KPMG
Paul Capital
Forum Capital
CIBC Oppenheimer
ADIA
UBS
Credit Suisse
Lafarge
Gallo & Co.
Glendower Capital


document_description: This document provides biographies of key team members at Southern Financial LLC, detailing their professional backgrounds and educational qualifications.

title: GLDUS238 SOUTHERN FINANCIAL LLC Team Bios

key_people:
Rikesh Mohandoss
Devrup Banerjee
Aldrich Chan
Philippe Ferneini

key_locations:
New York
London

key_organizations:
Deutsche Bank
Bank of America
Freddie Mac
Goldman Sachs
UBS
Credit Suisse
Booz & Company
Glendower Capital