document_description: The document discusses the implications of investing in the Access Fund for ERISA Plans and Individual Plans, focusing on fiduciary responsibilities and potential prohibited transactions under ERISA and the Code. It highlights the 2017 Fiduciary Rule and its impact on fiduciary relationships, particularly the Seller's Exclusion. The document also addresses the conditions under which the Access Fund's assets may be considered 'plan assets' and the significance of 'benefit plan investors' in determining fiduciary responsibilities.

document_subtype: Investment and Fiduciary Responsibilities

key_organizations:
U.S. Department of Labor
Access Fund


source: doj

document_description: The document discusses the implications of ERISA (Employee Retirement Income Security Act) on investments in the Access Fund, particularly focusing on the classification of assets as 'plan assets' and the fiduciary responsibilities that may arise. It also addresses the reporting requirements for ERISA Plan investors on Form 5500 and the potential legal considerations for governmental pension plans investing in the Access Fund.

document_type: legal

document_subtype: ERISA compliance discussion


document_description: The document outlines the financial responsibilities and indemnification obligations of Limited Partners in relation to the Access Fund and the Underlying Fund. It details how operating expenses, management fees, and other costs are allocated among the Feeder Funds and Limited Partners. It also explains the conditions under which Limited Partners may be required to return distributions to cover indemnification liabilities.

document_subtype: investment agreement

key_organizations:
Access Fund
Underlying Fund


document_description: The document contains amendments to the risk factors and potential conflicts of interest sections related to the Access Fund. It outlines the limitations of investors in the Access Fund regarding their rights and obligations, including indemnification and repayment of distributions. The amendments highlight the risks associated with investing in the Access Fund, including potential losses due to misconduct by the general partner or manager of the Underlying Fund.

document_subtype: amendment

key_organizations:
Access Fund
Underlying Fund
Glendower GP


document_description: The document outlines the indemnity obligations of the Access Fund and the Underlying Fund, including the funding of indemnification claims through capital calls or return of distributions. It also discusses the expenses and management costs borne by the Access Fund and the Underlying Fund, and the obligations of Limited Partners.

document_subtype: Partnership Agreement


document_description: This document is a confidential private placement memorandum related to an underlying fund, marked as proprietary and confidential, and subject to Federal Rule of Criminal Procedure 6(e).

title: Underlying Fund Confidential Private Placement Memorandum

document_type: financial


document_description: Confidential Private Placement Memorandum for Glendower Capital Secondary Opportunities Fund IV, LP, associated with Credit Suisse.

key_organizations:
Glendower Capital
Credit Suisse


document_description: The document is a blank page marked as confidential under Federal Rule of Criminal Procedure 6(e).

document_type: other


document_description: This document is an amended and restated confidential private placement memorandum for Glendower Capital Secondary Opportunities Fund IV, LP, dated March 2018. It is intended for a limited number of qualified prospective investors to evaluate an investment in the fund's limited partner interests. The memorandum is circulated by Glendower Capital LLP, authorized by the UK Financial Conduct Authority. It includes details on the fund's financial promotion under the UK Financial Services and Markets Act 2000 and outlines the terms, risks, and legal disclaimers associated with the investment.

title: Glendower Capital Secondary Opportunities Fund IV, LP - Confidential Private Placement Memorandum

document_date: March 2018

document_subtype: Private Placement Memorandum

key_organizations:
Glendower Capital LLP
UK Financial Conduct Authority


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines that the fund will not be registered under the U.S. Investment Company Act of 1940 or the U.S. Securities Act of 1933. The interests are offered only to qualifying recipients and are subject to significant risks, including lack of liquidity and indefinite financial risk. The memorandum advises prospective investors to consult their advisors and highlights that past performance is not indicative of future results.

title: Confidential Private Placement Memorandum for Glendower Capital Secondary Opportunities Fund IV, LP

key_organizations:
Glendower Capital
DB Secondary Opportunities Fund A, L.P.
DB Secondary Opportunities Fund B, L.P.
DB Secondary Opportunities Fund C, L.P.
DB Secondary Opportunities Fund D, L.P.
Secondary Opportunities Fund II, LP
Secondary Opportunities Fund III, LP


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the past performance of the SOF Funds managed by Deutsche Bank, now managed by Glendower Capital (U.S.), LLC. The memorandum includes forward-looking statements and legal disclaimers regarding the fund's performance, regulatory status, and offering terms. It emphasizes that the fund's success should not be solely attributed to the current managers and advisers, as they were part of a larger group within Deutsche Bank. The memorandum also states that the legal and tax structure for the fund's activities is assumed to be fully implemented, pending final authorization from the FCA.

title: Confidential Private Placement Memorandum

key_organizations:
Glendower Capital
Deutsche Bank
Glendower Capital (U.S.), LLC
FCA
Credit Suisse Asset Management Limited


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the exemption of Glendower Capital, LLP and the General Partner from registration with the U.S. Commodity Futures Trading Commission (CFTC) under specific regulations. The memorandum is prepared by representatives of the fund and furnished by Credit Suisse as the placement agent. It details the roles and responsibilities of Credit Suisse, including their non-advisory role and potential conflicts of interest due to their business dealings with affiliates of the General Partner and other third-party fund sponsors.

document_type: correspondence


document_description: The document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses the role of Credit Suisse as a placement agent and potential conflicts of interest due to fees and commissions. It also includes disclaimers about tax advice and notices to residents of New Hampshire and Florida regarding securities regulations.

key_locations:
New Hampshire
Florida

document_subtype: Confidential Private Placement Memorandum


document_description: Contact information for Glendower Capital and Credit Suisse Asset Management, including key individuals and addresses.

title: Glendower Capital Secondary Opportunities Fund IV, LP

key_people:
Carlo Pirzio-Biroli
Joshua C Glaser
Michael J. Murphy

key_locations:
London, United Kingdom
New York, United States of America

key_organizations:
Glendower Capital, LLP
Glendower Capital (U.S.), LLC
Credit Suisse Asset Management Limited


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes sections on executive summary, investment performance, principal terms, fund management, risk factors, and legal considerations, among others. Appendices cover notices to investors, privacy, anti-money laundering, key definitions, performance information, and directory of the board of directors.

document_type: tabular


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

title: Glendower Capital Secondary Opportunities Fund IV, LP - Executive Summary


document_description: Glendower Capital Secondary Opportunities Fund IV, LP is being formed by Glendower Capital, an independent investment firm focused on secondary private markets. The fund seeks US$1.75 billion in commitments to generate attractive risk-adjusted returns through diverse investments in secondary markets. It is the fourth dedicated secondary fund led by Carlo Pirzio-Biroli and Charles Smith, following their spin-out from Deutsche Asset Management in 2017.

title: Glendower Capital Secondary Opportunities Fund IV, LP Executive Summary

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

key_locations:
U.S.
Europe
London
New York

key_organizations:
Glendower Capital
Deutsche Asset Management
Deutsche Bank


document_description: The document is an executive summary of the Glendower Capital Secondary Opportunities Fund IV, LP, detailing the history and strategy of the fund, including its spin-out from Deutsche Asset Management. It highlights the benefits of secondary market investing and provides insights into the market dynamics and investment opportunities as of 2017.

key_organizations:
Glendower Capital
Deutsche Asset Management
Secondary Opportunities Fund II, LP
Secondary Opportunities Fund III, LP


document_description: The document outlines the investment strategy and focus areas of the Glendower Capital Secondary Opportunities Fund IV, LP. It highlights the fund's approach to bespoke liquidity solutions, GP-led secondary deals, and its distinctive investment strategy. The strategy includes focusing on less competitive transactions, pursuing a true value approach, buying mature fund interests at a discount, efficient portfolio management, and a barbell approach to portfolio construction. The document also emphasizes the fund's informational advantage, relationships with sellers, and ability to handle complex transactions.

key_organizations:
Glendower Capital
Deutsche Asset Management


document_description: The document is an executive summary of the Glendower Capital Secondary Opportunities Fund IV, LP. It highlights the fund's strategy of leveraging relationships with over 180 fund sponsors to identify investment opportunities. The fund conducts rigorous asset-by-asset analysis focusing on operational, financial, and market risks, cash flow, and management reviews. The interests of the Glendower SOF Team are aligned with investors, with senior members committing a minimum of 1.0% of the fund and receiving all carried interest. Deutsche Bank will not be involved in the management or receive any carried interest from the fund.

key_organizations:
Glendower Capital
Deutsche Bank


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP, focusing on investment performance.

title: Glendower Capital Secondary Opportunities Fund IV, LP - Investment Performance


document_description: The document provides an overview of the investment performance of the Glendower Capital Secondary Opportunities Fund IV, LP, highlighting strong buyout-like returns with an attractive risk profile, early cash flows, and negligible loss ratio. It includes detailed performance metrics such as Net IRR, TVPI, and DPI for various funds within the SOF Program as of September 30, 2017.

key_locations:
North America
Europe
Asia

document_subtype: Investment Performance Report


document_description: The document provides a performance analysis of the Glendower Capital Secondary Opportunities Fund M LP, comparing its performance metrics such as Net IRR, DPI, and TVPI against the Cambridge Associates Secondaries Benchmark statistics as of September 30, 2017. It includes detailed tables showing the performance of various SOF funds across different vintage years.

title: Glendower Capital Secondary Opportunities Fund M LP Performance Report

document_subtype: investment performance report

key_organizations:
Glendower Capital
Cambridge Associates


document_description: The document provides an analysis of the investment performance of Glendower Capital's Secondary Opportunities Funds (SOF, SOF II, and SOF III). It compares the funds' performance in terms of Net Contributed Capital, Net IRR, TVPI, and DPI. The funds show strong consistency in performance metrics, with Net IRR converging at around 20% after 20 quarters and TVPI converging to the 1.65x range by liquidation. The report emphasizes the consistency of the investment strategy since 2006 and notes that past performance is not indicative of future results.

title: Investment Performance of Glendower Capital Secondary Opportunities Fund IV, LP


document_description: The document compares the performance of the Glendower Capital Secondary Opportunities Fund IV, LP (SOF Program) against public market indexes such as the MSCI World Index, Russell 2000 Index, and Thomson Reuters Private Equity Buyout Index. The SOF Program and its components (SOF, SOF D, SOF II, SOF III) show favorable performance compared to these indices. The document includes a table (Exhibit 5) detailing the net IRR of the funds compared to the indices.

title: Scotian 2: Investment Performance


document_description: This document is a summary of the principal terms for the Glendower Capital Secondary Opportunities Fund IV, LP, as outlined in the Confidential Private Placement Memorandum.

title: Glendower Capital Secondary Opportunities Fund IV, LP - Summary of Principal Terms


document_description: This document provides a summary of the terms and conditions for investing in the Glendower Capital Secondary Opportunities Fund IV, LP. It includes details on the investment strategy, target size, minimum commitment, fund structure, management, term, investment period, and financial terms such as the general partner's share and carried interest.

title: Summary of Principal Terms for Glendower Capital Secondary Opportunities Fund IV, LP

document_subtype: Investment Summary

key_organizations:
Glendower Capital LLP
Glendower Capital (U.S.), LLC


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 outlines the investment strategy and objectives of the Glendower Capital Secondary Opportunities Fund IV, LP. The fund aims to acquire, hold, and dispose of a diverse portfolio of investments in the secondary market, focusing on buyout, growth capital, venture capital, special situations, turnaround, mezzanine and distressed opportunities, real estate, and infrastructure assets. It targets three main types of investments: Fund Secondaries, GP-led Secondaries, and Single Asset Deals, with a focus on the U.S. and Europe. The fund seeks to achieve risk-adjusted returns in excess of 20% Net IRR.

document_subtype: Investment Fund Memorandum


document_description: The document outlines the investment strategy and sourcing approach of Glendower Capital Secondary Opportunities Fund IV, LP. It emphasizes the fund's ability to source less intermediated deal flow and work directly with sellers, leveraging a global network of relationships. The fund focuses on non-monetary factors such as confidentiality, speed, and certainty of execution, particularly in distressed financial conditions. The document provides data on the geographical distribution of assets and sellers, and highlights the fund's extensive industry network and disciplined deal selection process.

key_locations:
North America
Europe
Asia and Pacific

key_organizations:
Glendower Capital
Wealth Management
Raymond James
Alex Brown


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 references several sources for its analysis.

key_organizations:
Glendower Capital
Preqin
Greenhill


document_description: The document discusses the growth and pricing trends in the secondary private equity market, highlighting the NAV and unfunded amounts, and provides a table of unrealized portfolio values and dry powder from 2007 to 2017. It also analyzes secondary market pricing and factors affecting it.

document_subtype: financial report

key_organizations:
Glendower Capital
Greenhill
Preqin
Dow Jones


document_description: The document discusses the secondary market pricing trends for Glendower Capital Secondary Opportunities Fund IV, LP, highlighting cash flows, market conditions, and pricing from 2005 to 2017. It notes the market's recovery post-2009 crisis and the stability of pricing at a 10% discount to NAV from 2014 onwards.

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


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 includes data on dry powder and deal volume, emphasizing Glendower Capital's disciplined investment approach and the diverse seller universe in the market.

key_organizations:
Glendower Capital
Greenhill
Preqin
Bain & Company


document_description: The document provides a breakdown of seller types and their percentages in the Glendower Capital Secondary Opportunities Fund IV, LP for 2017. It also includes data on funds marketed by vintage year and the emergence of tail-end sales in the secondary market. The document highlights the significant supply of secondary opportunities in pre-crisis bubble funds, with an estimated US$600 billion of private equity assets still locked in 2003-2008 vintage funds.

title: Glendower Capital Secondary Opportunities Fund IV, LP - Seller Composition and Market Trends

key_organizations:
Glendower Capital
Greenhill Cogent
Preqin


document_description: The document discusses the growth and prominence of GP-led Secondaries, highlighting the volume and percentage of GP-led Secondaries from 2006 to 2017. It outlines factors driving the trend for general partners to organize liquidity solutions, such as the global financial crisis and proactive LP portfolio rebalancing. The document includes a table showing GP-led Secondaries transaction volume and percentage of total from 2006 to 2017.

key_organizations:
Glendower Capital
Greenhill Cogent
Evercore


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 need for advanced expertise and larger teams to handle these transactions, and outlines Glendower Capital's cautious approach to GP-led Secondaries, focusing on alignment with managers and attractive assets.

key_organizations:
Glendower Capital
BC Partners
DIAMOND CASTLE
One Equity Partners
WARBURG Pincus
NORDIC CAPITAL
DUKE STREET
Long Point Capital
QUADRICA CAPITAL
ARCO REAL ESTATE
GMT
Pollen Street
ENHANCED HEALTHCARE
Zurmont Madison Capital


document_description: The document discusses the competitive environment and strategy of Glendower Capital Secondary Opportunities Fund IV, LP, a mid-sized secondary market fund. It highlights the fund's positioning in the market, sourcing strategies, and the competitive landscape. The fund targets a size between US$1 billion and US$3 billion, aiming to build diversified portfolios while being selective in transactions. The document also outlines the changing mix of sellers in the secondary market.

key_organizations:
Glendower Capital
Preqin


document_description: The document outlines the investment strategy and process of Glendower Capital Secondary Opportunities Fund IV, LP, focusing on mature fund interests. It details the fund's approach to deal origination, screening, investment decision, and monitoring. The fund targets mature fund interests to reduce 'blind pool risk' and relies on a robust investment process.


document_description: The document outlines the investment strategy and process for Glendower Capital Secondary Opportunities Fund IV, LP. It details the fund's approach to asset selection, due diligence, investment decision-making, and risk management. The fund focuses on quality assets, alignment of interests, reasonable leverage, and attractive entry multiples. The due diligence process includes operational, financial, and market risk analysis, cash flow analysis, and management review. The investment decision involves an Investment Committee, and post-acquisition, the fund actively manages investments, including foreign exchange hedging.


document_description: The document outlines the ongoing deal management and investment realization strategies for Glendower Capital Secondary Opportunities Fund IV, LP. It details the responsibilities of the Glendower SOF Team in managing investments, including attending meetings, reviewing financial information, monitoring market developments, and preparing valuations. The document also describes the process for realizing investments, including due diligence and approval stages for divestments.

key_organizations:
Glendower Capital
Glendower SOF Team


document_description: This document is a confidential private placement memorandum for 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 Glendower Capital Secondary Opportunities Fund IV, LP, focusing on fund management.

title: Glendower Capital Secondary Opportunities Fund IV, LP - Fund Management


document_description: This document provides an overview of the management and operational structure of the Glendower Capital Secondary Opportunities Fund IV, LP. It details the history and structure of Glendower Capital, the management team, investment team, and investment committee responsible for the fund. It also outlines the fund's management processes and the roles of key individuals involved.

key_people:
Carlo Pirzio-Biroli
Charles Smith
Chi Cheung
Adam Graev
Francesco Rigamonti
Emilio Olmos
Rikesh Mohandoss

key_locations:
London
New York

document_subtype: Fund Management Document

key_organizations:
Glendower Capital
Deutsche Asset Management
FCA


document_description: This document provides information about the senior team and key personnel at Glendower Capital Secondary Opportunities Fund IV, LP. It includes details about their roles, responsibilities, and previous experiences in the finance and investment sectors.

key_people:
Patrick Gerschel
Deirdre
Joshua Glaser
Francesco Rigamonti
Rikesh Mohandoss
Katherine Weaver
Victoria Loldi
Devrup Banerjee
Aldrich Chan

key_locations:
New York
South Africa
Milan
Italy
London

key_organizations:
Glendower Capital
KPMG
Deutsche Asset Management
Paul Capital
Forum Capital
CIBC Oppenheimer
Deutsche Bank
Gallo & Co.
Bank of America
Federal Home Loan Mortgage Corporation
Brookfield Office Properties
Trizec Properties
Deloitte & Touche
HSBC
Goldman Sachs
UBS Investment Bank


document_description: The document provides information about the team members of Glendower Capital Secondary Opportunities Fund IV, LP, including their roles, responsibilities, and previous experience. It also mentions future recruitment plans for the investment team.

key_people:
Philippe Femeini
Elena Smimova
Louise Schoeman
Jonathan Roome
Douglas O'Connell
Rafael Enriquez-Hesles
Sheldon Lee

key_organizations:
Glendower Capital
Deutsche Asset Management
Credit Suisse
Booz & Company
HSBC
London's Air Ambulance
Metropolitan Real Estate
The Carlyle Group
Wel
Citibank


document_description: This document is a summary of the principal terms of the Glendower Capital Secondary Opportunities Fund IV, LP, an English private fund limited partnership. 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.

title: Glendower Capital Secondary Opportunities Fund IV, LP - Summary of Terms and Conditions

key_locations:
Cayman Islands
UK
U.S.
Europe

key_organizations:
Glendower Capital
Glendower Capital SOF IV (GP) Limited
Glendower Capital, LLP
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 details the process for closings and the participation of subsequent closing partners.

document_subtype: Summary of Terms and Conditions

key_organizations:
Glendower Capital
Glendower Capital (U.S.), LLC


document_description: This document outlines the terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP, including details on the investment period, reinvestment policies, key person events, and diversification restrictions. The investment period is defined by specific conditions, and the fund has provisions for reinvestment of certain distributions. Key persons are identified, and their involvement is crucial to the continuation of the investment period. Diversification limits are set for investments in single asset deals.

title: Glendower Capital Secondary Opportunities Fund IV. LP

key_people:
Charles Smith
Carlo Pirzioaroli
Adam Graev
Chi Cheung

key_organizations:
Glendower Capital
Fund Advisory Committee


document_description: This document outlines the investment restrictions, indebtedness policies, hedging strategies, and profit share allocations for the Glendower Capital Secondary Opportunities Fund IV, LP. It specifies limits on investment in single funds, blind pool investment funds, and real estate investments. It also details borrowing strategies for investment facilitation and expense funding, as well as the use of leverage for hedging. The General Partner's profit share and its calculation during and after the investment period are also described.


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 applicable points for commitments. The document also defines terms such as 'Legacy Investor' and 'Carried Interest'.

title: Scotian 8: Summary of Terms and Conditions

key_organizations:
Glendower Capital
Scotian 8


document_description: This document outlines the terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes details on fund dissolution, special limited partner clawback, organizational expenses, operating and other expenses, transaction and break-up fees, and the establishment of a fund advisory committee.


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, transfers and withdrawals, reporting and valuations, 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 Limited Partners can transfer or withdraw their interests. It also details the reporting requirements and the process for amending leverage provisions.

key_organizations:
Glendower Capital
Glendower Capital LLP


document_description: This document outlines the terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes details on co-investment opportunities, alternative vehicles, parallel funds, feeder funds, and side letters. The Manager has discretion over co-investment opportunities and the use of alternative vehicles. Parallel and feeder funds may be established to meet investor requirements. Side letters can establish additional rights or alter terms for specific Limited Partners.

title: Glendower Capital Secondary Opportunities Fund IV. LP - Summary of Terms and Conditions


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.


document_description: This document is a summary of terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes details on currency denomination, tax considerations for UK and US investors, ERISA considerations, risk factors, potential conflicts of interest, and information about special counsel and auditors for the fund.

key_locations: UK US

key_organizations:
Glendower Capital
Debevoise & Plimpton LLP
PricewaterhouseCoopers LLP
Deloitte Touche Tohmatsu
KPMG
Ernst & Young LLP


document_description: Summary of terms and conditions for Glendower Capital Secondary Opportunities Fund IV, including details about the depositary and global placement agent.

key_organizations:
Glendower Capital
Aztec Financial Services (UK) Limited
Credit Suisse Asset Management Limited


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.

title: Glendower Capital Secondary Opportunities Fund IV, LP - Section 7: Risk Factors


document_description: The document outlines the risk factors associated with investing in the Glendower Capital Secondary Opportunities Fund IV, LP. It highlights the substantial risks involved, including the potential for loss of investment, lack of liquidity, and the complex nature of due diligence in secondary private equity investments. It also discusses the risks related to pooled investments, the termination of the Fund's interest in underlying funds, and reliance on the management of portfolio companies.

title: Glendower Capital Secondary Opportunities Fund IV, LP - Risk Factors

document_subtype: Risk Factors


document_description: The document outlines various risk factors associated with investments made by the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses the risks related to 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. The document highlights the potential for high returns but also significant risks, including the possibility of losing the entire capital contribution.


document_description: The document outlines various risk factors associated with investing in secondary real estate and real estate-related assets through the Glendower Capital Secondary Opportunities Fund IV, LP. It highlights risks such as economic changes, financing terms, environmental regulations, and natural disasters. It also discusses the multiple levels of expenses, contingent liabilities, independent investment strategies of underlying funds, and lack of direct interest for investors.


document_description: The document outlines various risk factors associated with investing in the Glendower Capital Secondary Opportunities Fund IV, LP. It highlights the limited ability to negotiate secondary transaction terms, the potential for investments to extend beyond the fund's term, and the nature of fund investments which require a long-term commitment with no certainty of return. It also discusses restrictions on transfer and withdrawal, and performance risks, emphasizing that the fund's performance may not meet target returns and past performance is not indicative of future results.


document_description: This document outlines the risk factors associated with investing in the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses 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. It also mentions the investment history and the reliability of the information provided.


document_description: The document outlines risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses the competitive nature of the fund's business, the dependence on the manager and key personnel, the lack of operating history, and prior affiliation with Deutsche Bank. The document emphasizes the challenges in identifying and acquiring suitable investment opportunities and the reliance on the manager's expertise.

key_organizations:
Glendower Capital
Deutsche Bank


document_description: The document outlines various risk factors associated with investing in the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses the liquidity risk of the fund's investments, the possibility of distributions in kind, investor obligations and risks, uncertainties in payment timings, and risks related to unspecified transactions. The document emphasizes the reliance on the Manager's judgment and ability in managing the fund's assets.


document_description: This document outlines the risk factors associated with investing in the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses valuation risks, absence of Investment Company Act protection, tax risks, and the impact of Base Erosion and Profit Shifting (BEPS) on the fund.

key_organizations: Organization for Economic Co-operation and Development (OECD)


document_description: This section outlines various tax-related risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses potential tax implications for investors, 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.


document_description: The document outlines various risk factors associated with the Glendower Capital Secondary Opportunities Fund W. LP, including tax evasion risks, co-investment risks, dilution from subsequent closings, and indemnification clauses. It discusses the potential legal and financial implications of these risks on the Fund and its investors.

title: Glendower Capital Secondary Opportunities Fund W. LP - Risk Factors

key_organizations:
Glendower Capital
General Partner
Second GP
Manager
U.S. Adviser


document_description: This document outlines the risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses the potential lower returns from short-term investments, the uncertainties surrounding follow-on investments, risks related to the disposition of investments, recourse to all assets for liabilities, the discretion of the Manager over defaulting investors, and the challenges of expedited transactions. The document emphasizes the potential liabilities and obligations that investors may face.

document_subtype: investment memorandum


document_description: The document outlines risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP, including emerging markets risk, lack of separate counsel for investors, diverse investor group interests, and sovereign status of certain investors. It highlights potential political, regulatory, and economic risks in emerging markets, the role of Debevoise & Plimpton LLP as special counsel, and the challenges posed by diverse investor interests and sovereign immunities.

key_locations:
United States
United Kingdom

key_organizations:
Glendower Capital
Debevoise & Plimpton LLP


document_description: The document outlines risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses the potential for side letters that may grant certain limited partners more favorable terms than others. It also covers general market risks, economic conditions, interest rates, inflation, and deflation, and how these factors could impact the fund's investments.


document_description: This document outlines various risk factors associated with investments in the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses the impact of deflation, currency risks, the status of debt markets, and legal, tax, and regulatory risks on the fund's performance and investor returns.


document_description: The document outlines various risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP, including regulatory scrutiny, Brexit implications, and anti-money laundering compliance. It discusses potential impacts on the private investment industry, market dislocation due to Brexit, and legal obligations for disclosing investor information.

key_locations:
United Kingdom
European Union

key_organizations:
Glendower Capital
European Union


document_description: The document outlines risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses risks related to electronic communications, cybersecurity threats, pay-to-play laws, and forward-looking information. The document emphasizes the potential adverse effects of non-compliance with regulations and the unpredictability of future events.

key_organizations:
Glendower Capital
Credit Suisse Asset Management Limited


document_description: Section 7 of the memorandum outlines risk factors associated with investing in the Glendower Capital Secondary Opportunities Fund IV, LP. 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: The document discusses potential conflicts of interest related to the investment activities of Glendower Capital Secondary Opportunities Fund IV, LP. It outlines situations where the Manager and its affiliates may encounter conflicts and how these are managed. Investors are required to acknowledge these conflicts and waive claims related to them. Specific conflicts include those among investors, broken deal expenses, management team investments, and carried interest incentives.

title: Conflicts of Interest - Glendower Capital Secondary Opportunities Fund IV, LP


document_description: The document discusses potential conflicts of interest related to the performance-based compensation of the Manager of the Glendower Capital Secondary Opportunities Fund IV, LP. It highlights the role of the Fund Advisory Committee in identifying and consulting on conflicts of interest between the Fund and the Manager.


document_description: This document is a confidential private placement memorandum for 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 Glendower Capital Secondary Opportunities Fund III, LP, focusing on legal, ERISA, and tax considerations.

title: Glendower Capital Secondary Opportunities Fund III, LP - Section 9: Certain Legal, ERISA and Tax Considerations


document_description: This document is a section from the Glendower Capital Secondary Opportunities Fund IV, LP's Confidential Private Placement Memorandum. It outlines certain legal, ERISA, and tax considerations related to the fund. Key topics include the fund's valuation process, fair treatment of investors, liquidity management, and the manager's professional liability risk. The fund is governed by English law and is registered under the Limited Partnerships Act 1907.

key_people:
Deirdre Davies
Patrick Gerschel

key_organizations:
Glendower Capital
Valuation Committee


document_description: The document outlines the legal framework and terms for the Glendower Capital Secondary Opportunities Fund IV, LP, a private fund limited partnership governed by English law. It details the jurisdiction for legal disputes, investor obligations, collateral and asset reuse arrangements, leverage limits, and periodic disclosure requirements under the AIFMD.

key_locations: England Wales

document_subtype: Fund Partnership Agreement


document_description: This document outlines the legal and financial structure of the Glendower Capital Secondary Opportunities Fund IV, LP. It includes details on risk management, leverage, net asset value, historical performance, and the roles of the Depositary and Prime Broker. The Depositary, Aztec Financial Services (UK) Limited, is responsible for cash flow monitoring, asset verification, and custody arrangements. The document also discusses the limitations of the Depositary's liability and the confidentiality of the information provided.

key_organizations:
Glendower Capital
Aztec Financial Services (UK) Limited


document_description: The document is a section from the Glendower Capital Secondary Opportunities Fund IV, LP, discussing legal considerations related to securities law, specifically the Securities Act of 1933. It outlines that the interests will not be registered under U.S. or non-U.S. securities laws and will be sold to accredited investors under Regulation D. It also describes past legal issues involving Credit Suisse and Raymond James related to auction rate securities.

key_locations:
New York
Puerto Rico
Virgin Islands
District of Columbia


document_description: The document outlines legal considerations for Glentwer Capital Secondary Opportunities Fund IV, LP, including compliance with the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the U.S. Investment Advisers Act of 1940. It details the requirements for filing with the SEC when acquiring more than 5% of a company's equity securities, the conditions under which the Fund must avoid registration under the Investment Company Act, and the implications of the Advisers Act for the Manager and U.S. Adviser.


document_description: The document discusses legal, ERISA, and tax considerations for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines exemptions from registration with the U.S. Commodity Futures Trading Commission (CFTC) for the Manager and General Partner under CFTC Regulation Section 4.13(a)(3). It also covers ERISA considerations for fiduciaries of employee benefit plans investing in the fund, including fiduciary duties, prudence, diversification, and prohibited transactions under ERISA and the U.S. Internal Revenue Code.

title: Glendower Capital Secondary Opportunities Fund IV, LP - Legal, ERISA and Tax Considerations

reference_numbers: Section 4975 of the U.S. Internal Revenue Code


document_description: This document outlines certain legal, ERISA, and tax considerations for investors in the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses the 25% Test for Benefit Plan Investors under ERISA, the requirement for plan administrators to report compensation on Form 5500, and U.S. federal income tax considerations for the Fund, including its treatment as a partnership and the implications of the Bipartisan Budget Act of 2015 on partnership audit rules.


document_description: This document is a section from the Glendower Capital Secondary Opportunities Fund IV, LP's Private Placement Memorandum, discussing tax considerations and legal implications for investors. It covers topics such as partnership audit procedures, dividends received deductions, passive foreign investment companies (PFICs), controlled foreign corporations (CFCs), and restrictions on the deductibility of expenses and losses.


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


document_description: This document discusses the legal, ERISA, and tax considerations for investors in the Glendower Capital Secondary Opportunities Fund IV, LP. It highlights potential reportable transactions, penalties for non-compliance, and specific tax considerations for U.S. state, local, and UK jurisdictions. The fund is structured as an English limited partnership, and its tax treatment is based on it being an investment partnership. Investors are responsible for their own tax liabilities and should consult tax advisers for specific guidance.


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 obtaining a Unique Taxpayer Reference (UTR) from HM Revenue & Customs, the taxation of income and capital gains for UK investors, and the implications of the Taxation (International and Other Provisions) Act 2010 and the Offshore Funds (Tax) Regulations 2009.

document_subtype: tax considerations


document_description: This document outlines the tax considerations for investors in the Glendower Capital Secondary Opportunities Fund IV, LP, particularly focusing on the implications of the Offshore Fund Rules for UK residents and non-residents. It discusses the tax treatment of income and capital gains for different types of investors, including UK resident individuals, companies, pension funds, and non-UK residents. It also addresses inheritance tax implications for limited partnership interests in the UK.

title: Cedar Legal: ERISA and Tax Considerations

key_organizations:
Glendower Capital
Cedar Legal


document_description: The document discusses the implications of the Foreign Account Tax Compliance Act (FATCA) and other international disclosure regimes on the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the requirements for compliance with FATCA, including the need for investors to provide necessary documentation and the potential consequences for non-compliance. The document also covers the Common Reporting Standard and other international tax reporting obligations.

title: FATCA and other International disclosure regimes

key_locations:
United Kingdom
United States


document_description: This section discusses the tax implications and considerations for investors in the Glendower Capital Secondary Opportunities Fund N. LP, including withholding taxes and the impact of alternative investment vehicles. It advises investors to consult their tax advisers for specific guidance.

title: Glendower Capital Secondary Opportunities Fund N. LP - Section 9 Certain Legal, ERISA and Tax Considerations


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


document_description: This document is a memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP, detailing notices to investors in specific jurisdictions. It outlines the legal restrictions on the distribution and sale of interests in certain jurisdictions, emphasizing compliance with local laws and regulations. The memorandum includes specific notices for residents of the European Economic Area, Denmark, Finland, and Germany, highlighting the conditions under which the fund can be marketed and sold in these regions.

key_locations: Denmark Finland Germany

document_subtype: memorandum

key_organizations:
Glendower Capital
European Economic Area
Finnish Financial Supervisory Authority
German Capital


document_description: This document is a Confidential Private Placement Memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the regulatory and marketing restrictions for offering the fund's interests in various countries, including the Netherlands, Sweden, the United Kingdom, Australia, and Bahrain. The memorandum specifies the legal frameworks and investor qualifications required in each jurisdiction.

key_locations:
The Netherlands
Sweden
United Kingdom
Australia
Bahrain

key_organizations:
Glendower Capital
Finansinspektionen
FCA
Central Bank of Bahrain


document_description: This document is a private placement memorandum for Glendower Capital Secondary Opportunities Fund IV, LP, outlining the restrictions and regulations for offering securities in various countries including Brazil, Brunei, Canada, Cayman Islands, Chile, China, and Colombia. It specifies that the offering is not a public offering and details the legal and regulatory requirements in each jurisdiction.

key_locations:
Brazil
Brunei Darussalam
Canada
Cayman Islands
Chile
China
Colombia

key_organizations: Securities and Insurance Supervisory Authority of Chile


document_description: This document is a Confidential Private Placement Memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP, governed by Colombian law. It outlines the legal restrictions and conditions under which the Interests are offered, including compliance with Colombian and Dubai International Financial Centre (DIFC) regulations. The Interests are not registered with Colombian authorities and are not subject to regulation by the DIFC or the Dubai Financial Services Authority (DFSA). The memorandum is intended for professional clients who can make a minimum subscription of at least USD 50,000.

key_locations: Colombia Dubai

key_organizations: Financial Supervisory Authority of Colombia


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 emphasizes that it is not approved by financial authorities in these regions and is intended for professional investors only. It also highlights the risks and restrictions associated with the investment.

key_locations:
Guernsey
Haiti
Hong Kong
Israel
Japan

key_organizations: Securities and Futures Commission in Hong Kong


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 interests in the fund can be offered and sold in Japan, Kuwait, and Mexico. The memorandum specifies that the interests are considered securities under Japanese law and are subject to private placement exemptions. It also details the restrictions on selling interests in Kuwait and Mexico, emphasizing that no public offering is being made in these countries. The document highlights the risks associated with the investment and the confidentiality of the memorandum.

key_locations: Japan Kuwait Mexico

key_organizations: Credit Suisse Securities (Japan) Limited

key_organizations: Mexican Banking and Securities Commission


document_description: This document is a Confidential Private Placement Memorandum for Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the legal considerations and restrictions 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 about the lack of registration or approval by local authorities in these regions.

key_locations:
Mexico
Monaco
New Zealand
Oman


document_description: This document is a Confidential Private Placement Memorandum for Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the legal and regulatory considerations for offering investment interests in various jurisdictions including Peru, Qatar, Saudi Arabia, Singapore, and South Korea. The memorandum specifies that the interests are not registered in these jurisdictions and are offered to institutional investors only. It also highlights the limitations and legal disclaimers associated with the offering.

key_locations:
Peru
Qatar
Qatar Financial Centre
Saudi Arabia
Singapore
South Korea

key_organizations: Qatar Financial Centre Regulatory Authority


document_description: This document is a private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the legal and regulatory considerations 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 regions and highlights the legal requirements and risks involved for investors. It also details the roles of the representative and paying agent in Switzerland, as well as the distribution and retrocession fee arrangements.

key_locations:
Korea
St. Kitts and Nevis
Switzerland
Geneva

key_organizations: Securities Commission of St. Kitts and Nevis

key_organizations: Financial Services Regulatory Commission of St. Kitts and Nevis

key_organizations: Swiss Financial Market Supervisory Authority (FINMA)


document_description: The document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the terms and conditions for investors, including information on rebates for limited partners, and legal disclaimers for offering in Taiwan, the United Arab Emirates, and the United States. The memorandum specifies that the fund is not registered with regulatory authorities in Taiwan or the UAE and provides details on the legal framework for offering interests in these regions.

key_locations:
Switzerland
Taiwan
United Arab Emirates
United States

key_organizations: Central Bank of the United Arab Emirates

key_organizations: UAE Securities and Commodities Authority

reference_numbers: SCA Board of Directors' Chairman Decision No. (9/R.M) of 2016

reference_numbers: Chairman of the SCA Board of Directors Decision No. 3/R.M. of 2017


document_description: This document is a Confidential Private Placement Memorandum for Glendower Capital Secondary Opportunities Fund IV, LP. It outlines that the Interests are not registered under the Securities Act or any state or non-U.S. jurisdiction laws. The Interests are offered only to qualifying recipients in the U.S. under specific exemptions and are subject to restrictions on transferability and resale. The Fund is not registered as an investment company, and there will be no public market for the Interests.


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

title: Confidential Private Placement Memorandum

key_people:
Patrick Gerschel
Deirdre Davies

key_locations: 16 Berkeley Street, London, United Kingdom

key_organizations:
Glendower Capital
UK Information Commissioner's Office


document_description: The document outlines the anti-money laundering considerations and regulations for the Glendower Capital Secondary Opportunities Fund IV, LP. It details the responsibilities of the Manager to prevent money laundering, the verification process for investors, and compliance with economic sanction regulations.

title: Anti-Money Laundering Considerations and Regulations

document_subtype: Anti-Money Laundering Policy


document_description: This document is an appendix from the Glendower Capital Secondary Opportunities Fund IV, LP, detailing key definitions related to legal, ERISA, and tax considerations, among other terms.

title: Appendix 4 Key Definitions

document_subtype: Appendix

key_organizations: U.S. Commodity Futures Trading Commission


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 pursuant to Federal Rule of Criminal Procedure 6(e).

key_organizations:
Glendower Capital
Deutsche Asset Management
Deutsche Bank
U.S. Department of Labor
UK Financial Conduct Authority


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund N. 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 more. It outlines the roles of the General Partner, Glendower Capital, and the Investment Committee, among others.

key_organizations:
Glendower Capital
Glendower Capital SOF IV (GP) Limited


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes details about the investment period, platforms, restrictions, key persons, and other financial terms and definitions related to the fund.

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

key_organizations: Organization for Economic Co-operation and Development


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 financial and legal terms related to the fund, such as PFICs, Push-Out Election, QEF, RVPI, and others. It also outlines the roles of different entities and partnerships involved in the fund, including the Second GP and various SOF funds.

key_locations:
Cayman Islands
Scotland
England

key_organizations:
Glendower Capital
DB Secondary Opportunities Fund
Deutsche Asset Management
U.S. Treasury Department
U.S. Securities and Exchange Commission


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund N, LP. It includes definitions and terms related to the fund, such as Subsequent Closing Partner, Team Investment, Total Value, TVPI or Net Multiple, and various legal and tax considerations.

key_locations:
United States of America
United Kingdom

key_organizations:
Glendower Capital
Glendower Capital (U.S.) LLC


document_description: The document provides performance information for the SOF Funds and related transactions managed by Deutsche Alternative Asset Management (Global) Limited. It includes details on the use of leverage, performance comparisons with other PE funds, and the impact of various factors on projected returns. The information is based on financial data as of June 30, 2017, and includes both realized and projected proceeds. It emphasizes that past performance is not indicative of future results and contains forward-looking statements subject to uncertainties.

title: Glendower Capital Secondary Opportunities Fund IV, LP


document_description: This document is a directory listing entities associated with the Glendower Capital Secondary Opportunities Fund IV, LP, including its manager, special counsel, auditors, depositary, fund administrator, and placement agents.

title: Appendix 6 Directory

document_subtype: Directory


document_description: Proposal for the board of directors of the General Partner of Glendower Capital Secondary Opportunities Fund IV, LP, listing the proposed members and their qualifications.

key_people:
Alan Turner
Andrew Johnson
Kirsten Le Pape
Vanessa Barrett

key_locations:
Cayman Islands
Bermuda
Ireland
UK
USA
Virginia
Florida
Georgia
San Francisco

document_subtype: Board of Directors Proposal

key_organizations: Cayman Islands Institute of Professional Accountants


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

key_people:
Patrick Gerschel
Joshua C. Glaser
Carlo Pirzio-Biroli
Michael J. Murphy

key_locations:
New York, NY, USA
London, UK

document_subtype: Confidential Private Placement Memorandum

key_organizations:
Glendower Capital (U.S.), LLC
Glendower Capital, LLP
Credit Suisse Asset Management Limited


document_description: This document outlines the agreement between Deutsche Bank Securities Inc. (Solicitation Agent), Glendower Access Secondary Opportunities IV GP LLC, and iCapital Advisors, LLC. The Solicitation Agent will solicit clients for investment in Glendower Access Secondary Opportunities IV (U.S.) and International Funds. Compensation includes a one-time Placement Fee from clients and a quarterly Servicing Fee from iCapital. The Placement Fee varies based on the subscription amount, and the Servicing Fee is calculated based on the investment period and subscription amount.

title: Disclosure Statement for Deutsche Bank Securities Inc.

document_subtype: Disclosure Statement


document_description: A confidential document related to the Jeffrey Epstein case, marked pursuant to Federal Rule of Criminal Procedure 6(e).

document_subtype: confidential document


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).

title: Glendower Access Secondary Opportunities IV (U.S.), L.P. Limited Partner Subscription Agreement

document_subtype: Limited Partner Subscription Agreement


document_description: Instructions for investors interested in purchasing a limited partner interest in Glendower Access Secondary Opportunities IV (U.S.), L.P. The document outlines the steps for completing the Subscription Agreement, including the necessary sections for individuals and entities, the requirement for an initial capital contribution, and the submission of client identification documents.

title: Instructions for Investors in Glendower Access Secondary Opportunities IV (U.S.), L.P.

document_subtype: Investment Instructions


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 subscribing to a limited partnership interest in the Partnership, including the minimum subscription amount of $250,000. The Partnership's objective is to invest in Glendower Capital Secondary Opportunities Fund IV, LP, an English private fund limited partnership.

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

key_organizations: Glendower Access Secondary Opportunities IV GP LLC


document_description: This document outlines the terms and conditions of an investment agreement between an investor and a partnership, including representations and warranties of the investor, suitability of the investment, and restrictions on transfer. The investor acknowledges understanding the offering materials and the opportunity to verify information.

document_subtype: Investment Agreement

key_organizations:
Partnership
General Partner
Underlying Fund


document_description: This document outlines the terms and conditions for an investor purchasing an interest in a partnership. It includes representations and warranties by the investor, restrictions on transfer and resale, and the investor's status as an accredited investor and U.S. person. The document emphasizes the risks involved, including the lack of a public market for the interest and potential tax consequences.

document_subtype: investment agreement


document_description: This document outlines the representations, warranties, and acknowledgments made by an investor in relation to a partnership investment. It includes details about the investor's qualified purchaser status, conflicts of interest, and additional risk factors associated with the investment. The document specifies that the partnership is not registered as an investment company and highlights the restrictions on transferability of interests.

key_organizations:
Partnership
General Partner
Investment Manager
Underlying Fund


document_description: This document outlines the terms and conditions of an investment agreement involving an investor named Patrick Gerschel. It includes clauses on full contribution, exhibits, liquidity needs, investment objectives, securities laws, and regulatory matters related to the U.S. Commodity Futures Trading Commission (CFTC). The investor acknowledges understanding the risks and legal requirements associated with the investment.


document_description: This document outlines the terms and conditions for an investor, Patrick Gerschel, in relation to a partnership agreement. It includes representations and warranties about the investor's legal status, authority, and compliance with securities laws, specifically the Securities Exchange Act of 1934 and Rule 506 of the Securities Act. The document also addresses the investor's obligations in the event of a disqualifying event and confirms the binding nature of the agreement.

key_organizations:
Partnership
General Partner


document_description: The document outlines the terms and conditions of an investment agreement involving an investor, Patrick Gerschel, 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 under U.S. Treasury Regulations. The investor acknowledges the potential for changes in laws affecting tax benefits and confirms compliance with necessary consents and authorizations.

document_subtype: Partnership Agreement


document_description: The document outlines the terms and conditions related to the partnership interests and obligations of the Sole Owner and the Investor in the Partnership. It specifies the tax status of the Sole Owner, restrictions on transferring interests, and clarifies that the partnership counsel does not represent the investors. It also includes a privacy notice regarding the handling of financial information.

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


document_description: This document outlines the rights and obligations of a partnership and its partners, including provisions for nominees and custodians, final form agreements, and compliance with sanctions and anti-money laundering laws. It specifies that investors must comply with partnership agreements and acknowledges the potential for differences in terms and returns from initial disclosures. The document also emphasizes that the purchase of interests is not a result of general solicitation or advertisement.

key_organizations: U.S. Treasury Department's Office of Foreign Assets Control

key_organizations: Her Majesty's Treasury of the United Kingdom


document_description: The document outlines compliance requirements for investors, specifically prohibiting involvement with sanctioned parties, non-cooperative jurisdictions, senior foreign political figures, and foreign shell banks. It also ensures that no funds contributed to the partnership are derived from prohibited activities.

document_subtype: legal compliance document

key_organizations:
U.S. government
UK government
OFAC
Financial Action Task Force
Financial Crimes Enforcement Network
U.S. Treasury Department


document_description: The document outlines the legal obligations and representations of an investor in a partnership, focusing on compliance with anti-money laundering laws and sanctions. It specifies that the investor's funds must not be derived from illegal activities and that the investor must comply with U.S. and UK laws. The investor is required to have anti-money laundering policies in place and to verify the identities of beneficial owners. The document also states that the investor must inform the General Partner of any inaccuracies in their representations and may be subject to actions to ensure compliance with applicable laws.


document_description: The document outlines the terms and conditions for an investor in 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 in the fund, and waives rights against the fund and its manager. It also details the fees and expenses the investor will be subject to and includes representations for 'Plan Investors' under ERISA.


document_description: The document outlines the terms of a Partnership Agreement involving an Investor and a General Partner, including compliance with governing laws, investment decision-making authority, and the responsibilities of the Investor Fiduciary. It emphasizes the independent judgment required by the Investor Fiduciary and the disclosure of financial interests by iCapital and its Affiliates.


document_description: The document outlines the terms and conditions of an investment management agreement involving Patrick Gerschel and iCapital. It includes details about the risks, fees, and conflicts of interest associated with the investment in the Partnership. The document also specifies the responsibilities and acknowledgments of the Investor and the Investor Fiduciary, including compliance with ERISA and other applicable laws.


document_description: The document outlines the terms and conditions for investors acquiring interests in a partnership, including provisions for individual retirement accounts, insurance company general accounts, and non-U.S. employee benefit plans. It includes representations and covenants related to ERISA and other regulatory compliance.


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

key_organizations:
Partnership
General Partner
Investment Manager


document_description: This document is a Subscription Agreement for a partnership, detailing the power of attorney granted to Glendower Access Secondary Opportunities IV GP LLC and iCapital Advisors, LLC. It outlines the responsibilities and authorities of the General Partner and Investment Manager, including handling funds, executing documents, and managing partnership affairs. The agreement also covers expenses, amendments, and the conditions under which a subscription may be reduced or rejected.

document_subtype: Subscription Agreement


document_description: This document outlines the terms and conditions of an investment agreement between an investor and a partnership. It includes confirmation of representations, additional investor information requirements, and indemnity clauses. The investor must provide accurate information and may need to submit additional documentation for compliance purposes. The agreement also covers procedures for capital contributions and distributions through a financial advisor account.

key_organizations:
Partnership
General Partner
Investment Manager
Underlying Fund Manager


document_description: The document outlines the obligations of an investor in a partnership, including providing necessary tax forms and information for compliance with U.S. tax laws and international agreements like FATCA and CRS. It also covers the investor's consent to receive Schedule K-1 electronically and the implications of not consenting.

key_organizations:
Partnership
General Partner
IRS
U.S. Treasury


document_description: This document is a fee acknowledgement and investor signature page related to a private placement investment. It includes acknowledgements of receipt and review of fee information, an upfront placement fee, and agreement to the terms of the partnership. The document is unsigned and lacks specific details such as the name of the signatory, title, country, date, and net amount of interest requested.

title: Fee Acknowledgement and Investor Signature Page

document_subtype: Fee Acknowledgement


document_description: A document labeled as proprietary and confidential, with references to federal rules and specific identifiers.


document_description: A form for prospective investors to complete, indicating whether they are investing as an individual or entity, and whether they are a U.S. Person. The form requires personal or entity information such as type, residence for tax purposes, jurisdiction of organization, domicile, social security or tax identification number, permanent and mailing addresses, date of birth or formation, telephone number, and email address.

document_subtype: investment form


document_description: This document is a signature page for the General Partner of Glendower Access Secondary Opportunities IV GP LLC, accepting a subscription for an interest amount. The net amount of interest is unspecified.

document_subtype: General Partner Signature Page


document_description: Wire instructions for initial capital contribution and distributions for an investment partnership. Details include beneficiary bank information, source of funds, and confidentiality notice.

document_subtype: wire instructions


document_description: A form for investors to provide contact information for receiving communications related to their investment in a partnership. It includes options for involving a financial advisor and additional individuals in correspondence.

document_subtype: investment communication


document_description: The document contains placeholders for personal information related to an investor, Patrick Gerschel, with fields for name, relationship to investor, email, and phone left empty. It is marked as proprietary and confidential, with references to federal rules and specific document identifiers.


document_description: This document is an investor status representation form for individuals, detailing the net worth, income levels for 2016 and 2017, and investment worth of the investor. It includes checkboxes for different financial thresholds and specifies whether calculations are individual or joint with a spouse.

title: Investor Status Representation

document_subtype: Investor Status Form


document_description: The document outlines criteria for an employee benefit plan to qualify as an Accredited Investor under the Employee Retirement Income Security Act of 1974. It specifies conditions such as having total assets in excess of $5,000,000 or being managed by a plan fiduciary. It also mentions that the investor entity must have all equity owners as Accredited Investors.

document_subtype: investment document


document_description: This document outlines the criteria under which an investor is considered a 'qualified purchaser' under the Investment Company Act. It includes various categories and conditions that an investor must meet to qualify, such as owning a certain amount in investments or being a qualified institutional buyer.

title: Exhibit D - Investment Company Act Representations

document_subtype: Investment Company Act Representations


document_description: This document is an investment questionnaire for an investor, Patrick Gerschel, regarding their status and compliance with the Investment Company Act. It includes questions about the investor's structure, ownership, and purpose related to acquiring interests in a partnership.

document_subtype: investment questionnaire


document_description: This document is an investment questionnaire for an investor named Patrick Gerschel. It includes questions about the investor's asset allocation, ultimate beneficiaries, and whether the investor or any beneficiaries are publicly traded or regulated entities. The document is marked as proprietary and confidential.


document_description: This document outlines representations and warranties applicable to 'Plan Investors' under ERISA and the Internal Revenue Code. It includes a checklist for investors to confirm their status as plan investors, holding plan assets, and their association with governmental or church plans.

title: Plan Investor Representations

document_subtype: Exhibit

key_organizations: Employee Retirement Income Security Act of 1974 (ERISA)


document_description: This document is a privacy notice from Institutional Capital Network, Inc. and its affiliates, iCapital Advisors, LLC and iCapital Securities, LLC, regarding the collection and disclosure of nonpublic personal information of investors. It outlines the types of information collected, the entities it may be disclosed to, and the measures taken to protect this information. The notice complies with Regulation P, 12 C.F.R. 1016, adopted by the Consumer Financial Protection Bureau.

title: NOTICE REGARDING PRIVACY OF FINANCIAL INFORMATION

document_subtype: Privacy Notice

key_organizations:
Institutional Capital Network, Inc.
iCapital Advisors, LLC
iCapital Securities, LLC
Consumer Financial Protection Bureau


document_description: The document is a presentation for Glendower Access Secondary Opportunities IV (U.S.), L.P., discussing investment terms, fees, and risks associated with the Access Fund and the Underlying Fund. It highlights the fee structure, potential conflicts of interest, and the high-risk nature of the investment. The document emphasizes that it is not an offer to sell or a solicitation to buy interests in the funds and that detailed information is available in the Private Placement Memorandum.

document_subtype: investment memorandum

key_organizations:
Glendower Capital
iCapital Advisors
DBSI


document_description: The document provides information about the Glendower Access Secondary Opportunities IV (U.S.), L.P. and highlights the risks and fees associated with investing in the Access Fund compared to the Underlying Fund. It warns investors about potential risks, including loss of investment, lack of liquidity, volatility, and higher fees. It also clarifies that investors in the Access Fund will not have direct interests or voting rights in the Underlying Fund.

document_subtype: investment information


document_description: The document is an offering for the Glendower Capital Secondary Opportunities Fund IV, LP, a private equity secondary fund. It outlines the fund's strategy, performance metrics, and key terms. The fund aims to raise US$1.75 billion and has a strong track record with a mature program at 1.7x TVPI and >20% Net IRR. The document includes performance comparisons with industry benchmarks and details on fund structure and management.

title: Glendower Capital Secondary Opportunities Fund IV, LP Offering

key_people:
Patrick Garuchell
Cario Pirzio-Biroli
Charles Smith
Joshua C. Glaser

key_locations:
London
New York

document_subtype: Investment Offering

key_organizations:
Glendower Capital
Deutsche Asset Management


document_description: This confidential presentation by Glendower Capital, LLP provides summary information about existing and future funds managed by Glendower, specifically the Glendower Capital Secondary Opportunities Fund IV, LP. It is intended for sophisticated recipients for evaluation purposes and is not an offer to sell or a solicitation to buy any securities. The presentation includes disclaimers about the accuracy of information, potential risks, and the need for recipients to consult their own advisors. It also addresses potential conflicts of interest with Credit Suisse Asset Management Limited.

document_subtype: confidential presentation

key_organizations:
Glendower Capital LLP
Mirabella Advisers LLP
Credit Suisse Asset Management Limited


document_description: This document is a confidential presentation for Glendower Capital SOF IV, L.P., discussing forward-looking statements, investment performance, and track record. It includes disclaimers about the reliability of projections, the role of Glendower's team post-spin-off from Deutsche Bank, and the calculation of investment returns. The document emphasizes the high risks and lack of liquidity associated with investing in the fund, suitable only for sophisticated investors.

title: Glendower Capital SOF IV, L.P. Presentation

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

document_subtype: presentation

key_organizations: Deutsche Alternative Asset Management (Global) Limited


document_description: This document contains legal disclaimers for the distribution of a presentation by Glendower Capital Sal IV, LP. It outlines restrictions and conditions for recipients in various jurisdictions including the EEA, UK, Australia, Bahrain, Brazil, Brunei, Canada, Chile, and China. The document specifies that the presentation is not a prospectus and provides guidance on the legal framework applicable in each region.

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

document_subtype: legal disclaimer

key_organizations:
Glendower Capital Sal IV, LP
Credit Suisse Group
Central Bank of Bahrain
Brazilian Securities Commission
Autoriti Moneteri Brunel Darussalam
Registrar of Companies
Superintendencia de Valores y Seguros
SVS

reference_numbers: Promotion of Collective Investment Schemes Order 2001


document_description: This document contains legal disclaimers for the distribution of marketing material related to Glendower Capital SOF IV, L.P. in various countries including Colombia, France, Guernsey, Haiti, Hong Kong, Israel, and Japan. It outlines the legal restrictions and requirements for offering financial products in these jurisdictions.

key_locations:
Colombia
France
Guernsey
Haiti
Hong Kong
Israel
Japan

key_organizations: Securities and Futures Commission of Hong Kong

key_organizations: Credit Suisse Securities (Japan) Limited

reference_numbers: Article 4, Paragraph 1 of the Financial Instruments and Exchange Law of Japan


document_description: This document contains legal disclaimers for various countries regarding the distribution and offering of securities and investment products. It specifies that the document is confidential and not an offer or invitation to purchase securities in the mentioned jurisdictions. It outlines the legal restrictions and requirements for offering such products in Malaysia, Mexico, Monaco, New Zealand, Oman, Qatar, Saudi Arabia, Singapore, South Korea, and Switzerland.

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

key_organizations: National Banking and Securities Commission

key_organizations: Commission de Controle des Activités Financières


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 outlines the nature of the information provided, the risks involved in transactions, and the lack of guarantees on securities. It also clarifies that Deutsche Bank does not provide accounting, tax, or legal advice and authorizes disclosure of the structure and tax aspects of the transaction.

title: Supplemental Disclosure by Deutsche Bank Securities Inc. and Deutsche Bank Trust Company Americas

document_subtype: Supplemental Disclosure

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


document_description: This document is a presentation for informational and discussion purposes regarding Glendower Capital Secondary Opportunities Fund IV, LP and Glendower Access Secondary Opportunities IV (U.S.), L.P. It is not legal, tax, or investment advice and should not be relied upon as such. The presentation emphasizes the high-risk nature of the investment, potential conflicts of interest, and the importance of consulting the Offering Memorandum for detailed information. It also notes that past performance is not indicative of future results.


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 include fees and expenses, and benchmarks are for illustrative purposes only. The document outlines the risks associated with alternative investments, including potential loss, lack of liquidity, volatility, and higher fees. It also clarifies the relationship between purchasers of interests in the Access Fund and the Underlying Fund, noting the lack of direct interest or control in the Underlying Fund.

key_organizations:
Access Fund
iCapital Advisors, LLC
Institutional Capital Network, Inc.
iCapital Network


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

title: Summary of Key Terms for Access Fund

document_subtype: financial summary

key_organizations:
Glendower Capital
iCapital Advisors, LLC
Debevoise & Plimpton LLP
Cleary Gottlieb Steen & Hamilton LLP
DBSI


document_description: This document outlines the key terms for investors in the Access Fund, including fees, expenses, and performance compensation. It highlights the differences in returns for investors in the Access Fund versus direct investors in the Underlying Fund. It also details the management fee structure and options for direct investment for large subscriptions.

title: Summary of Key Terms for Access Fund

document_subtype: summary

key_organizations:
Access Fund
DBSI
iCapital Advisors
Glendower Capital, LLP


document_description: This document pertains to the Glendower Capital Secondary Opportunities Fund IV, LP for the second quarter of 2018, intended for accredited investors and qualified purchasers only. It is marked as strictly confidential and is subject to confidentiality under Federal Rule of Criminal Procedure 6(e).

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


document_description: This document is a confidential presentation by Glendower Capital, LLP, intended for a limited number of sophisticated persons for the purpose of providing summary information about existing and future funds managed or advised by Glendower. It includes a disclaimer about the confidentiality and limitations of the information provided, emphasizing that it is not an offer or solicitation for investment. The presentation is intended for Accredited Investors & Qualified Purchasers and is strictly not for redistribution.

title: Confidential Presentation by Glendower Capital

key_organizations: United Kingdom Financial Conduct Authority


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 graph illustrating the timing of secondary transactions and cash flows.

title: Benefits of Secondary Private Equity Investing


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

title: Glendower Capital Document


document_description: Glendower Capital is launching the Glendower Capital Secondary Opportunities Fund IV, LP ("SOF IV"), seeking US$1.75 billion in commitments. The fund aims to generate attractive risk-adjusted returns through secondary market acquisitions, focusing on buyout, growth capital, venture capital, and other asset types. The fund is targeting a first close of US$1.3 billion in May 2018 and a final close in Q4 2018.

document_subtype: Investment Fund Overview


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+ by the second half of 2018, with 16 investment professionals averaging 12 years of experience. They have invested in over 350 fund interests across 90 deals and have developed integrated operational processes over 10 years.

title: Glendower Capital Overview

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

document_subtype: company overview

key_organizations:
Glendower Capital
Deutsche Bank


document_description: A roster of the Glendower Capital team, listing core members and their experience.

title: Glendower Capital Team

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

document_subtype: team roster

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


document_description: The document provides a detailed performance report of the 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 report emphasizes the historical performance of the funds and includes a disclaimer about the unaudited nature of the data and the conversion of Euro-denominated funds to USD.

title: SOF Funds Performance as of September 30, 2017

document_subtype: financial report


document_description: The document provides performance data for the SOF Funds as of September 30, 2017, comparing their performance to major public market indices such as MSCI World, Russell 2000, and Thomson Reuters. It includes a table showing the Glendower Net IRR for various SOF categories and discusses the methodology used for performance calculation.

title: SOF Program Performance Data


document_description: The document provides an analysis of the performance of SOF, SOF II, and SOF III funds over various quarters from inception. It includes metrics such as Net Contributed Capital, Net IRR, DPI, and TVPI. The performance figures are based on unaudited results as of September 30, 2017. It also notes that past performance is not indicative of future results and excludes performance information on SOF D.

title: SOF Funds Performance Overview


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

title: Glendower Capital Document


document_description: The document provides a market segmentation analysis of secondary funds positioned as mid-sized value investors. It categorizes funds into three segments based on characteristics, fund size range, and estimated number of players. The analysis is based on data from the Preqin database and Glendower Capital's own market intelligence as of November 2017.

title: Market Segmentation Analysis by Glendower Capital

document_subtype: market analysis

key_organizations:
Glendower Capital
Preqin


document_description: Glendower Capital's investment strategy focuses on disciplined bottom-up underwriting of attractive assets managed by quality managers. The strategy includes sourcing less competitive deals globally, pursuing a selective value approach, buying with a margin of safety, and focusing on efficient portfolio construction. The document outlines average deal sizes, transaction strategies, and risk mitigation efforts.

title: Glendower Investment Strategy Overview


document_description: The document outlines a disciplined barbell approach to investment, adjusted to market cycles, focusing on different types of secondary deals: Fund Secondaries, GP-led Secondaries, and Single Asset Deals. It provides a detailed description of each type, expected returns, and market strategies based on volatility and liquidity. The document also includes performance data and market estimates from Glendower Capital.

title: Disciplined Barbell Approach Adjusted to Market Cycles

document_subtype: financial analysis


document_description: The document discusses the evolution and advantages of GP-led transactions in the private equity space, highlighting Glendower Capital's experience and strategy in this area. It outlines the benefits of GP-led opportunities over traditional LP interest acquisitions, including accretive strategies, in-depth due diligence, bespoke fund design, and limited use of leverage.

document_subtype: memo


document_description: The document outlines Glendower Capital's investment strategy, sourcing process, and deal experience. It highlights their extensive industry network, significant buy and sell-side experience, and disciplined underwriting approach. The document also mentions their unique GP-restructuring and spin-off experience, and the final outcome of their transactions.

title: Glendower Capital Investment Overview

document_subtype: business document

key_organizations:
Glendower Capital
DB Wealth Management
Raymond James
Alex Brown


document_description: This document provides a table of illustrative case studies for fund secondaries transactions managed by Glendower Capital. It includes details on various projects/funds, deal sizes, discounts, regions, sellers, and descriptions of the transactions. The table highlights the complexity and global nature of these transactions, as well as the strategic advantages leveraged by Glendower Capital.

title: Fund Secondaries Transactions - Illustrative Case Studies

key_locations: Europe US Asia

key_organizations:
Glendower Capital
CD&R
Apollo
Carlyle
KKR
Apax
MidOcean
MSREF
CDH
Affinity
Calera
CVC
Blackstone
Bridgepoint


document_description: The document provides illustrative case studies of GP-led transactions and single asset deals, detailing projects/funds, deal sizes, regions, sellers, and descriptions. It includes information on motivated sellers, distressed assets, and structured deals across various regions including the US and Europe.

key_locations:
US
Europe
UK
France
Poland
Czech Republic
Bulgaria
Macedonia
Turkey

document_subtype: case studies


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

key_organizations:
Glendower Capital
Greenhill
Dow Jones Private Equity Analyst


document_description: The document provides data on the growth of the global private equity (PE) market, highlighting the increase in total PE assets to US$2.8 trillion. It includes tables showing unrealized portfolio values, dry powder, and total values from 2007 to 2017, as well as annual secondary volumes as a percentage of total PE assets. The data is sourced from the 2018 Preqin Global Private Equity & Venture Capital Report and other industry reports.