document_description: The document provides an overview of the secondary private equity market, highlighting its growth and evolution over the past two decades. It discusses the expansion of the market to include various liquidity solutions and the significant increase in market volume, driven by factors such as GP-led secondaries and active portfolio management. The document also includes data on market volumes from 2006 to 2017 and mentions key drivers of future market activity.


source: doj

document_description: The document discusses the growth and dynamics of the secondary private equity market, highlighting the NAV of US$1.8 trillion and unfunded amounts of US$1.0 trillion. It includes data on total private equity assets, secondary market pricing, and the factors influencing pricing decisions. The report emphasizes the importance of fund and asset selection for generating strong performance and notes the variability in pricing due to factors like transaction structuring and portfolio size.


document_description: The document discusses the financial dynamics of the Glendower Capital Secondary Opportunities Fund IV, LP, focusing on cash flows, market pricing, and historical trends in the secondary market from 2005 to 2017. It highlights the impact of market conditions on pricing and transaction volumes, noting a recovery in secondary market pricing post-2009 to a stable range of 10% discount to NAV from 2014 onwards.


document_description: The document discusses the state of the secondary market for private equity, highlighting a balanced supply and demand with a significant amount of dry powder available. It provides data on dry powder and annual deal volume, emphasizing a disciplined investment approach by Glendower Capital. The seller universe is diverse, with no single category dominating the market, and selling activity is expected to remain broad-based.


document_description: The document provides a breakdown of seller composition and funds marketed by vintage for Glendower Capital Secondary Opportunities Fund IV, LP. It highlights the emergence of traditional secondary buyers and funds-of-funds entering the market as sellers, with motivations to wind down older vehicles to lock in gains or return capital to LPs. The document includes exhibits showing seller type percentages, funds marketed by vintage, and PE assets by fund vintage year.


document_description: The document discusses the growth and prominence of GP-led secondaries in the financial market, highlighting a significant increase in transaction volumes from 2006 to 2017. It provides a detailed table of GP-led secondaries transaction volumes over the years and discusses factors driving the trend, such as the global financial crisis and the proactive approach of LPs in rebalancing portfolios. The document also mentions the role of high-quality managers in utilizing the secondary market for fund management.


document_description: The document discusses the role of GP-led Secondaries in the market, highlighting their growth and the complexities involved in such transactions. It emphasizes the importance of early communication, quality assets, and well-aligned managers for successful outcomes. Glendower Capital takes a cautious approach, focusing on opportunities with strong alignment, diversified portfolios, and attractive assets.


document_description: The document discusses the competitive environment and strategies of the Glendower Capital Secondary Opportunities Fund IV, focusing on the mid-sized segment of the secondary market. It highlights the advantages of this segment in terms of diversification and selectivity, compared to smaller and larger funds. The document also outlines the sourcing strategies of larger funds and the changing mix of sellers in the market.


document_description: The document outlines the investment strategy and process of Glendower Capital Secondary Opportunities Fund IV, LP. The fund focuses on acquiring mature fund interests, which are at least 50% drawn, to reduce 'blind pool risk'. The investment process includes deal origination, screening, due diligence, investment decision, monitoring, and investment realization. The fund aims to purchase funds through exclusive or minimally competitive transactions using its extensive network.


document_description: The document outlines the management and operational strategies of the Glendower Capital Secondary Opportunities Fund IV, LP. It details the responsibilities of the Glendower SOF Team in managing investments, including attending partnership meetings, reviewing financial information, monitoring market developments, and preparing valuations. The document also describes the process for investment realization and divestment, emphasizing due diligence and approval stages. The extent of interaction with Fund Sponsors is also discussed.


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It is marked as confidential pursuant to Federal Rule of Criminal Procedure 6(e).


document_description: The document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It provides an overview of Glendower Capital, an independent investment firm focused on secondary private markets. The firm was formed by a team that spun out from Deutsche Asset Management in 2017. The document details the management structure, investment team, and investment committee of the fund. It also outlines the firm's operations, office locations, and the experience of its investment professionals.


document_description: The document provides information about the management and key members of the Glendower Capital Secondary Opportunities Fund IV, LP. It details the roles and backgrounds of the Investment Committee members and other professionals involved in the fund's operations.


document_description: The document provides information about the senior team and key personnel involved in the management of Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the roles and backgrounds of various team members, including their previous experience and educational qualifications. The document is marked as confidential and is related to fund management and investor relations in the secondary private equity business.


document_description: This document provides an overview of the team members involved in the management of the Glendower Capital Secondary Opportunities Fund IV, LP. It includes details about the roles and backgrounds of key personnel based in London and New York, as well as future recruitment plans.


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund W. LP, detailing the summary of terms and conditions for potential investors.


document_description: This document provides a summary of the principal terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the investment objectives, the roles of the General Partner and the Manager, and the structure of the Fund. The Fund aims to generate attractive risk-adjusted returns through various investment strategies in the secondary market, primarily targeting the U.S. and Europe. The General Partner is Glendower Capital SOF IV (GP) Limited, and the Manager is Glendower Capital, LLP, which is authorized and regulated by the UK Financial Conduct Authority.


document_description: This document outlines the terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes details about the General Partner's share, commitments, minimum commitment, Glendower Capital investment, closings, subsequent closing partners, and drawdowns. The fund seeks aggregate commitments of US$1.75 billion, with a maximum of US$2.5 billion. The minimum commitment for limited partners is US$5 million. The document also describes the process for closings and the participation of subsequent closing partners.


document_description: This document outlines the terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP. It details the investment period, reinvestment terms, key person events, and diversification rules. The investment period begins at the first closing and ends at the earliest of either full commitment investment or four years from the final admission date. Reinvestment terms allow certain distributions to be added back to unfunded commitments. Key person events can suspend the investment period, which can be reinstated with certain conditions. Diversification rules limit investment percentages in single asset deals without committee consent.


document_description: This document outlines the terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP. It details the General Partner's Share, distribution of net proceeds, and the concept of 'carried interest'. The document specifies the fee structure based on the commitment size and defines key terms such as 'Legacy Investor' and 'Applicable Points'.


document_description: This document outlines the terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes details on fund dissolution, tax distributions, clawback provisions for the Special Limited Partner, organizational and operating expenses, transaction fees, and the establishment of a Fund Advisory Committee. The document specifies that upon dissolution, distributions may include restricted securities and that tax distributions can be made to partners. It also details the clawback mechanism for the Special Limited Partner and the allocation of organizational expenses. Operating expenses are to be covered by the Manager, General Partner, and Second GP, while the Fund covers transaction-related costs. Transaction fees are to be used to reduce the General Partner's Share. A Fund Advisory Committee will be established with at least three voting members.


document_description: This document outlines the terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes details on the structure of feeder and parallel funds, successor funds, allocation of investment opportunities, transfer and withdrawal restrictions, reporting and valuation practices, and disclosure of changes to leverage provisions. The document specifies the roles and responsibilities of the Manager and the Fund Advisory Committee, as well as the conditions under which new funds can be closed and investment opportunities allocated.


document_description: This document outlines the terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes details on indemnification, removal of the General Partner, amendments to the Fund Partnership Agreement, default provisions, and the term of the fund. The General Partner and other key figures are indemnified against claims except in cases of misconduct. The General Partner can be removed for cause or without fault under specific conditions. Amendments to the agreement require consent from the majority of Limited Partners and the General Partner, with additional consent needed if changes adversely affect a Limited Partner. Defaulting Limited Partners face penalties, and the fund has a term of 7 years from the Final Admission Date.


document_description: The document outlines the terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP. It specifies that Aztec Financial Services (UK) Limited will be appointed as the AIFMD-compliant depositary and fund administrator before the First Closing. Credit Suisse Asset Management Limited is designated as the Global Placement Agent.


document_description: This document is a confidential private placement memorandum related to the Glendower Capital Secondary Opportunities Fund IV, LP. It is marked as confidential pursuant to Federal Rule of Criminal Procedure 6(e).


document_description: This document is a section of the Confidential Private Placement Memorandum for the Glendower Capital Secondary Opportunities Fund W. LP, focusing on risk factors associated with the investment.


document_description: The document outlines various risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP. Key risks include leverage, investments in troubled and leveraged companies, venture capital investments, valuation issues, lack of liquidity, and the absence of an established market for secondaries investments. These factors could significantly impact the fund's performance and the value of its investments.


document_description: The document outlines various risk factors associated with investing in the Glendower Capital Secondary Opportunities Fund IV, LP. It highlights the unpredictability of future events, potential poor performance of investments, exclusive loss bearing by the Fund and its partners, risks associated with leverage, and the use of subscription line facilities. The document also mentions the potential for accelerated carried interest and the reliability of investment history data.


document_description: The document outlines various risk factors associated with investing in the Glendower Capital Secondary Opportunities Fund IV, LP. It highlights the past performance of the SOF Funds, liquidity risks, potential distributions in kind, investor obligations, uncertainties in payment timings, and risks related to unspecified transactions. The document emphasizes the reliance on the Manager's judgment and ability to manage investments effectively.


document_description: This document outlines the risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP, focusing on global taxes, changes in tax law, tax treatment, phantom income, risks from changes in the taxation of carried interest, and the corporate offense of failure to prevent the facilitation of tax evasion. It highlights potential tax implications for investors and the fund, including changes in tax laws, tax treaties, and the impact of recent U.S. legislation on carried interest.


document_description: The document outlines various risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP. Key risks include potential legal issues related to UK tax evasion, co-investment and counterparty risks, dilution from subsequent closings, and indemnification obligations. The Manager plans to implement procedures to prevent tax evasion facilitation but acknowledges potential legal challenges. Co-investment risks involve potential defaults by partners and misalignment of business interests. Indemnification clauses may impact the Fund's financial condition and require investors to return distributions.


document_description: The document outlines various risk factors associated with investments in the Glendower Capital Secondary Opportunities Fund IV, LP, particularly focusing on emerging markets risk, legal counsel arrangements, diverse investor interests, and sovereign status of certain investors. It highlights the potential political, regulatory, and economic risks in emerging markets, the lack of separate legal counsel for investors, potential conflicts of interest among diverse investors, and challenges in enforcing obligations against sovereign investors.


document_description: The document outlines various risk factors associated with investments in the Glendower Capital Secondary Opportunities Fund IV, LP. Key risks include economic constraints due to deflation, currency risks due to investments in non-U.S. currencies, disruptions in debt markets affecting financing availability, and potential legal, tax, and regulatory changes impacting the fund's operations and strategy.


document_description: The document outlines various risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses potential regulatory changes, the impact of Brexit, and anti-money laundering compliance. The document highlights uncertainties in regulatory environments, potential market dislocations due to Brexit, and the legal obligations for disclosing investor information under anti-money laundering laws.


document_description: The document outlines various risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP. Key risks include issues related to electronic communications, cybersecurity threats, compliance with pay-to-play laws, and the reliability of forward-looking information. The document emphasizes the potential for electronic communications to be compromised and the increasing reliance on complex IT systems that are vulnerable to unauthorized access. It also highlights the legal implications of non-compliance with pay-to-play regulations and the uncertainty inherent in forward-looking statements.


document_description: This document is a section from the Confidential Private Placement Memorandum for Glendower Capital Secondary Opportunities Fund IV, LP, focusing on risk factors associated with the investment. It emphasizes that the list of risk factors is not exhaustive and advises potential investors to read the entire memorandum and consult professional advisers before investing.


document_description: This document is a section from the Confidential Private Placement Memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP, focusing on conflicts of interest.


document_description: The document outlines potential conflicts of interest related to the investment activities of Glendower Capital Secondary Opportunities Fund IV, LP. It discusses the role of the Manager and its affiliates in managing these conflicts, the involvement of the Fund Advisory Committee, and specific scenarios such as conflicts among investors, broken deal expenses, management team investments, and carried interest.


document_description: The document outlines potential conflicts of interest related to the performance-based compensation structure of Glendower Capital Secondary Opportunities Fund IV, LP. It discusses the role of the Fund Advisory Committee in identifying and addressing these conflicts, and the conditions under which the Manager may consult the Committee. The document also notes the confidentiality of the information under legal rules.


document_description: This document is a section of a confidential private placement memorandum for Glendmer Capital Secondary Opportunities Fund III, LP, focusing on legal, ERISA, and tax considerations. It is marked as confidential under Federal Rule of Criminal Procedure 6(e).


document_description: This document outlines the legal, ERISA, and tax considerations for the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses the valuation process, fair treatment of investors, liquidity management, and professional liability risk. The fund will be valued based on U.S. GAAP and ASC 820 standards, with a valuation committee chaired by Deirdre Davies. The document also covers the fund's closed-ended nature, lack of redemption rights, and professional indemnity insurance. The fund is governed by English law under the Limited Partnerships Act 1907.


document_description: This document outlines the legal considerations for the Glendower Capital Secondary Opportunities Fund IV, LP, including risk management, leverage, net asset value, and the role of the Depositary. It specifies that no investors have been admitted to the Fund, and thus there is no net asset value or historical performance to report. Aztec Financial Services (UK) Limited is appointed as the Depositary, with specific duties and limitations of liability outlined. The document is marked confidential under federal rules.


document_description: The document discusses the legal considerations related to the offering and sale of interests in the Glendower Capital Secondary Opportunities Fund IV, LP. It highlights that these interests will not be registered under the Securities Act of 1933 or any other securities laws and will be sold to accredited investors in the U.S. under exemptions. The document also details past legal settlements involving Credit Suisse and Raymond James related to auction rate securities, emphasizing the requirement for investors to bear the risk of investment for an indefinite period.


document_description: The document outlines legal considerations for the Glembwer Capital Secondary Opportunities Fund N. LP regarding compliance with the U.S. Securities Exchange Act of 1934, the Investment Company Act of 1940, and the U.S. Investment Advisers Act of 1940. It discusses the requirements for SEC filings when acquiring more than 5% of a company's equity securities, the avoidance of short-swing profit liability, and the exemptions from registration under the Investment Company Act. It also covers the Manager's status under the Advisers Act and restrictions on offers and sales of interests to ensure compliance.


document_description: The document discusses legal considerations related to the Glendower Capital Secondary Opportunities Fund IV, LP, focusing on exemptions from registration with the U.S. Commodity Futures Trading Commission (CFTC) and ERISA considerations for fiduciaries of employee benefit plans. It outlines the conditions under which the fund is exempt from CFTC registration and the fiduciary duties under ERISA that must be considered when investing in the fund.


document_description: This section of the memorandum discusses legal considerations related to ERISA and tax implications for investors in the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the 25% Test for Benefit Plan Investors, the requirement for Form 5500 reporting, and certain U.S. federal income tax considerations. The document advises investors to consult with legal and tax advisors regarding ERISA provisions and tax consequences.


document_description: This section of the Private Placement Memorandum discusses the ERISA and tax considerations for investors in the Glendower Capital Secondary Opportunities Fund IV, LP. It covers the deductibility of organizational expenses, limitations on investment interest deductions, and the qualified business income deduction. It also addresses the tax implications for ERISA plans, tax-exempt limited partners, and non-U.S. investors, including the potential for unrelated business taxable income (UBTI) and effectively connected income (ECI). The document highlights the complexity and uncertainty of these tax rules and advises non-U.S. investors to consult with tax advisers.


document_description: This document outlines the legal and tax considerations for non-U.S. investors in the Glendower Capital Secondary Opportunities Fund IV, LP, particularly focusing on the treatment of effectively connected income (ECI) and the implications of investing in U.S. real property holding corporations. It discusses the tax rates applicable to non-U.S. investors, potential withholding taxes, and the branch profits tax. The document also highlights reporting requirements for U.S. investors, including forms 8865, 926, and 8938, and the potential for certain transactions to be classified as reportable under U.S. federal tax rules.


document_description: This section of the memorandum discusses the legal and tax considerations for investors in the Glendower Capital Secondary Opportunities Fund IV, LP. It highlights potential penalties for non-compliance with tax laws, the complexity of UK tax considerations, and the responsibilities of investors regarding tax reporting and liabilities. The fund is structured as an English limited partnership, and its tax treatment is based on it being an investment partnership rather than a trading entity.


document_description: This document outlines the tax considerations for UK resident investors in the Glendower Capital Secondary Opportunities Fund IV, LP. It details the requirements for investors to obtain a Unique Taxpayer Reference (UTR) and the tax implications on income and capital gains. The document also discusses the tax treatment of dividends and interest income, as well as the potential for tax credits and reliefs. It highlights the impact of the Taxation (International and Other Provisions) Act 2010 and the Offshore Funds (Tax) Regulations 2009.


document_description: The document discusses the tax implications for investors in the Glendower Capital Secondary Opportunities Fund IV, LP, particularly in relation to offshore funds and UK tax considerations. It outlines the tax treatment for UK resident individuals and companies, non-UK resident investors, and exempt bodies like pension funds. It also covers the implications of inheritance tax for limited partnership interests in the UK.


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund N. LP. It is marked as confidential pursuant to Federal Rule of Criminal Procedure 6(e).


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the legal restrictions and requirements for the distribution and sale of interests in the fund across various jurisdictions, particularly within the European Economic Area. The memorandum specifies that the offer is limited to professional investors and details specific conditions for countries like Denmark, Finland, and Germany. It emphasizes compliance with local securities laws and confidentiality provisions.


document_description: The document is a Confidential Private Placement Memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the regulatory and legal considerations for offering interests in the fund in various jurisdictions including the Netherlands, Sweden, the United Kingdom, Australia, and Bahrain. The memorandum specifies the conditions under which the fund can be marketed and sold, emphasizing compliance with local financial regulations and the targeting of professional investors.


document_description: The document is a Confidential Private Placement Memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP, governed by Colombian law. It outlines that the Interests are not registered with Colombian authorities and are not for public offering. The document also addresses regulations in the Dubai International Financial Centre, stating that the Fund is not regulated by the DIFC or DFSA. It emphasizes that the Interests may be illiquid and subject to resale restrictions, and are intended for Professional Clients who can make a minimum subscription of at least $50,000.


document_description: This document is a Confidential Private Placement Memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the legal restrictions and conditions under which the Memorandum can be distributed and the Interests offered in various jurisdictions including Guernsey, Haiti, Hong Kong, Israel, and Japan. The Memorandum has not been approved by relevant financial authorities in these regions and is intended only for specific professional investors. It emphasizes that the document does not constitute financial advice and that investors should rely on their own examination and consult professional advisers. The Interests are subject to restrictions on transferability and resale.


document_description: This document is a Confidential Private Placement Memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the legal restrictions and conditions for offering and selling interests in various jurisdictions including Mexico, Monaco, New Zealand, and Oman. The document specifies that the offering must comply with local securities laws and regulations, and it is intended for sophisticated investors only. It also includes disclaimers regarding the language of the document and the non-intent to provide legal or financial advice.


document_description: The document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the legal restrictions and requirements for offering and selling interests in the fund in Korea, St. Kitts and Nevis, and Switzerland. The memorandum specifies that the fund is not registered with the respective financial authorities in these countries and highlights the legal and financial risks involved in investing. It also details the roles of representatives and paying agents in Switzerland, and the conditions under which distribution fees and retrocession payments are handled.


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the terms and conditions under which the fund operates, including the possibility of granting fee rebates to limited partners based on objective criteria. The memorandum specifies that the fund is not registered or approved by regulatory authorities in Taiwan, the UAE, or the USA, and provides details on the restrictions and conditions for offering interests in these regions. It emphasizes the need for prospective investors to seek professional advice and conduct their own examination of the investment.


document_description: This document is a privacy notice for investors in the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines how personal data of investors, both natural and non-natural persons, will be processed and shared by Glendower Capital LLP, the data controller. The notice details the types of personal data collected, the reasons for data processing, and the entities with whom data may be shared. It also explains the potential transfer of data outside the European Economic Area and the rights of investors regarding their personal data.


document_description: The document outlines the rights of individuals regarding their personal data in relation to Glendower Capital Secondary Opportunities Fund IV, LP. It details the rights to rectification, erasure, restriction of processing, and data portability. It also provides contact information for exercising these rights and mentions the role of the UK Information Commissioner's Office as a supervisory authority.


document_description: This document is an appendix from the Glendower Capital Secondary Opportunities Fund IV, LP, detailing key definitions related to the fund's operations and legal considerations. It includes terms such as '25° Test', 'Administration Agreement', 'Advance', 'Advisers Act', and others, providing specific definitions and references to sections within the larger document.


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes a table defining various terms related to the fund, such as Depositary Agreement, Deutsche Asset Management, Deutsche Bank, DOL, and others. The document is marked as confidential and is subject to federal rules of criminal procedure.


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes definitions and descriptions of various terms related to the fund, such as the Fund Advisory Committee, Fund Documents, Fund Partnership Agreement, and others. The document outlines the roles and responsibilities of the General Partner, Glendower Capital, and the Investment Committee, among others.


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the investment period, platforms, restrictions, and key persons involved in the fund. The memorandum includes definitions of terms such as IRS, LIBOR, NAV, and others relevant to the fund's operations.


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes definitions and descriptions of various terms related to legal, ERISA, and tax considerations, as well as information about the fund's structure and associated entities.


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes definitions and explanations of terms related to the fund, such as 'Subsequent Closing Partner', 'Team Investment', 'Total Value', 'TVPI or Net Multiple', and various legal and regulatory terms. The document is marked as confidential under Federal Rule of Criminal Procedure 6(e).


document_description: The document provides important performance information for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes definitions and explanations of various financial metrics such as Distributions to Paid-in Capital (DPI), Gross and Net Internal Rate of Return (IRR), Net Asset Value (NAV), and Total Value to Paid-in Capital (TVPI). The document also discusses the effects of leverage on IRR calculations and provides a benchmark analysis comparing the fund's performance against other private equity funds.


document_description: The document is a Confidential Private Placement Memorandum for Glendower Capital Secondary Opportunities Fund W. LP, aiming to achieve comparable returns as outlined in the memorandum. It is marked confidential pursuant to Federal Rule of Criminal Procedure 6(e).


document_description: This document is a directory listing key roles and entities associated with the Glendower Capital Secondary Opportunities Fund IV, LP. It includes information about the fund manager, special counsel, auditors, depositary, fund administrator, and placement agents.


document_description: The document proposes the board of directors for the General Partner of Glendower Capital Secondary Opportunities Fund IV, LP. It lists four individuals: Alan Turner, Andrew Johnson, Kirsten Le Pape, and Vanessa Barrett, detailing their professional backgrounds and qualifications.


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund N, LP. It includes contact information for key individuals and organizations involved in the fund, including Glendower Capital in the U.S. and U.K., and Credit Suisse Asset Management as the global placement agent.


document_description: The document outlines the servicing fee structure for DB Introduced Persons in relation to the Access Fund's Invested Capital. It details the percentage fees based on the subscription amounts and additional compensation arrangements for the Solicitation Agent. The document also highlights potential conflicts of interest due to financial incentives for the Solicitation Agent to refer clients to the Access Fund.


document_description: This document is marked as confidential and is subject to Federal Rule of Criminal Procedure 6(e). It appears to be related to a legal case or investigation, as indicated by the confidentiality notice and reference numbers.


document_description: This document is a Limited Partner Subscription Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It is marked as proprietary and confidential, and is subject to confidentiality under Federal Rule of Criminal Procedure 6(e).


document_description: This document is a Limited Partner Subscription Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P., a Delaware limited partnership. It references the Private Placement Memorandum and the Amended and Restated Limited Partnership Agreement. The agreement outlines the terms for an investor to subscribe to a limited partnership interest in the Partnership, which aims to invest in Glendower Capital Secondary Opportunities Fund IV, LP, an English private fund limited partnership. The minimum subscription is $250,000.


document_description: This document outlines the terms and conditions related to a partnership investment, including the discretion of the General Partner in committing funds, representations and warranties of the investor, and restrictions on transfer of interests. It emphasizes the investor's responsibility to understand the financial, tax, legal, and regulatory implications of the investment and confirms that the investor has had the opportunity to verify information and ask questions.


document_description: This document outlines the terms and conditions related to the purchase of an Interest by an Investor in a partnership. It specifies that the Interest is not registered under any jurisdiction outside the United States and highlights the Investor's responsibilities in compliance with applicable laws. The document details restrictions on the resale or transfer of the Interest, potential tax consequences, and the risks involved, including the possibility of a complete loss of capital. It also confirms the Investor's status as an 'Accredited Investor' and a 'U.S. Tax Person,' and outlines the conditions under which the Investor may be required to withdraw from the Partnership.


document_description: This document outlines the terms and conditions for an investor's capital contribution to a partnership. It includes clauses on full contribution requirements, the investor's review of exhibits, liquidity needs, investment objectives, securities laws, and exemptions from registration with the U.S. Commodity Futures Trading Commission (CFTC). The document emphasizes the investor's understanding of the risks and legal obligations involved in the investment.


document_description: This document outlines the legal obligations and representations of an investor in a partnership, particularly focusing on compliance with the Securities Exchange Act of 1934 and the Securities Act. It specifies conditions under which the investor entity must operate, including not being formed to circumvent securities laws, providing necessary documentation, and addressing any disqualifying events. It also covers the investor's authority to enter agreements and the binding nature of such agreements.


document_description: This document outlines the terms and conditions of an investment agreement involving an investor and a partnership. It includes clauses on the enforceability of the agreement, the investor's knowledge and experience, tax considerations, and the status of the partnership as a publicly traded entity. The investor acknowledges the potential for changes in laws affecting tax benefits and confirms compliance with U.S. Treasury Regulations to avoid corporate income tax treatment. The document also addresses the investor's status as a disregarded entity for tax purposes.


document_description: This document outlines legal stipulations related to a partnership agreement involving an entity referred to as the Sole Owner. It specifies conditions under which the Sole Owner is not considered a partnership, grantor trust, or Subchapter S corporation for U.S. federal income tax purposes. It also details restrictions on the transfer of economic or beneficial interests by the Sole Owner, the non-representation of investors by the partnership's legal counsel, and privacy notices related to financial information. The document emphasizes the need for investors to seek independent legal and tax advice.


document_description: This document outlines the obligations and representations of an investor in a partnership, including conditions for nominees and custodians, the final form of agreements, and compliance with sanctions and anti-money laundering laws. It specifies that the investor is not purchasing interests due to general solicitation and must comply with partnership agreements.


document_description: The document outlines restrictions and prohibitions related to investments and partnerships, focusing on compliance with U.S. and UK government sanctions. It defines 'Sanctioned Parties' and 'Non-cooperative Jurisdictions' and specifies that investors must not be associated with these entities or individuals. It also details the definition of 'senior foreign political figures' and their associates, emphasizing the importance of ensuring that investments do not involve funds from prohibited sources.


document_description: This document outlines confidentiality and disclosure obligations for investors in a partnership. It specifies the conditions under which Non-Public Information can be disclosed, emphasizing the need for confidentiality to protect trade secrets and proprietary information. It also addresses the Freedom of Information Act (FOIA) and the obligations of investors who may be subject to public disclosure laws.


document_description: The document outlines the legal acknowledgments and agreements of an investor in relation to Glendower Capital Secondary Opportunities IV, LP, an English private fund limited partnership. It specifies that the investor will not be a limited partner of the fund, will have no direct interest or voting rights, and waives any rights against the fund or its managers. It also details the investor's understanding of fees, non-disclosure of confidential information, and lack of recourse against the fund or its managers. Additionally, it includes representations for 'Plan Investors' under ERISA and related regulations.


document_description: This document outlines various legal representations, warranties, and covenants related to the acquisition of interests in a partnership by investors, particularly focusing on individual retirement accounts, insurance company general accounts, and non-U.S. employee benefit plans. It specifies conditions under which interests can be re-registered, the applicability of ERISA regulations, and the responsibilities of investors to notify the General Partner of certain changes. It also addresses compliance with laws for non-U.S. employee benefit plans.


document_description: This document outlines the terms and conditions for the closing and capital contributions related to the sale and purchase of an interest in a partnership. It includes agreements with other limited partners, representations, and warranties of the partnership and the general partner. The document specifies the organizational standing of the partnership, governmental and regulatory approvals, the sale of interests, and the due execution and delivery of the agreement.


document_description: This document is a legal agreement related to a partnership investment. It outlines the status of the partnership under the Investment Company Act, grants power of attorney to specific entities, and details the responsibilities and rights of the investor and the general partner. It also covers expenses, amendments, and conditions for subscription acceptance.


document_description: This document is a legal agreement involving an investor and a partnership, detailing the investor's obligations and representations. It includes provisions for confirming representations, providing additional investor information, and indemnifying the partnership and its affiliates against losses due to breaches by the investor. The document also outlines procedures for capital contributions and distributions through a financial advisor account, and compliance with Rule 506 under the Securities Act.


document_description: This document outlines the terms and conditions of a partnership agreement involving an investor and iCapital Network. It includes details on how an investor can withdraw consent, the requirement for updated contact information, and the necessity of electronic confirmation through the iCapital Platform. The agreement is governed by the laws of the State of Delaware and stipulates that any legal proceedings will be under the jurisdiction of New York courts. It also specifies that no punitive or consequential damages shall be awarded in any legal action related to this agreement.


document_description: The document contains confidential information related to an account identified as GLDUS113 Cliff Illig. It is marked as proprietary and confidential, and subject to Federal Rule of Criminal Procedure 6(e).


document_description: The document is a form for prospective investors to declare their status as either an individual or an entity, and whether they are a U.S. Person. It includes sections for both individuals and entities to fill out personal and tax-related information, though all fields are currently empty. The document is marked as proprietary and confidential.


document_description: The document is a form related to investment in a partnership, specifically addressing advisor and investor contact information. It includes sections for providing a financial advisor's details and additional individuals to receive correspondence.


document_description: The document contains placeholders for personal information related to an investor, including name, relationship, email, and phone, all of which are empty. It is marked as proprietary and confidential, with references to legal confidentiality under Federal Rules of Criminal Procedure.


document_description: This document is an investor status representation form for individuals, specifically for Cliff Illig. It includes sections for the investor to declare their net worth, income for the years 2016 and 2017, and the value of their investments. The form is marked as proprietary and confidential.


document_description: This document is a compliance questionnaire for investors, specifically addressing whether the investor is using assets from retirement or employee benefit plans subject to Section 4975 of the Internal Revenue Code. It also inquires about the investor's compliance with ERISA and other similar laws.


document_description: This document is a form for entities such as partnerships, trusts, and corporations to declare their status as accredited investors. It includes various categories under which an entity can qualify as an accredited investor according to Rule 501(a) of Regulation D under the Securities Act.


document_description: The document discusses criteria for employee benefit plans and investment decisions under the Employee Retirement Income Security Act of 1974, focusing on plans with assets exceeding $5,000,000 and the role of accredited investors.


document_description: This document outlines the criteria under which an investor is considered a 'qualified purchaser' under the Investment Company Act. It provides specific conditions that must be met by entities such as companies, partnerships, or trusts to qualify as investors. The document includes definitions and references to relevant sections of the Investment Company Act and related rules.


document_description: This document is an investment questionnaire for a company referred to as 'The Investor.' It includes questions to determine the Investor's status under the Investment Company Act, such as whether it is an investment company, a business development company, or managed as a collective investment vehicle. It also inquires about the Investor's formation and purpose related to acquiring interests in a partnership.


document_description: This document outlines the representations and warranties required from Plan Investors, which include U.S. pension or employee benefit plans subject to ERISA, plans subject to Section 4975 of the Internal Revenue Code, entities holding plan assets, and fiduciaries managing such assets. It includes a checklist for Plan Investors to confirm their status and obligations under ERISA and related laws.


document_description: This document is a privacy notice from Institutional Capital Network, Inc. and its affiliates, iCapital Advisors, LLC and iCapital Securities, LLC, in compliance with Regulation P by the Consumer Financial Protection Bureau. It outlines the types of nonpublic personal information collected from investors and the circumstances under which this information may be disclosed to third parties. The notice emphasizes the confidentiality obligations and the limited sharing of information with affiliates, service providers, and consultants on a need-to-know basis. It also mentions the safeguarding measures in place to protect investor information and the annual provision of the privacy policy to investors.


document_description: The document outlines the terms and conditions for the Glendower Access Secondary Opportunities Fund IV (U.S.), L.P., which invests in the Glendower Capital Secondary Opportunities Fund IV, L.P. It details the structure, strategy, fees, and reporting requirements for both the Access Fund and the Underlying Fund.


document_description: The document is an offering for the Glendower Capital Secondary Opportunities Fund IV, LP, a private equity secondary fund. It outlines the fund's formation, strategy, track record, and key terms. The fund aims to raise US$1.75 billion and has a strong historical performance with a mature program at 1.7x TVPI and >20% Net IRR. The document includes a detailed track record of previous funds and compares the fund's performance to industry benchmarks. It is intended for Accredited Investors and Qualified Purchasers only.


document_description: Glendower Capital SOF IV, LP outlines its investment strategy focusing on Fund Secondaries, GP-led Secondaries, and Single Asset Deals, primarily in the US and Europe. The strategy involves an opportunistic barbell approach, adjusting to market cycles by increasing discounted fund secondaries during market corrections and less competitive GP-led secondaries during normalized conditions. The document details the team's experience and the firm's approach to portfolio construction, risk mitigation, and value creation.


document_description: The document provides detailed information about the formation and performance of Glendower Capital Secondary Opportunities Fund IV, LP (SOF IV), managed by Glendower Capital LLP. It includes performance metrics, fund structures, and investment strategies as of September 30, 2017. The document also outlines key definitions related to the fund's operations and investment types.


document_description: This document is a confidential presentation by Glendower Capital, LLP, intended for a limited number of sophisticated individuals. It provides summary information about existing and future funds managed by Glendower, specifically the Glendower Capital Secondary Opportunities Fund IV, LP. The presentation is not an offer to sell or a solicitation to buy any securities and should not be relied upon for investment decisions. It highlights the risks involved in investing in the Fund, including illiquidity and potential conflicts of interest with Credit Suisse, the Fund's placement agent. The document emphasizes the confidentiality of the information and the need for recipients to consult their own advisors regarding legal, business, tax, and accounting matters.


document_description: This document contains legal disclaimers and restrictions on the distribution of a presentation related to Glendower Capital SOF IV, L.P. 6. It outlines specific conditions under which the presentation can be distributed in various jurisdictions, including the EEA, UK, Australia, Bahrain, Brazil, Brunel, Canada, Chile, and China. The document emphasizes that the presentation is not a prospectus and does not constitute investment advice.


document_description: This document contains legal disclaimers for the distribution of marketing materials related to Glendower Capital SOF IV, L.P. in various countries. It specifies the legal restrictions and conditions under which the document can be distributed and the securities can be offered in Malaysia, Mexico, Monaco, New Zealand, Oman, Qatar, Saudi Arabia, Singapore, South Korea, and Switzerland.


document_description: This document is a supplemental disclosure by Deutsche Bank Securities Inc. and Deutsche Bank Trust Company Americas, acting as solicitation agents for a fund. It emphasizes the importance of independent assessment of transactions, highlights the risks involved, and clarifies that past performance does not guarantee future results. The document also states that the securities are not insured by the FDIC and are subject to investment risks. It mentions potential compensation arrangements and clarifies that Deutsche Bank does not provide accounting, tax, or legal advice.


document_description: This document is a presentation for informational and discussion purposes regarding investment opportunities in Glendower Capital Secondary Opportunities Fund IV, LP and Glendower Access Secondary Opportunities IV (U.S.), L.P. It emphasizes that the presentation is not legal, tax, or investment advice and should not be relied upon as such. The document highlights the risks involved in investing in these funds, including potential capital loss, high fees, and conflicts of interest. It also notes that past performance is not indicative of future results and that the presentation is qualified by the Offering Memorandum, which contains detailed information about the funds.


document_description: The document provides important information about the Access Fund, highlighting the risks and characteristics of alternative investments. It emphasizes that historical returns do not account for fees and expenses, which would lower net returns. Benchmarks and indices are for reference only and may not be suitable for direct investment. The document outlines the speculative nature and high risks of alternative investments, including potential loss, lack of liquidity, and higher fees. It also clarifies the limited rights of purchasers in the Access Fund compared to the Underlying Fund. iCapital Advisors, LLC is mentioned as a registered investment adviser.


document_description: The document outlines various risks associated with investing in private equity funds, including limited regulatory oversight, portfolio concentration, strategy risk, use of leverage, valuation issues, performance uncertainty, limited liquidity, tax risks, high fees, and reliance on fund managers. It emphasizes the importance of due diligence in selecting private equity fund managers.


document_description: This document provides a summary of key terms for the Access Fund, specifically comparing the terms of the Underlying Fund, Glendower Capital Secondary Opportunities Fund IV, LP, with the Access Fund, Glendower Access Secondary Opportunities IV (U.S.), LP. It includes details on fund names, general partners, investment managers, 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.


document_description: The document outlines key terms for investors in the Access Fund, highlighting fees, expenses, and performance compensation. It details the final admission date, placement fee waivers, management fee distribution, and investment options for large investors. DBSI's role as placement agent and fee recipient is also noted.


document_description: The document explains the concept of secondary private equity (PE) investments, which involve investing in existing PE-backed companies. This is typically done by purchasing fund interests from existing investors, taking on their commitments to future capital calls. Secondary PE investments are less efficient and more complex due to the absence of trading markets. The secondary PE market has evolved to include the sale and purchase of Limited Partner interests, direct PE investments, and bespoke liquidity solutions for General Partners.


document_description: The document discusses the benefits of secondary private equity investing, highlighting the attractiveness of secondary opportunities, such as earlier cash flows, pricing flexibility, mitigation of blind pool risk, and complementing portfolio construction. It includes a hypothetical timing of secondary transactions and cumulative cash flows analysis.


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


document_description: Glendower Capital is an investment team active in the secondary market since 2003. The team spun off from Deutsche Bank in 2017 and is privately owned by its partners. It has offices in London and New York, managing US$3 billion in client assets. The team consists of 23 members, expected to grow to 28+, with 16 investment professionals averaging 12 years of experience. They have invested in over 350 fund interests across 90 deals. Key historical events include the restructuring of Deutsche Bank's PE portfolio in 2003, the founding of the SOF business in 2005, and the spin-off to form Glendower in 2017.


document_description: The document provides a detailed financial performance overview of various SOF funds managed by Glendower Capital as of September 30, 2017. It includes information on fund vintages, sizes, transaction numbers, gross and net multiples, IRR, and net distributed values. The document also notes that performance figures are unaudited and should be considered with caution, as past performance is not indicative of future results.


document_description: The document compares the performance of SOF funds against Cambridge Associates' secondary funds from 2004 to 2014, focusing on Net IRR, DPI, RVPI, and TVPI metrics. It highlights the performance variations and outperformance of SOF funds in certain years, particularly 2010. The data is based on unaudited results as of September 30, 2017, and emphasizes that past performance is not indicative of future results.


document_description: The document provides a financial analysis of SOF Funds, comparing their performance to the Cambridge Associates buyout top-quartile benchmark. It highlights the Total Value to Paid-In Capital (TVPI) and Distributions to Paid-In Capital (DPI) metrics, showing that SOF Funds deliver buyout-like returns with a secondary risk profile. The document includes a table of Net Internal Rate of Return (IRR) for various vintage years and SOF programs, indicating strong performance relative to benchmarks.


document_description: The document provides a performance comparison of SOF Funds against major public market indices as of September 30, 2017. It includes a table showing the Glendower Net IRR for various SOF Funds compared to MSCI World, Russell 2000, and Thomson Reuters indices. The document emphasizes that past performance is not indicative of future results and includes disclaimers about the methodology used for performance calculations.


document_description: The document presents performance data for 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. The data is based on unaudited performance results as of September 30, 2017, and emphasizes that past performance is not indicative of future results.


document_description: This document contains information about Glendower Capital's investment strategies, market updates, and fund terms. It includes sections on the Glendower Investment Strategy, Secondary Market Update, and updates on SOF III and IV, as well as key terms for the Glendower Capital Secondary Opportunities Fund IV.


document_description: The document provides an overview of SOF Funds, positioned as mid-sized value investors, and their fundraising activities from 1996 to 2018. It includes a legend for fund size categories and a table listing various SOF funds with their approximate years, sizes, and categories. The document also outlines key market segmentation for large, mid, and small players in the investment space.


document_description: The document outlines Glendower's distinctive investment strategy, focusing on disciplined bottom-up underwriting of attractive assets managed by quality managers. It details a four-quadrant strategy: sourcing less competitive deals globally, pursuing a selective value approach, buying with a margin of safety, and focusing on efficient portfolio construction. The strategy emphasizes no leverage at the transaction level, hedging to mitigate currency volatility, and diversification across approximately 35 deals.


document_description: The document outlines a disciplined barbell approach to investment, adjusted to market cycles, by Glendower Capital. It describes different types of secondary market deals, including fund secondaries, GP-led secondaries, and single asset deals, with varying levels of participation and expected returns. The document also provides historical performance data and expected allocations for different deal sizes, emphasizing strategic buying during periods of market volatility.


document_description: The document outlines Glendower Capital's rigorous sourcing and deal selection process, emphasizing a wide funnel and narrow filter approach. It highlights the firm's extensive industry network, proactive top-down approach, and experience in GP-led and single asset deals. The document details the firm's disciplined deal assessment and unique experience in GP-restructuring and spin-offs.


document_description: The document provides illustrative case studies of Fund Secondaries transactions by Glendower Capital. It includes details on various projects/funds, deal sizes, discounts, regions, sellers, and descriptions of the transactions. The case studies highlight proprietary deals, liquidity solutions, and globally diversified portfolios managed by prominent firms such as CD&R, Apollo, Carlyle, KKR, and others.


document_description: This document contains information about Glendower Capital's investment strategies, updates on secondary markets, and key terms for the Glendower Capital Secondary Opportunities Fund IV. It is marked as strictly confidential and is related to legal proceedings as indicated by the reference to Federal Rules of Criminal Procedure.


document_description: The document provides an analysis of secondary market volumes from 2006 to 2018, highlighting that the market is evolving with GP-led transactions now representing 25% of the volume. The forecast for 2018 is over US$60 billion. The data is sourced from Glendower Capital analysis and estimates based on various market reports.


document_description: The document provides an analysis of secondary market pricing for private equity fund interests, highlighting stable pricing trends from 2010 to 2017. It includes a table showing secondary market pricing as a percentage of NAV and market volume from 2005 to 2017. The document notes an overheated market in 2006 and 2007 with premiums paid for over-leveraged companies, but pricing has since stabilized.


document_description: The document provides an analysis of the secondary market capitalization, highlighting a balanced capital supply. It includes estimates from Glendower Capital on dry powder and annual deal volume, with a focus on the secondary market's capacity to deploy capital. The document references various sources for its estimates and is marked as confidential.


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$600 billion. It includes a breakdown of unrealized PE value by year and phase, as well as a seller composition breakdown by percentage. The data sources are the 2017 Preqin Global Private Equity & Venture Capital Report and the Greenhill Secondary Market Trends & Outlook, January 2018.


document_description: This document provides an overview of Glendower Capital's investment strategies and updates. It includes sections on the Glendower Investment Strategy, Secondary Market Update, and updates on SOF III and IV. Additionally, it outlines the key terms for the Glendower Capital Secondary Opportunities Fund IV.


document_description: The document provides a financial overview of the SOF Ill Portfolio as of September 30, 2017, including gross invested capital breakdown, investment strategy, sector composition, and asset geography. It details the fund size, capital called, distributions, remaining NAV, and total net return. The document also includes the percentage breakdown of investments by region, category, vintage year, and sector.


document_description: The document lists 28 General Partners (GPs) representing approximately 90% of SOF III's current exposure based on Fair Market Value as of September 30, 2017. It categorizes the GPs into various investment types such as Buyout, Real Estate, and Growth Equity.


document_description: This document outlines an exclusive GP-led secondary deal for Project Klein, expected to close in June 2018. The deal involves a mid-market buyout strategy focusing on four companies in Europe/UK, primarily in business and healthcare services. Key investment data includes an invested capital of €60-100m, a discount to NAV of over 5%, and a gross multiple of 1.1x. The investment rationale highlights the potential for growth due to industry changes and cost efficiency initiatives.


document_description: The document appears to be a confidential report or presentation related to Glendower Capital, specifically focusing on investment strategies and updates on various funds. It includes sections on the Glendower Investment Strategy, Secondary Market Update, and updates on SOF III and IV. Additionally, it outlines key terms for the Glendower Capital Secondary Opportunities Fund IV and includes an appendix.


document_description: The document outlines the key terms for the 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. It also advises reading the confidential private placement memorandum for full disclosure of risk factors and other considerations.


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


document_description: The document provides key information about the SOF III fund, including its first and final closing date, fund size, and investor base. It includes detailed tables on investor regions, types, and sizes of individual commitments.


document_description: The document provides a detailed summary of the SOF III transactions as of September 30, 2017, including project names, sourcing, seller types, deal types, funds, companies, invested and funded capital, initial closing dates, gross multiples, and portfolio details. It includes 35 transactions with a total invested capital of $1,931.2 million and a funded capital of $1,162.6 million, achieving a gross multiple of 1.4x.


document_description: The document provides a breakdown of the gross invested capital for SOF II, including performance metrics as of September 30, 2017. It details the fund size, capital called, distributions, remaining NAV, and total net return. The sector composition and asset geography are also outlined, with a focus on North America and Europe. The document emphasizes that past performance is not indicative of future results.


document_description: The document provides a detailed summary of various financial transactions managed by Glendower Capital as of September 30, 2017. It includes information on project names, sourcing, seller types, deal types, funds, companies involved, invested and funded capital, initial closing dates, gross multiples, and portfolio details. The document is marked as strictly confidential and includes performance figures based on unaudited fair values.


document_description: The document provides an overview of the remaining portfolio construction by FMV1 as of September 30, 2017, for the fund GL0US113 Cliff IIlig. It includes details on fund size, invested capital, capital called, distributions, remaining NAV, and total net return. The asset geography is predominantly in Europe (90%) with a smaller portion in North America (10%). The investment strategy is divided into large buyout, growth equity, special situations, and mezzanine. The vintage year distribution and sector composition are also detailed.


document_description: This document is a confidential presentation by Glendower Capital, LLP, providing summary information about existing and future funds managed by Glendower, specifically the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines that the presentation is not an offer to sell or a solicitation to buy any security and emphasizes the risks involved in investing in the fund. The document also discusses potential conflicts of interest with Credit Suisse Asset Management Limited, acting as the Fund's placement agent, and highlights the confidentiality of the information provided.


document_description: This document is an investment memorandum providing important information for recipients in Hong Kong and Israel regarding the offering and sale of interests or securities. It outlines the legal restrictions and requirements for offering these products in these jurisdictions, emphasizing that the presentation is not approved by the respective securities authorities and is intended for professional or sophisticated investors only. The document also stresses the confidentiality of the information and the need for recipients to confirm their status as sophisticated investors.


document_description: This document provides important legal information for recipients in specific jurisdictions regarding the offering and sale of financial interests and investments. It outlines the legal restrictions and requirements for offering or selling financial products in Japan, Malaysia, Mexico, Monaco, New Zealand, and the Sultanate of Oman. The document emphasizes compliance with local laws and regulations in each jurisdiction.


document_description: This document provides important information for recipients in specific jurisdictions regarding the offering of interests in a fund. It outlines the legal and regulatory considerations for potential investors in Qatar, Saudi Arabia, Singapore, South Korea, and Switzerland. The document emphasizes that the fund is not registered with local authorities in these jurisdictions and highlights the risks associated with private equity investments.


document_description: This document is a legal presentation outlining the terms and conditions for investing in a fund, specifically addressing potential investors in St. Kitts and Nevis, UAE (Abu Dhabi/Dubai), and the United States. It clarifies that the presentation does not constitute an offer or solicitation in these jurisdictions and highlights the lack of registration and approval by relevant regulatory authorities. It emphasizes the risks involved in investing, including the potential loss of the entire investment, and the restrictions on transferability and resale of interests in the fund.


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 emphasizes the importance of independent assessment before entering transactions, highlights the risks associated with securities, and clarifies that Deutsche Bank does not provide accounting, tax, or legal advice. The document also mentions potential compensation arrangements and authorizes disclosure of transaction structure and tax aspects.


document_description: This document is a letter of authorization for fund investment, addressed to a client who is subscribing to an alternative investment fund managed by iCapital Advisors, LLC and offered by Deutsche Bank Securities Inc. The letter outlines the information required from the client, whether a natural person or a corporate structure/trust, for identity verification and compliance with applicable laws. It also requests the client's consent to share this information with iCapital Parties and assures the protection of personal information.


document_description: This document is an authorization form for an investment in the Glendower Access Secondary Opportunities IV (U.S.), L.P. fund. The undersigned authorizes Deutsche Bank to share their information with iCapital Parties for identity verification and to transfer funds from their Deutsche Bank account for capital contributions to the fund. The document outlines that fund interests will not be held at Deutsche Bank and that account statements will be sent directly by iCapital Parties. The authorization remains valid until revoked in writing.


document_description: The document contains confidential financial information related to Cliff IIlig, including placement fee, initial capital contribution amount, and Deutsche Bank account number, all of which are unspecified.


document_description: This document is a supplement to the Confidential Private Placement Memorandum dated January 2018, related to the offering of limited partnership interests in Glendower Access Secondary Opportunities IV (U.S.), L.P. It is intended for investors referred by Deutsche Bank Securities Inc. and emphasizes the confidential nature of the information pursuant to Federal Rule of Criminal Procedure 6(e).


document_description: This document is a supplement to the Confidential Private Placement Memorandum for Glendower Access Secondary Opportunities IV (U.S.), L.P., intended to update information regarding Deutsche Bank Securities Inc.'s role as Placement Agent and related compensation. It modifies the Memorandum to align with new details and maintains confidentiality requirements.


document_description: The document is an amendment to the 'Summary of Principal Terms of the Access Fund', detailing the servicing fee arrangement with Deutsche Bank Securities Inc. (DBSI) as a Placement Agent. The amendment specifies the calculation of servicing fees based on the subscription amounts of clients introduced by Deutsche Bank to the Access Fund, with different rates applied during and after the investment period of the Underlying Fund.


document_description: The document outlines the fee structure and potential conflicts of interest related to Deutsche Bank's role as a Placement Agent for Access Funds. Deutsche Bank charges a DB Placement Fee to DB Introduced Persons, which may vary and can be waived or reduced. Additionally, Deutsche Bank receives a Servicing Fee for certain services provided to DB Introduced Persons, calculated based on their subscription amounts. The document also discusses potential conflicts of interest due to Deutsche Bank's incentives to recommend investments in Access Funds over other funds. Direct investors in the Underlying Fund through Deutsche Bank do not incur the additional fees that DB Introduced Persons do.


document_description: The document discusses amendments to the 'Certain Regulatory Matters' section of a Memorandum, detailing settlements reached by DBSI with various regulatory bodies. These settlements were related to investigations into research analyst independence and the sale of auction rate securities.


document_description: This document provides instructions for completing Form W-9, which is used to certify a taxpayer's identification number (TIN) and exemption from backup withholding. It explains the definition of a U.S. person, special rules for partnerships, and the implications of backup withholding and FATCA reporting. It also outlines penalties for failing to provide correct information.


document_description: This document provides instructions for filling out Form W-9, including details on criminal penalties for falsifying information, misuse of TINs, and specific instructions for different types of entities. It also includes information on exemptions from backup withholding and FATCA reporting.


document_description: This document provides instructions for completing Form W-9, which is used to provide taxpayer identification information to entities that are required to file information returns with the IRS. It includes details on exemptions from backup withholding, FATCA reporting codes, and how to obtain a Taxpayer Identification Number (TIN).


document_description: This document provides instructions for completing Form W-9, including details on providing the correct Taxpayer Identification Number (TIN) for various types of accounts and the requirements for signing the certification. It also includes information on protecting tax records from identity theft and phishing schemes.


document_description: This document is an amendment to iCapital's brochure as part of the annual update for 2018. It includes updates to the collection of investor servicing fees, diligence on certain funds, and business relationships with Fidelity Brokerage Services LLC. Additionally, it notes the acquisition of the U.S. private equity access fund platform from Deutsche Bank by iCapital's parent company.


document_description: The document is a Form ADV Part 2A for iCapital Advisors, LLC, detailing their investment advisory services. It outlines various private equity and investment funds managed by iCapital, including Private Access Funds and Direct Investment Funds. The document explains that iCapital provides investment advice to these funds, which are exempt from registration under the Investment Company Act of 1940 and the Securities Act of 1933. The advisory services involve selecting private equity or hedge fund managers for investment. Each fund is managed according to its private placement memorandum (PPM).


document_description: The document outlines the financial and operational details of iCapital Advisors, LLC, including investment expenses, performance-based fees, types of clients, and side agreements. It details the expenses borne by Direct Investment Funds, performance-based compensation, and the types of clients eligible to invest in the Funds. It also discusses the possibility of side letters providing different rights to certain investors.


document_description: The document outlines the due diligence process of iCapital Advisors, LLC, focusing on internal rate of return, multiple on invested capital, and other financial metrics. It describes the comprehensive review process for fund terms and the selection process for hedge funds, which includes market opportunity assessment, manager evaluation, and a deep dive diligence with the assistance of Castle Hall Alternatives Inc. The final decision for investment opportunities requires a unanimous vote from iCapital's Investment Committee.


document_description: The document is a Form ADV Part 2A from iCapital Advisors, LLC, discussing the investment selection process, risks, and due diligence related to Private Access Funds and other investment vehicles. It highlights the potential risks and lack of assurance in detecting conflicts of interest or fraudulent behavior within the funds.

document_type: financial

document_subtype: Form ADV Part 2A

key_organizations:
iCapital Advisors, LLC
Third Lake Capital


document_description: The document outlines the risks and conflicts of interest associated with investing in Private Access Funds managed by iCapital Advisors, LLC. It highlights potential issues such as lack of diversification, higher fees, illiquidity, and the risk of losing the entire investment. The document also discusses the structure and operational aspects of Private Access Funds, including their relationship with Underlying Funds, management responsibilities, and indemnification clauses.

title: iCapital Advisors, LLC - Form ADV Part 2A


document_description: The document outlines the terms and conditions related to capital contributions, default scenarios, and the legal structure of series limited partnerships for iCapital Advisors, LLC. It discusses the potential consequences for investors who default on capital contributions, including the sale or forfeiture of their interest and legal actions. The document also explains the legal framework under the Delaware Act for series limited partnerships and the potential risks associated with cross-series liabilities. Additionally, it highlights the reliance on sub-advisers for investment decisions and the risks associated with changes in sub-advisory personnel.

document_type: legal


document_description: The document discusses investment strategies and risks associated with investing in non-U.S. securities, including American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), and Global Depositary Receipts (GDRs). It highlights the risks of investing in emerging markets and the impact of foreign currency fluctuations on investments.


document_description: The document discusses various financial risks associated with investments, including default risk, interest rate risk, extension risk, prepayment risk, and risks related to swaps. It highlights the potential for increased price volatility and liquidity issues with certain securities, especially in the context of changing interest rates. The document also explains the mechanics and risks of swaps, including currency swaps and interest rate swaps.

key_organizations:
Third Lake Capital
iCapital Advisors, LLC


document_description: The document is a Form ADV Part 2A for iCapital Advisors, LLC, detailing investment strategies, risks, and affiliations. It discusses the risks associated with investing in Real Estate Investment Trusts (REITs) and cybersecurity risks for private equity funds. It also provides information on disciplinary history, financial industry activities, and affiliations, including iCapital Securities, LLC and Gen II Fund Services, LLC.

key_organizations:
iCapital Advisors, LLC
Third Lake Capital
iCapital Securities, LLC
Institutional Capital Network, Inc.
Gen II Fund Services, LLC
Gen II Hedge Fund Services


document_description: The document outlines the Code of Ethics for iCapital Advisors, LLC, emphasizing the need for employees to avoid conflicts of interest and obtain authorization for personal investments. It details the firm's role as an investment adviser, potential conflicts of interest, and compensation structures, including placement fees for certain funds.

key_organizations:
iCapital Advisors, LLC
iCapital Securities, LLC
Third Lake Capital


document_description: The document outlines potential conflicts of interest, fee structures, valuation methods, educational programs, and privacy policies related to iCapital Advisors, LLC. It discusses the involvement of management persons in soliciting investment advisers, the fee structure for brokerage limited partners, valuation conflicts, educational programs for financial advisers, and privacy policies for investors' personal information.


document_description: This document outlines the brokerage practices, account review processes, and client referral policies of iCapital Advisors, LLC. It details the firm's approach to achieving best execution in securities transactions, the delegation of trading authority to Sub-Advisers, and the use of 'soft dollar' credits. It also describes the periodic review of fund performance and the provision of financial statements to investors. Additionally, it covers the role of iCapital Securities, LLC in private placements and the compensation structure for third-party broker-dealers.

key_people:
iCapital Advisors, LLC
iCapital Securities, LLC


document_description: The document outlines iCapital Advisors, LLC's Form ADV Part 2A, detailing the firm's investment management practices, compensation arrangements, custody rules, and investment discretion. It discusses the allocation of management fees to broker-dealers or registered investment advisors, collaboration with Fidelity Brokerage Services LLC, and the custody of client funds. The document also covers the firm's discretionary authority in investment decisions and the guidelines governing fund management.

key_organizations:
iCapital Advisors, LLC
iCapital Securities
Fidelity Brokerage Services LLC
National Financial Services LLC
Institutional Capital Network, Inc.


document_description: The document outlines iCapital Advisors, LLC's policies on voting client securities and financial information. It specifies that iCapital does not anticipate owning equity securities with voting rights in Private Access Funds and delegates proxy voting for Direct Investment Funds to a Sub-Adviser. It also mentions the establishment of a Proxy Voting Policy for certain investments. Additionally, it states that iCapital has no financial commitments impairing its contractual and fiduciary obligations and has not undergone bankruptcy.


document_description: This document is a Brochure Supplement for iCapital Advisors, LLC, providing information about Eileen Duff Blalock, Phil Pool, John Robertshaw, Daniel Vene, and Nicholas Veronis. It supplements the iCapital Advisors, LLC's Form ADV Brochure.

title: FORM ADV PART 2B: Brochure Supplement

key_people:
Eileen Duff Blalock
Phil Pool
John Robertshaw
Daniel Vene
Nicholas Veronis
Michael Stanton

document_type: correspondence

key_locations: 60 East 42nd Street, 26th Floor, New York, NY 10165

document_subtype: Brochure Supplement


document_description: This document provides the educational background, business experience, and other relevant information about Eileen Duff Blalock, a member of iCapital Advisor's investment committee. It includes details about her role, past experience, disciplinary information, other business activities, additional compensation, and supervision.

title: Form ADV Part 2B for Eileen Duff Blalock

key_people:
Eileen Duff Blalock
Michael Stanton

document_subtype: Form ADV Part 2B

key_organizations:
iCapital Advisors LLC
iCapital Network
Credit Suisse
Donaldson, Lufkin & Jenrette
iCapital Securities LLC


document_description: This document provides the educational background, business experience, and other professional details of Mr. Phil Pool, a member of iCapital Advisor's investment committee. It includes his roles, past experiences, and supervisory details.

title: Form ADV Part 2B for Phil Pool

key_people:
Phil Pool
Michael Stanton

key_locations:
London
New York
Chicago

key_organizations: Donaldson, Lufkin & Jenrette Securities Corporation


document_description: This document provides the educational background, business experience, and other relevant information about John C. Robertshaw, a Special Advisor to iCapital Network and iCapital Securities, LLC. It includes details about his previous roles at Credit Suisse and Salomon Brothers, as well as his educational background from Yale University. The document also confirms that Mr. Robertshaw has not been subject to any material legal or disciplinary events and outlines his supervision by Mr. Michael Stanton, iCapital's CCO.

title: Form ADV Part 2B for John C. Robertshaw

key_people:
John C. Robertshaw
Michael Stanton

key_organizations:
iCapital Advisors LLC
iCapital Network
Credit Suisse Securities (USA) LLC
Donaldson, Lufkin & Jenrette
Salomon Brothers
Yale University


document_description: This document provides the educational background, business experience, and other relevant information about Daniel Vene, a member of Capital Advisor's investment committee and Co-Founder of iCapital Network. It includes details about his previous roles, educational qualifications, and current responsibilities. The document also states that Mr. Vene has not been subject to any disciplinary events and outlines his supervision by Mr. Michael Stanton, iCapital's CCO.

title: Form ADV Part 2B for Daniel Vene

key_people:
Daniel Vene
Michael Stanton

key_organizations:
iCapital Advisors LLC
iCapital Network
Fir Tree Partners
Eaton Partners
Thomson Financial
PREA
NCREIF


document_description: This document provides the educational background, business experience, and other relevant information about Nicholas Veronis, a member of iCapital Advisor's investment committee and Co-Founder of iCapital Network. It includes details about his previous roles, disciplinary information, other business activities, additional compensation, and supervision.

title: Form ADV Part 2B for Nicholas Veronis

key_people:
Nicholas Veronis
Michael Stanton

key_organizations:
iCapital Advisors LLC
iCapital Network
Veronis Suhler Stevenson
Atlas Advisors
The Boston Business Journal
The Star-Ledger
Newhouse Newspapers


document_description: This document is the amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P., a Delaware Limited Partnership. It outlines the terms and conditions under which the limited partner interests are held, including restrictions on transferability and resale, and the requirement for general partner consent for any transfer of interests.

title: Amended and Restated Limited Partnership Agreement of Glendower Access Secondary Opportunities IV (U.S.), L.P.

document_subtype: Limited Partnership Agreement


document_description: This document is the amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines the definitions, organization, powers, partners, investments, activities, fees, expenses, and capital of the partnership.

title: Glendower Access Secondary Opportunities IV (U.S.), L.P. Amended and Restated Limited Partnership Agreement


document_description: This document is an amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes articles on exculpation and indemnification, amendments, voting and consents, and administrative provisions. The document outlines the rights and responsibilities of partners, financial reporting requirements, and tax provisions.


document_description: This document is an amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P., dated April 11, 2018. It outlines the continuation of the partnership under the Delaware Revised Uniform Limited Partnership Act, the withdrawal of the Initial Limited Partner, and the admission of additional Limited Partners.

key_people:
General Partner
Initial Limited Partner

document_subtype: Amended and Restated Limited Partnership Agreement

key_organizations: Glendower Access Secondary Opportunities IV GP LLC


document_description: This document outlines the terms and conditions of the Glendower Access Secondary Opportunities IV (U.S.), L.P. Limited Partnership Agreement. It includes details about the partnership's name, offices, purpose, powers, and the roles and responsibilities of the partners. The agreement specifies the principal office locations, the purpose of the partnership, and the liability of limited partners.

key_locations: Corporation Trust Center, 1209 Orange Street, Wilmington, County of New Castle, Delaware


document_description: This document is an excerpt from a Limited Partnership Agreement for Third Lake Capital, detailing the rights and obligations of Limited Partners, including the effects of death, dissolution, or bankruptcy, and the process for admitting additional Limited Partners before the final closing date.

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


document_description: The document outlines the terms for Additional Limited Partners in the Third Lake Capital fund, including subscription contributions, management fees, and interest calculations. It specifies the financial obligations and rights of new partners joining after the initial and final closings, and details the adjustments to be made to existing partners' accounts. The agreement also covers the accession process for new partners.

key_organizations:
Third Lake Capital
Underlying Fund
Feeder Fund
Investment Manager


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines the procedures for admitting new partners, including necessary filings and actions by the General Partner. It also details anti-money laundering provisions that Limited Partners must adhere to, ensuring compliance with U.S. laws and regulations. The document specifies actions the General Partner may take if violations occur, such as freezing or transferring a Limited Partner's interest.


document_description: This document outlines the powers and responsibilities of the General Partner in managing the Partnership, including making elections under tax laws, determining the timing of securities transactions, and executing various agreements on behalf of the Partnership. It also addresses the disclosure of nonpublic information and the rights of the General Partner and its affiliates to engage in outside business activities.


document_description: The document outlines the terms under which the General Partner can utilize alternative investment vehicles for legal, tax, regulatory, accounting, or other reasons. It specifies the conditions under which Limited Partners may be required to make capital contributions to these vehicles and ensures that economic provisions are consistent with the main partnership agreement.

key_people:
General Partner
Limited Partners


document_description: This document outlines the terms and conditions of the partnership and its interaction with Alternative Investment Vehicles. It covers topics such as allocations, distributions, management fees, transfer of interests, defaulting partners, and the establishment of Investment Subsidiaries. The agreement emphasizes the separate treatment of the Partnership and Alternative Investment Vehicles for tax purposes and the conditions under which Investment Subsidiaries may be established.


document_description: The document outlines the terms and conditions of a partnership agreement, including provisions for partnership expenses, parallel access funds, investment guidelines, borrowings, and ERISA compliance. It details the formation of parallel access funds or feeder funds, investment guidelines, credit facilities, and compliance with ERISA regulations.

title: Amended and Restated Limited Partnership Agreement

document_subtype: Partnership Agreement


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines the responsibilities and financial obligations of the General Partner and the Partnership, including the payment of organizational and partnership expenses, management fees, and other related costs. The document specifies the types of expenses the Partnership will cover, such as management fees, liquidation expenses, taxes, accounting, and legal fees, among others.


document_description: The document outlines the financial responsibilities and management fee structure for Limited Partners in the Third Lake Capital partnership. It specifies how tax-related expenses and management fees are allocated among partners based on their subscription amounts and the investment period of the Underlying Fund.

key_people:
General Partner
Limited Partner


document_description: This document outlines the financial terms and obligations for partners in the Third Lake Capital partnership. It details the management fee structure, timing of payments, and capital contribution obligations for partners. The management fee is calculated based on LIBOR plus 2% or 8%, whichever is higher, and is payable quarterly in advance. Capital contributions are required from each partner based on their subscription and percentage interest, with specific provisions for initial contributions and drawdowns.

key_people:
Investment Manager
General Partner

key_organizations: Glendower Accetcc Secondary Opportunities IV (U.S.), L.P.


document_description: This document outlines the procedures and conditions for capital contributions by Limited Partners to the Partnership, including initial and additional contributions, deficiency drawdowns, and the authority of the General Partner. It also covers the return of unused contributions and the General Partner's authority to reduce subscriptions.

key_organizations: Glendower Accent Secondary Opportunities IV (U.S.), L.P.


document_description: The document outlines the terms related to capital contributions, returns, and adjustments for partners in the partnership. It includes provisions for the return of contributions upon the admission of an additional partner, the effect of such returns, and the consequences of failing to make required payments. Interest rates and adjustments to capital accounts are also detailed.


document_description: This document outlines the terms and conditions related to default by a Limited Partner in a partnership agreement. It specifies the actions that the General Partner may take in the event of a default, including designating a partner as a 'Defaulting Partner', enforcing capital contributions, and potential remedies such as specific performance, prohibiting future capital calls, and compulsory redemption of the Defaulting Partner's interest.


document_description: The document outlines the rights and remedies available to the Investment Manager and/or General Partner in the event of a Defaulting Partner within the partnership. It includes measures such as compulsory transfer of interest, non-sharing of income, reduction of unpaid subscription, forced sale of interest, acceptance of late contributions with interest, immediate payment of unpaid subscriptions, application of distributions against amounts due, abandonment of interest, withholding of distributions, and legal enforcement under Delaware law.

key_people:
Investment Manager
General Partner
Defaulting Partner


document_description: This document outlines the terms and conditions related to the handling of a Defaulting Partner within the partnership. It specifies the rights and remedies available to the General Partner, including the ability to limit or eliminate the Defaulting Partner's voting rights, terminate their interest, and reallocate their share among non-Defaulting Partners. It also details the financial obligations of Defaulting Partners and the cumulative nature of remedies available to the General Partner.

key_people:
General Partner
Defaulting Partner