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 and now by Glendower Capital (U.S.), LLC. The memorandum includes forward-looking statements and legal disclaimers about the fund's performance and regulatory status. It also clarifies that the memorandum does not constitute an offer or solicitation in any jurisdiction where it is unlawful.

key_people:
Partners and Employees of the Manager
General Partner

document_subtype: Confidential Private Placement Memorandum

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


source: doj

document_description: This document is a 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) as a Commodity Pool Operator (CPO) under specific CFTC regulations. The memorandum is prepared by representatives of the fund and furnished by Credit Suisse as a placement agent. It details the roles and responsibilities of Credit Suisse, including its non-advisory role and potential conflicts of interest due to its business dealings with affiliates of the General Partner and other third-party fund sponsors.

document_type: correspondence

document_subtype: Private Placement Memorandum


document_description: The document is a confidential private placement memorandum for Glendower Capital Secondary Opportunities Fund IV, LP, with Credit Suisse acting as a placement agent. It discusses potential conflicts of interest, tax advice disclaimers, and legal notices for New Hampshire and Florida residents.

document_date: March 2018

document_type: financial

key_locations:
New Hampshire
Florida

key_organizations:
Glendower Capital
Credit Suisse


document_description: Contact information for Glendower Capital and associated entities, including locations and key personnel.

title: Glendower Capital Secondary Opportunities Fund IV, LP Contact Information

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

document_type: tabular

key_locations:
United Kingdom
United States of America

document_subtype: contact information

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, legal considerations, and various appendices.

key_organizations:
Glendower Capital
Southern Financial LLC


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

title: Confidential Private Placement Memorandum


document_description: This document is a confidential private placement memorandum for Glendower Capital Secondary Opportunities Fund IV, LP, associated with Southern Financial LLC.

title: 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 returns through diverse investments in buyout, growth capital, venture capital, and more, primarily in the U.S. and Europe. It is the fourth 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

document_subtype: Executive Summary

key_organizations:
Glendower Capital
Deutsche Asset Management
Deutsche Bank


document_description: The document is a confidential private placement memorandum for Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the history and strategy of the fund, including its spin-out from Deutsche Asset Management in 2017. The memorandum highlights the benefits of secondary market investing, such as capitalizing on information asymmetries and mitigating blind pool risk. It also discusses the transition of the secondary market to an institutionalized market with significant transaction volumes and available capital.

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 objectives of the Glendower Capital Secondary Opportunities Fund IV, LP. It focuses on bespoke liquidity solutions and GP-led secondary deals, emphasizing less competitive transactions, a true value approach, and efficient portfolio management. The strategy includes purchasing mature fund interests at a discount, leveraging relationships with fund sponsors, and solving complex transactions. The document also highlights the past performance of the SOF Team and their distinctive investment strategy.

key_organizations:
Glendower Capital
Deutsche Asset Management


document_description: The document provides an executive summary of the Glendower Capital Secondary Opportunities Fund IV, LP, highlighting its strong performance metrics as of September 30, 2017. It details the fund's track record, investment strategy, and team composition. The fund has shown significant returns with a 1.6x gross multiple and 28% IRR since inception. The document also outlines the experience of the team and their investment process.

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

key_locations:
London
New York


document_description: The document is an executive summary for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the fund's strategy of leveraging relationships with over 180 fund sponsors to conduct a rigorous, value-driven analysis of portfolio companies. The summary highlights the alignment of interests between the Glendower SOF Team and 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 of the fund. Key terms, risks, and potential conflicts are detailed in other sections of the memorandum.

title: Glendower Capital Secondary Opportunities Fund IV. LP

key_people:
Glendower SOF Team
senior members of Glendower Capital

key_organizations:
Glendower Capital
Deutsche Bank


document_description: This document is a section from the Confidential Private Placement Memorandum for Glendower Capital Secondary Opportunities Fund IV, LP, detailing investment performance.

title: Investment Performance

key_organizations:
Southern Financial LLC
Glendower Capital


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 a low risk profile. It includes detailed performance metrics such as Net IRR, TVPI, and DPI for various funds within the SOF Program as of September 30, 2017.

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

document_subtype: Investment Performance Report


document_description: The document provides a performance analysis of the Glendower Capital Secondary Opportunities Fund IV, LP, comparing it against the Cambridge Associates Secondaries Benchmark statistics as of September 30, 2017. It includes Net IRR, DPI, and TVPI metrics for various SOF funds across different vintage years, highlighting their performance relative to peer groups.

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

document_subtype: investment performance report

key_organizations:
Glendower Capital
Cambridge Associates


document_description: The document provides an analysis of the investment performance of the Glendower Capital Secondary Opportunities Fund IV, LP, comparing it with SOF, SOF II, and SOF III. It highlights the consistency in Net Contributed Capital, Net IRR, TVPI, and DPI across different economic cycles. The funds show a peak in Net Contributed Capital below 50% at around 16 quarters from inception, with Net IRR stabilizing at around 20% after 20 quarters. Capital is typically returned in about 24 quarters, and TVPI converges to the 1.65x range by liquidation. The performance is attributed to a consistent investment strategy since 2006.


document_description: The document compares the performance of the 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, including SOF, SOF D, SOF II, and SOF III, shows favorable performance compared to these indexes.

title: Scotian 2: Investment Performance


document_description: This document is a summary of the principal terms for the Glendower Capital Secondary Opportunities Fund Pt LP, issued by Southern Financial LLC.

title: Summary of Principal Terms


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

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

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

document_subtype: Investment Fund Summary


document_description: Confidential Private Placement Memorandum for Glendower Capital Secondary Opportunities Fund IV, LP, issued by Southern Financial LLC.


document_description: The document outlines the investment strategy for the Glendower Capital Secondary Opportunities Fund IV, LP (SOF IV), which is established by Glendower Capital. The fund aims to pursue a disciplined investment strategy in the secondary market, focusing on fund secondaries, GP-led secondaries, and single asset deals. It targets investments primarily in the U.S. and Europe, with a focus on smaller fund secondaries and larger GP-led secondaries. The fund seeks to achieve risk-adjusted returns in excess of 20% Net IRR.

document_subtype: investment memorandum


document_description: The document outlines the investment strategy and sourcing approach of the Glendower Capital Secondary Opportunities Fund IV, LP. It emphasizes the fund's ability to source less intermediated deal flow and work directly with sellers, focusing on non-monetary factors such as confidentiality, speed, and certainty of execution. The fund leverages a global network to achieve attractive risk-adjusted returns and has a diversified pool of sellers and assets. The document also highlights the fund's extensive industry network and disciplined deal selection process.

key_locations:
North America
Europe
Asia and Pacific

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


document_description: The document discusses the attractiveness of secondary investments for investors, highlighting their role in diversifying private equity portfolios. It outlines the benefits of secondary investments, such as pricing flexibility, mitigation of blind pool risk, and reduced J-curve effect. The document also describes the illiquid nature of private equity assets and the opportunities in the secondary market due to industry dynamics.

title: Glendower Capital Secondary Opportunities Fund IV, LP


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 key metrics such as NAV, unrealized portfolio value, and dry powder. It includes a table showing the annual unrealized portfolio value, dry powder, and total value from 2007 to 2017. The document also analyzes secondary market pricing, noting that younger funds with available dry powder receive stronger pricing, while tail-end funds face wider discounts. The importance of bottom-up fund and asset selection is emphasized for generating stronger performance.

document_subtype: financial report

key_organizations: Glendower Capital Secondary Opportunities Fund IV, LP


document_description: The document discusses the secondary market pricing trends from 2005 to 2017, highlighting the impact of cash flows between signing and closing, and mark-to-market pricing on effective discounts for buyers. It includes an analysis of the secondary market's recovery post-2009 and its stability at a 10% discount to NAV from 2014 onwards. The document references various market analyses and outlooks from Greenhill, Cogent Partners, and Dow Jones.

key_organizations:
Glendower Capital
Greenhill
Cogent Partners
Dow Jones


document_description: The document discusses the secondary market supply and demand balance, highlighting Glendower Capital's perspective on the market. It includes data on dry powder and annual deal volume, emphasizing a balanced market with diverse seller composition. The document also references historical deal flow and market trends.

key_organizations:
Glendower Capital
Greenhill
Preqin
Bain & Company


document_description: The document provides a breakdown of seller composition for Glendower Capital Secondary Opportunities Fund IV, LP in 2017, along with market trends and private equity assets by fund vintage year. It highlights the emergence of traditional secondary buyers and funds-of-funds as sellers, and the significant supply of secondary opportunities in pre-crisis bubble 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 a significant increase in transaction volume from 2006 to 2017. It includes a table showing the volume and market share of GP-led secondaries over the years. The report attributes the trend to factors like the global financial crisis, proactive LP portfolio rebalancing, and the evolution of transaction structures.

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'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 FAREWAYS
Zurmont Madison Capital


document_description: The document discusses the competitive environment of the secondary market for funds, focusing on Glendower Capital Secondary Opportunities Fund IV, LP. It highlights the fund's positioning in the mid-sized segment of the market, which is considered attractive for building diversified portfolios. The document also outlines the sourcing strategies of larger funds and the changing mix of sellers in the market.


document_description: The document outlines the investment strategy and process of Glendower Capital Secondary Opportunities Fund IV, LP. It focuses on mature fund interests, providing visibility on underlying assets and reducing 'blind pool risk'. The investment process includes deal origination, screening, investment decision, monitoring, and realisation. The fund aims to purchase funds through exclusive or minimally competitive transactions using its network of industry relationships.

document_subtype: Investment Memorandum

key_organizations:
Glendower Capital
Glendower SOF Team
Southern Financial LLC


document_description: The document outlines the investment strategy and process for Glendower Capital Secondary Opportunities Fund IV, LP. It details the principles of 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 presenting a memorandum to the Investment Committee for approval. Post-acquisition, the fund actively manages investments and implements risk management strategies.


document_description: The document outlines the ongoing deal management and investment realization strategies for the 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.


document_description: A confidential private placement memorandum for Glendower Capital Secondary Opportunities Fund IV, LP, associated with Southern Financial LLC.


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

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


document_description: This document outlines the management structure and operations of the Glendower Capital Secondary Opportunities Fund IV, LP. It details the history and structure of Glendower Capital, an independent investment firm focused on secondary private markets. The document describes the management team, investment committee, and operational processes of the fund, highlighting the experience and roles of key team members. It also notes the firm's authorization as an AIFM by the FCA and its operational independence from Deutsche Asset Management.

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

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

document_subtype: Fund Management Document

key_organizations:
Glendower Capital
Deutsche Asset Management
FCA


document_description: This document provides information about the Glendower Capital Secondary Opportunities Fund IV, LP, including details about the fund management team and their professional backgrounds.

key_people:
Carlo PlaJo-Biroll
Charles Smith
Adam Graev
Chi Cheung
Emilio Olmos
Deirdre Davies

key_locations:
London
New York
Southern Europe
Middle East
Asia

key_organizations:
Glendower Capital
Deutsche Bank
Pomona Capital
Lehman Brothers Private Equity
Chatterjee Group
Soros Fund Management
ADIA
UBS
Credit Suisse
Lafarge


document_description: This document provides information about the senior team and their roles at Glendower Capital Secondary Opportunities Fund IV, LP. It includes details about the professional backgrounds and responsibilities of key team members such as Deirdre, Joshua Glaser, Francesco Rigamonti, Rikesh Mohandoss, Katherine Weaver, Victoria Loldi, Devrup Banerjee, and Aldrich Chan. The document highlights their previous experiences at institutions like Deutsche Bank, KPMG, and Goldman Sachs, and their educational qualifications from universities such as Tufts University, University of Chicago, and University of Oxford.

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

key_locations:
New York
Milan
South Africa
London

key_organizations:
Glendower Capital
Deutsche Bank
KPMG
Paul Capital
Forum Capital
CIBC Oppenheimer
Gallo & Co.
Brookfield Office Properties
Trizec Properties
HSBC
Goldman Sachs
UBS Investment Bank


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

key_people:
Philippe Femeini
Elena Smimova
Louise Schoeman
Jonathan Roome
Douglas O'Connell
Rafael Enrlquez-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 terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP, issued by Southern Financial LLC. It is marked as confidential pursuant to Federal Rule of Criminal Procedure 6(e).

title: Summary of Terms and Conditions


document_description: This document provides a summary of the principal terms and conditions for 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 fund's strategy for generating returns through various investment opportunities in the secondary market. The document emphasizes that the summary is qualified by the Fund Partnership Agreement and other related documents.

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

key_people: Glendower Capital SOF IV (Alternate GP), LLP

key_locations:
Cayman Islands
UK
U.S.
Europe

key_organizations:
Glendower Capital
Financial Conduct Authority


document_description: This document outlines the terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP, including 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 a limited partner is US$5 million. The document also details the process for closings and the participation of subsequent closing partners.

key_people:
General Partner
Limited Partners
Manager
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.

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

key_people:
Charles Smith
Carlo Pirzioaroli
Adam Graev
Chi Cheung

document_subtype: Summary of Terms and Conditions

key_organizations:
Glendower Capital
Southern Financial LLC


document_description: This document outlines the investment restrictions, indebtedness, hedging strategies, and profit sharing terms for the Glendower Capital Secondary Opportunities Fund IV, LP. It specifies limits on investment in single funds, asset deals, and real estate, as well as borrowing strategies for short-term and long-term needs. The fund may use leverage for hedging and collateralize assets for borrowings. The General Partner's profit share is detailed, including percentages during and after the investment period.

key_people:
General Partner
Second GP


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, applicable points for commitments, and distribution of net proceeds among partners. The document specifies the conditions under which the General Partner's Share is reduced and defines terms such as 'Legacy Investor' and 'Carried Interest'. Distributions are made in cash or marketable securities prior to the dissolution of the Fund.

title: Scotian 6: 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 fund dissolution, distributions, clawback provisions for the Special Limited Partner, organizational and operating expenses, transaction fees, and the establishment of a Fund Advisory Committee.

key_people:
General Partner
Special Limited Partner


document_description: This document outlines the terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes details on the Fund Advisory Committee, 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 rights of Limited Partners.

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.


document_description: This document outlines the terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes details on indemnification, removal of the General Partner, amendments to the Fund Partnership Agreement, default provisions, and the term of the fund. The document specifies conditions under which the General Partner can be removed for cause or without fault, and the indemnification rights of Covered Persons. It also describes the process for amending the Fund Partnership Agreement and the consequences for Limited Partners who default on their obligations.

key_people:
General Partner
Manager
Second GP

document_type: legal


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 General Partner and Manager.

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


document_description: This document outlines the terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP, including the appointment of Aztec Financial Services (UK) Limited as the AIFMD-compliant depositary and Credit Suisse Asset Management Limited as the global placement agent.


document_description: This document is a confidential private placement memorandum for Glendower Capital Secondary Opportunities Fund IV, LP, associated with Southern Financial LLC.


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, the nature of pooled investments in secondaries, the complexities of due diligence in GP-led secondaries, potential termination of the Fund's interest in underlying funds, and reliance on 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 the Glendower Capital Secondary Opportunities Fund IV, LP, including 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.


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: This document outlines the 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, the illiquid nature of investments, restrictions on transfer and withdrawal, and performance risks. The document emphasizes that the fund is suitable only for sophisticated investors who can withstand the potential loss of their entire investment.

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


document_description: This document outlines the risk factors associated with investing in the Glendower Capital Secondary Opportunities Fund IV, LP. It highlights the unpredictability of future events, potential poor performance of investments, exclusive loss bearing by the Fund and its partners, risks associated with leverage, and the use of subscription line facilities. It also notes that the performance data is as of June 30, 2017, and may not be representative of the current position.


document_description: This document is a section from the Confidential Private Placement Memorandum for Glendower Capital Secondary Opportunities Fund IV, LP, detailing risk factors associated with the fund. It highlights the competitive nature of the fund's business, dependence on the manager and key personnel, lack of operating history, and prior affiliation with Deutsche Bank. The document emphasizes the uncertainties in achieving investment objectives and the reliance on the manager's expertise.

key_people:
Manager
Key Persons

key_organizations:
Glendower Capital
Deutsche Bank
SOF Funds


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

key_organizations:
Glendower Capital
Deutsche Bank
Southern Financial LLC


document_description: This document outlines the risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP. It highlights valuation risks due to the nature of private equity assets, absence of Investment Company Act protection, potential tax risks, and the impact of Base Erosion and Profit Shifting (BEPS) initiatives. The document emphasizes the inherent uncertainties in investment valuations and the potential for significant taxation if the Fund is deemed to have a permanent establishment in certain jurisdictions.

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 laws, 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: This document outlines the risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses potential legal risks related to tax evasion facilitation, co-investment and counterparty risks, dilution from subsequent closings, and indemnification obligations. The document highlights the possibility of financial penalties due to tax evasion facilitation, risks associated with investments via other entities, and the impact of indemnification on the Fund's financial condition.

key_people:
General Partner
Second GP
Manager
U.S. Adviser


document_description: The document outlines various risk factors associated with investments in the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses the potential lower returns from short-term investments, the uncertainty of follow-on investments, risks upon disposition of investments, recourse to all assets, the discretion of the Manager over defaulting investors, and the challenges of expedited transactions.


document_description: The document outlines various risk factors associated with investments in emerging markets, legal counsel arrangements, diverse investor 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, potential conflicts among investors, and challenges in enforcing contractual obligations due to sovereign immunities.

key_locations:
United States
United Kingdom

key_organizations: Glendower Capital Secondary Opportunities Fund IV, LP


document_description: This document outlines the risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses the potential for side letters that may offer more favorable terms to certain investors, general market risks, economic conditions, and the impact of interest rates, inflation, and deflation on the fund's investments.

key_people:
General Partner
Manager
U.S. Adviser
Second GP


document_description: The 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. Deflation could reduce returns due to tighter money supply and credit. Currency risks arise from investments in non-U.S. currencies, potentially affecting value due to exchange rate changes. Disruptions in debt markets could limit financing availability, affecting investment strategies. Legal and regulatory changes could impact the fund's operations and strategy.


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 conditions, and legal obligations.

key_locations:
UK
European Union


document_description: This 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
Southern Financial LLC
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, discussing risk factors associated with the investment. It advises potential investors to read the memorandum in its entirety and consult professional advisers before investing.


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP, detailing Section 8: Conflicts of Interest.

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

key_organizations:
Southern Financial LLC
Glendower Capital


document_description: This document outlines potential conflicts of interest related to the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses how the Manager and its affiliates may encounter conflicts in investment activities, the role of the Fund Advisory Committee, and specific conflicts among investors, broken deal expenses, management team investments, and carried interest.

key_people:
Manager
General Partner

document_subtype: Conflicts of Interest Disclosure


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. The document also notes the confidentiality of the information pursuant to legal rules.

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


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


document_description: The document outlines legal, ERISA, and tax considerations for the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses valuation methods, fair treatment of investors, liquidity management, and professional liability risk. The fund is governed by English law and registered under the Limited Partnerships Act 1907.


document_description: The document outlines the legal, ERISA, and tax considerations 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.

key_locations: England Wales

document_subtype: Private Fund Partnership Agreement


document_description: This document outlines the legal and financial considerations for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes details on the risk management systems, leverage policies, net asset value, historical performance, and the role of the Depositary, Aztec Financial Services (UK) Limited. The document specifies that no investors have been admitted to the Fund, and therefore, there is no net asset value or historical performance data available. The Depositary's responsibilities and limitations of liability are also detailed.

key_people:
Manager
Limited Partner
General Partner


document_description: This document is a section from a confidential private placement memorandum related to Glendower Capital Secondary Opportunities Fund IV, LP. It discusses legal considerations under the Securities Act of 1933, specifically the non-registration of interests under U.S. or non-U.S. securities laws. The document outlines the reliance on exemptions for private offerings and the requirement for investors to be accredited. It also details 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: This document outlines the legal and regulatory considerations for Glendower Capital Secondary Opportunities Fund IV, LP, particularly in relation to the U.S. Securities Exchange Act of 1934, the Investment Company Act of 1940, and the U.S. Investment Advisers Act of 1940. It discusses the requirements for SEC filings when acquiring more than 5% of equity securities, the avoidance of short-swing profit liability, exemptions from registration under the Investment Company Act, and the status of the Manager under the Advisers Act.

document_subtype: Legal and Regulatory Considerations


document_description: The document outlines legal and regulatory considerations for Glendower Capital Secondary Opportunities Fund IV, LP, including exemptions from CFTC registration and ERISA considerations for fiduciaries of employee benefit plans. It discusses the fiduciary duties under ERISA, the prudence and diversification requirements, and the implications of plan assets under ERISA regulations.

title: Certain Legal, ERISA and Tax Considerations

key_organizations: U.S. Commodity Futures Trading Commission

reference_numbers: Section 4975 of the U.S. Internal Revenue Code of 1986


document_description: This document discusses legal, ERISA, and tax considerations for investors in the Glendower Capital Secondary Opportunities Fund IV, LP. It covers the 25% Test for Benefit Plan Investors, Form 5500 reporting requirements, and U.S. federal income tax considerations, including partnership treatment and new partnership audit rules under the Bipartisan Budget Act of 2015.


document_description: The document outlines tax considerations for investors in the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses the implications of partnership audit procedures, the treatment of dividends, investments in passive foreign investment companies (PFICs) and controlled foreign corporations (CFCs), and the restrictions on the deductibility of expenses and losses. The document also covers the potential tax liabilities and reporting requirements for U.S. investors.


document_description: This document is a section from the Confidential Private Placement Memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses legal, ERISA, and tax considerations for investors, including organizational expenses, investment interest expense limitations, qualified business income deductions, and tax implications for ERISA plans, tax-exempt limited partners, and non-U.S. investors. The document outlines potential tax liabilities such as unrelated business taxable income (UBTI) and effectively connected income (ECI) for non-U.S. investors, and mentions the possibility of a 'blocker structure' for tax-exempt investors.


document_description: This document outlines the tax considerations for non-U.S. investors in the Glendower Capital Secondary Opportunities Fund IV, LP, particularly focusing on the treatment of income as effectively connected income (ECI) and the implications of investing in U.S. real property holding corporations. It also discusses potential tax liabilities, including withholding taxes and branch profits tax, and the possibility of using a 'blocker structure' for non-U.S. investors. Additionally, it highlights reporting requirements for U.S. investors, including forms 8865, 926, and 8938, and the potential for transactions to be classified as reportable to the IRS.

reference_numbers:
Form 8865
Form 926
Form 8938


document_description: This section of the memorandum 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 document advises investors to consult with tax advisers regarding their obligations and the tax implications of their investments.

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


document_description: This document outlines the tax considerations for UK resident investors in the Glendower Capital Secondary Opportunities Fund IV, LP. It details the tax implications on income and capital gains for investors, including the requirement for a unique taxpayer reference (UTR) and potential tax credits for foreign taxes. It also discusses the tax treatment of dividends and capital gains, and the impact 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 ERISA and tax considerations for investors in the Glendower Capital Secondary Opportunities Fund IV, LP, particularly focusing on UK tax implications for both UK and non-UK resident investors. It discusses the treatment of offshore funds, controlled foreign companies, unrealized gains or losses, and inheritance tax implications.

document_subtype: Confidential Private Placement Memorandum


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.

key_locations:
United Kingdom
United States

document_subtype: Private Placement Memorandum


document_description: This document discusses the tax implications and withholding tax requirements for investors in the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the responsibilities of the Fund in withholding taxes and the potential for investors to claim foreign tax credits or deductions. It also notes that tax consequences may differ for alternative investment vehicles and advises investors to consult their tax advisers.


document_description: A confidential private placement memorandum for Glendower Capital Secondary Opportunities Fund IV, LP, associated with Southern Financial LLC.


document_description: Confidential Private Placement Memorandum for Glendower Capital Secondary Opportunities Fund IV, LP, issued by Southern Financial LLC.


document_description: This document is a memorandum related to the distribution and offer of interests in the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the legal restrictions and requirements for offering and selling interests in various jurisdictions, including the European Economic Area, Denmark, Finland, and Germany. The memorandum specifies that it is intended for professional investors and highlights the confidentiality and legal compliance obligations of investors.

key_locations: Denmark Finland Germany

document_subtype: memorandum


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 jurisdictions including the Netherlands, Sweden, the United Kingdom, Australia, and Bahrain. The memorandum specifies that the fund is targeted at professional investors and is subject to different regulatory requirements depending on the country.

key_locations:
The Netherlands
Sweden
United Kingdom
Australia
Bahrain

key_organizations:
Glendower Capital
Southern Financial LLC
Finansinspektionen
FCA
Central Bank of Bahrain


document_description: This document is a private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the restrictions and regulations regarding the offering of securities in various countries, including Brazil, Brunei, Canada, Cayman Islands, Chile, China, and Colombia. The memorandum specifies that the offering is not a public offering and is subject to various legal and regulatory restrictions 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 and regulatory framework for offering interests in the fund to fewer than 100 specifically identified investors in Colombia, ensuring compliance with Colombian securities laws. The memorandum also addresses the offering's status in the Dubai International Financial Centre, noting that the fund is not regulated by the DIFC or DFSA. It emphasizes the need for prospective investors to conduct due diligence and consult financial advisors if needed.

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 is not approved by financial authorities in these regions and is intended for professional investors only. It emphasizes that the document does not constitute financial advice and that investors should rely on their own examination of the Fund. The document also highlights the restrictions on transferability and resale of the Interests.

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 framework and restrictions for the solicitation and sale of Interests in various jurisdictions including Japan, Kuwait, and Mexico. The document specifies the conditions under which the Interests can be sold, including exemptions and restrictions based on local laws such as the Financial Instruments and Exchange Law (FIEL) in Japan, Law No. 7 of 2010 in Kuwait, and the Mexican Securities Market Law. It also highlights the risks involved in the investment and the confidential nature 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 and regulatory considerations for offering interests in various jurisdictions including Mexico, Monaco, New Zealand, and Oman. The document specifies that the offering must comply with local securities laws and regulations, and it is intended for sophisticated investors only. It also includes disclaimers regarding the language of the document and the non-intent to offer securities in certain regions.

key_locations:
Mexico
Monaco
New Zealand
Oman

reference_numbers:
Royal Decree 4/74
Royal Decree 80/98
Decision No. 1/2UU9
Article 139 (f)


document_description: This document is a Confidential Private Placement Memorandum for Glendower Capital Secondary Opportunities Fund IV, LP, detailing the terms and conditions for investment in various jurisdictions including Peru, Qatar, Saudi Arabia, Singapore, and South Korea. It outlines the legal and regulatory considerations for offering securities in these regions, emphasizing that the interests have not been registered or approved by local authorities and are offered to institutional investors only.

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


document_description: This document is a Confidential Private Placement Memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the legal and regulatory considerations for offering and selling investment interests in various jurisdictions, including Korea, St. Kitts and Nevis, and Switzerland. The document specifies that the interests are not registered with the respective financial authorities in these regions and provides guidance on compliance with local laws. It also details the roles of representatives and paying agents in Switzerland, along with the associated fees and distribution arrangements.

key_locations:
Korea
St. Kitts and Nevis
Switzerland
Geneva

key_organizations: Securities Commission of St. Kitts and Nevis

key_organizations: Swiss Financial Market Supervisory Authority (FINMA)


document_description: This document is a Confidential Private Placement Memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the terms and conditions for investors, including the possibility of rebates for Limited Partners, restrictions on offering in Taiwan and the UAE, and legal disclaimers for the USA. The memorandum emphasizes that the fund is not regulated by UAE authorities and that no public offering will occur in the UAE. It advises prospective investors to seek professional advice and highlights the confidentiality of the document.

key_locations:
Switzerland
Taiwan
United Arab Emirates
United States of America

key_organizations: Central Bank of the United Arab Emirates

key_organizations: UAE Securities and Commodities Authority


document_description: The 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 in the U.S. to qualifying recipients under exemptions from registration requirements. The document emphasizes the investment risks, restrictions on transferability, and lack of public market for the Interests.


document_description: This document is a privacy notice for investors in the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the responsibilities of Glendower Capital LLP as the data controller and the handling of personal data for both natural and non-natural persons investing in the fund. The notice details the types of personal data collected, the reasons for data processing, and the entities with which data may be shared. It also covers data transfer outside the EEA and the rights of investors regarding their personal data.

key_locations:
United Kingdom
European Economic Area
United States of America
Cayman Islands

document_subtype: Privacy Notice


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

key_locations: 16 Berkeley Street, London, W1J 8OZ, United Kingdom

key_organizations:
Glendower Capital LLP
UK Information Commissioner's Office


document_description: The document outlines the anti-money laundering considerations and obligations for the Manager of the Glendower Capital Secondary Opportunities Fund IV, LP. It details the verification process for investors, compliance with anti-money laundering legislation, and adherence to economic sanction regulations. The Manager reserves the right to request information to verify investor identities and may report suspicious activities to authorities. Investors must comply with sanctions and provide necessary documentation.

title: Appendix 3 Anti-Money Laundering

document_subtype: Anti-Money Laundering Policy


document_description: This document is an appendix containing key definitions related to the Glendower Capital Secondary Opportunities Fund IV, LP. It includes terms and definitions relevant to legal, ERISA, and tax considerations, as well as investment and fund management terms.

title: Appendix 4 Key Definitions

document_subtype: Appendix

key_organizations:
Glendower Capital
Southern Financial LLC


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 financial and legal terms related to the fund, such as Depositary Agreement, Deutsche Asset Management, ERISA, and others. The document is marked as confidential and is subject to federal confidentiality rules.

title: GLDUS238 SOUTHERN FINANCIAL LLC - Glendower Capital Secondary Opportunities Fund IV, LP

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


document_description: This document provides detailed information about the Glendower Capital Secondary Opportunities Fund IV, LP, including its advisory committee, fund documents, partnership agreement, and investment interests. It outlines the roles of the general partner, investment committee, and other key entities involved in the fund's management and operations.

key_organizations:
Glendower Capital LLP
Southern Financial LLC


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the investment period, platforms, restrictions, and key persons involved in the fund. The memorandum includes definitions and explanations of various terms related to the fund's operations and legal considerations.

title: Glendower Capital Secondary Opportunities Fund IV. LP

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

key_organizations:
Glendower
Southern Financial LLC
IRS
OECD


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 terms and entities related to the fund, such as PFICs, QEF, RVPI, and others. It also outlines the roles of different entities like the Second GP and the SEC, and describes the structure of the fund and its related partnerships.

key_locations:
Cayman Islands
Scotland
England

key_organizations:
Glendower Capital
Southern Financial LLC
Deutsche Asset Management
U.S. Treasury Department
U.S. Securities and Exchange Commission


document_description: This document provides information about the Glendower Capital Secondary Opportunities Fund LP, including details about subsequent closings, team investments, and various financial and legal terms related to the fund.

title: Glendower Capital Secondary Opportunities Fund LP - Subsequent Closing Information

key_locations:
United States
United Kingdom

document_subtype: financial


document_description: The document provides performance information for the Glendower Capital Secondary Opportunities Fund IV, LP, including metrics such as Distributions to Paid-In Capital (DPI), Gross and Net Internal Rate of Return (IRR), and Total Value to Paid-In Capital (TVPI). It explains the calculation methods for these metrics, the effects of leverage on IRR, and the inherent uncertainties in Net Asset Value (NAV) valuations. The document also discusses benchmark analysis against other private equity funds.

title: Appendix 5 Important Performance Information


document_description: This document is a Confidential Private Placement Memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP, prepared by Deutsche Alternative Asset Management (Global) Limited. It provides performance information about the SOF Funds and related transactions managed by the SOF Team while at Deutsche Bank. The document includes financial projections, NAV, and performance results as of June 30, 2017, and discusses the use of leverage, projected cash flows, and potential risks. It emphasizes that past performance is not indicative of future results.

key_people:
SOF Team
Manager


document_description: A confidential private placement memorandum for Glendower Capital Secondary Opportunities Fund IV, LP, issued by Southern Financial LLC, aiming to achieve comparable returns as outlined in the document.


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

title: Appendix 6 Directory

document_subtype: Directory


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

key_people:
Alan Turner
Andrew Johnson
Kirsten Le Pape
Vanessa Barrett

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

document_subtype: Board of Directors Proposal


document_description: The document is a Confidential Private Placement Memorandum for Glendower Capital Secondary Opportunities Fund IV, LP, involving entities such as Glendower Capital (U.S.), LLC, Glendower Capital, LLP, and Credit Suisse Asset Management Limited. Contact information is redacted.

key_locations:
United States
Europe
MENA
Asia Pacific

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


document_description: This document is a disclosure statement outlining 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 funds. Compensation includes a one-time Placement Fee from clients and a quarterly Servicing Fee from iCapital. The document details the fee structure based on investment levels.

document_subtype: Disclosure Statement

key_organizations:
Deutsche Bank
Glendower
iCapital


document_description: This document outlines the servicing fees and compensation arrangements related to the Access Fund and the role of the Solicitation Agent. It details the fee structure based on the subscription amounts of DB Introduced Persons and the potential conflicts of interest due to financial incentives for the Solicitation Agent.

key_organizations:
Southern Financial LLC
Access Fund
Glendower GP
Glendower Capital LLC
Solicitation Agent
iCapital


document_description: A document related to Southern Financial LLC, marked as confidential under Federal Rule of Criminal Procedure 6(e).

document_subtype: financial record


document_description: This document is a Limited Partner Subscription Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P., involving Southern Financial LLC. 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 to complete the Subscription Agreement, including required sections for individuals and entities, initial capital contribution details, and 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 an investor to subscribe to a limited partnership interest in the Partnership, which aims to invest in Glendower Capital Secondary Opportunities Fund IV, LP, an English private fund limited partnership. The minimum subscription is $250,000.

key_people:
Investor
General Partner

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 Southern Financial LLC and its investors. It details the discretion of the General Partner in committing funds, the representations and warranties of the investor, and the restrictions on transfer of interests.

document_subtype: Investment Agreement


document_description: This document outlines the terms and conditions for an investor purchasing an interest in Southern Financial LLC. 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 potential loss of capital and lack of market for the interest.

document_subtype: investment agreement


document_description: The document outlines the investment representations and risk factors for an investor in a partnership managed by Southern Financial LLC. It includes acknowledgments about the partnership's non-registration as an investment company, the investor's qualified purchaser status, conflicts of interest, and additional risk factors related to the partnership's financial and operational history.


document_description: This document outlines the terms and conditions for an investor's capital contribution to Southern Financial LLC. It includes clauses on full contribution, liquidity needs, investment objectives, securities laws, and regulatory matters related to the Commodity Exchange Act.

key_organizations: U.S. Commodity Futures Trading Commission


document_description: This document outlines the terms and conditions for an investor, which could be a corporation, trust, partnership, limited liability company, or other entity, in relation to the Securities Exchange Act of 1934. It includes provisions about the investor's formation, beneficial ownership, and potential disqualifying events under Rule 506 of the Securities Act. It also covers the investor's power and authority, due execution, and binding nature of the agreement.


document_description: The document outlines the terms and conditions of an agreement between an investor and Southern Financial LLC. It includes clauses on the enforceability of the agreement, the investor's knowledge and experience, tax considerations, and the investor's status in relation to 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: This document outlines the legal and financial terms related to Southern Financial LLC's partnership structure and investor obligations. It specifies the conditions under which the Sole Owner can transfer interests, the non-borrowing of contributions by the Investor, and the legal representation disclaimers by Cleary Gottlieb and Maples and Calder. It also includes a privacy notice regarding the handling of financial information under Regulation P.

key_people:
Cleary Gottlieb Steen & Hamilton LLP
Maples and Calder

document_subtype: partnership agreement

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


document_description: This document outlines the terms and conditions for an investor's purchase of an interest in Southern Financial LLC. It includes clauses on nominees and custodians, final form agreements, solicitation restrictions, and compliance with sanctions and anti-money laundering laws.

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 in Southern Financial LLC, focusing on prohibitions related to sanctioned parties, non-cooperative jurisdictions, senior foreign political figures, and foreign shell banks. It specifies that no cash or property contributed by investors should be derived from or related to these prohibited entities or activities.

document_subtype: financial compliance document

key_organizations:
Southern Financial LLC
U.S. Treasury Department
Financial Action Task Force (FATF)


document_description: The document outlines the representations and warranties made by an investor in a partnership, ensuring compliance with anti-money laundering laws and sanctions. It specifies that the investor's funds are not derived from illegal activities and that the investor has conducted due diligence on its beneficial owners. The document also details the investor's obligation to inform the General Partner of any inaccuracies in their representations and the potential actions the General Partner may take to ensure compliance with applicable laws.

key_locations:
United States
UK

document_subtype: Subscription Agreement


document_description: This document outlines the confidentiality obligations of an investor in a partnership managed by Southern Financial LLC. It specifies the conditions under which non-public information can be disclosed, the definition of non-public information, and the investor's acknowledgment of the proprietary nature of such information. It also addresses the investor's obligations under the Freedom of Information Act (FOIA) and similar laws.

document_subtype: confidentiality agreement


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, 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 Southern Financial LLC and an Investor. It specifies the roles and responsibilities of the General Partner and iCapital Securities, LLC, including investment decision-making and fiduciary duties. The Investor is responsible for independent judgment and understanding the risks and conflicts of interest associated with the investment. The document emphasizes that neither the General Partner nor iCapital provides investment advice in a fiduciary capacity unless agreed in writing.

key_people:
General Partner
Investor Fiduciary

key_organizations:
Southern Financial LLC
iCapital Securities, LLC


document_description: This document outlines the terms and conditions of an investment management agreement involving Southern Financial LLC and iCapital. It includes details about the responsibilities and acknowledgments of the Investor and the Investor Fiduciary, the risks and fees associated with the investment, and the legal compliance required for the execution of the agreement.

document_subtype: investment management agreement

key_organizations:
Southern Financial LLC
iCapital


document_description: This document outlines the fiduciary responsibilities and conditions for an Investor Fiduciary in relation to the purchase of an Interest under ERISA and the Code. It specifies the independence of the Investor Fiduciary from iCapital and its Affiliates, the discretionary authority to make purchases, and compliance with ERISA diversification requirements. It also addresses prohibited transaction exemptions and conditions for employee benefit plans and individual retirement accounts.


document_description: This document outlines the terms and conditions for investors acquiring interests in a financial entity, specifically addressing individual retirement accounts, insurance company general accounts, and non-U.S. employee benefit plans. It includes representations and covenants by investors regarding compliance with ERISA and other regulations.


document_description: This document outlines the terms and conditions for the closing and capital contributions related to the sale and purchase of interests in a partnership managed by Southern Financial LLC. It includes details on the responsibilities of the Investor and the General Partner, as well as representations and warranties of the Partnership and the General Partner.

key_people:
General Partner
Investor


document_description: This document is a Subscription Agreement for Southern Financial LLC, outlining the legal terms and conditions for investors subscribing to an interest in the partnership. It includes clauses on the Investment Company Act status, power of attorney, expenses, amendments, and the reduction or rejection of subscription.

key_people: Glendower Access Secondary Opportunities IV GP LLC


document_description: This document is an investment agreement between an investor and Southern Financial LLC, outlining the terms and conditions for purchasing an interest in a partnership. It includes representations and warranties by the investor, requirements for additional information, indemnity clauses, and conditions related to compliance with Rule 506 under the Securities Act.

key_organizations:
Southern Financial LLC
Partnership
General Partner
Investment Manager
Underlying Fund Manager


document_description: This document outlines the obligations and representations of an investor in connection with their investment in a partnership. It includes provisions for providing tax forms and information, compliance with FATCA and CRS, and consent to receive Schedule K-1 electronically.


document_description: This document outlines the terms and conditions of a partnership agreement between an investor and Southern Financial LLC. It includes details on the withdrawal of consent, contact information updates, access requirements for Schedule K-1, and general legal obligations. The agreement is governed by the laws of the State of Delaware and subject to the jurisdiction of New York courts.

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

key_organizations:
Southern Financial LLC
iCapital Network


document_description: This document is a fee acknowledgement form for investors in Southern Financial LLC, detailing the upfront placement fee and the investor's agreement to the terms of the investment.

title: Southern Financial LLC Fee Acknowledgement

document_subtype: Fee Acknowledgement


document_description: A confidential financial document related to Southern Financial LLC, marked as proprietary and confidential, with references to federal rules and specific identifiers.


document_description: This document is an investment form for Southern Financial LLC, requiring prospective investors to complete information based on their status as individuals or entities. It includes sections for U.S. Person status, personal or entity details, and contact information.

document_subtype: investment form


document_description: A financial document related to Southern Financial LLC, detailing employment status, tax year end, employer information, and FOIA Partner status.

document_subtype: financial agreement


document_description: This document is a signature page for the General Partner of Southern Financial LLC, related to a subscription agreement. It outlines the acceptance of a subscription for an amount of interest by the General Partner on behalf of the Partnership. The document is marked as proprietary and confidential.

document_subtype: General Partner Signature Page


document_description: Wire instructions for initial capital contribution and distributions for Southern Financial LLC. The document outlines the process for providing wire instructions for the bank account related to the investment, including details for both U.S. and non-U.S. banks. It also requests information on the source of funds being invested.

document_subtype: wire instructions


document_description: A form for investors to provide contact information for their financial advisor and additional individuals to receive communications related to their investment in the Partnership.

document_subtype: investment communication


document_description: A document related to Southern Financial LLC with empty fields for name, relationship to investor, email, and phone. It is marked as proprietary and confidential.

document_subtype: financial record


document_description: This document is an investor status form for individuals, representing their net worth, income levels for 2016 and 2017, and investment ownership. It is a proprietary and confidential document from Southern Financial LLC.

document_subtype: Investor Status Form


document_description: This document is an investment questionnaire from Southern Financial LLC, asking investors about their involvement with retirement plans or employee benefit plans subject to Section 4975 of the U.S. Internal Revenue Code. It inquires about the percentage of assets invested in the partnership that are from such plans and whether the investor is subject to other laws that could affect the partnership's asset treatment.

document_subtype: investment questionnaire


document_description: This document is an exhibit for Southern Financial LLC, detailing the criteria for entities to qualify as accredited investors under various sections of the Securities Act and related regulations. It includes checkboxes for different types of entities such as corporations, trusts, banks, insurance companies, broker-dealers, investment companies, and others, to declare their status as accredited investors.

title: Accredited Investor Status for Entities

document_subtype: Accredited 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.

document_subtype: investment document


document_description: This document is an exhibit for Southern Financial LLC, detailing representations for entities such as partnerships, trusts, and corporations under the Investment Company Act. It outlines criteria for being considered a 'qualified purchaser' and includes various categories under which an investor may qualify.

title: Investment Company Act Representations

document_subtype: investment representation


document_description: This document is a financial disclosure form for Southern Financial LLC, detailing the investor's 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_description: This document is an investment questionnaire for Southern Financial LLC, focusing on the investor's commitment and the ultimate beneficiaries' details. It includes questions about the percentage of assets invested, the entitlement of proceeds, control rights, and whether the investor or beneficiaries are publicly traded or regulated entities.


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

title: Exhibit E - Plan Investor Representations

document_subtype: Plan Investor Representations


document_description: This document is an investment agreement for Southern Financial LLC, detailing conditions for Plan Investors, particularly those acting on behalf of employee benefit plans organized outside the United States. It includes representations and warranties required from the Investor if certain conditions are met.

document_subtype: investment agreement


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 privacy of financial information. It outlines the types of nonpublic personal information collected from investors and the circumstances under which this information may be disclosed to third parties, in compliance with Regulation P by the Consumer Financial Protection Bureau.

document_subtype: Privacy Notice

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


document_description: The document outlines the fee structure for Glendower SOF IV for clients in the Access Fund and those investing directly. It includes management fees, carried interest, and placement fees based on commitment size.

title: Glendower Fee Sheet

document_subtype: fee sheet

key_organizations:
Glendower Capital
Southern Financial LLC


document_description: This document is a supplemental disclosure by Deutsche Bank, acting as a solicitation agent for a fund. It outlines the nature of the information provided, the risks involved in transactions, and the non-deposit nature of the securities described. It also clarifies that Deutsche Bank does not provide accounting, tax, or legal advice and authorizes the disclosure of the structure and tax aspects of the potential transaction.

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

document_subtype: disclosure

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


document_description: A letter from Deutsche Bank requesting consent to share client information with iCapital Parties for fund investment purposes. It outlines the information required from natural persons and corporate structures or trusts.

title: Letter of Authorization for Fund Investment

document_subtype: Letter of Authorization

key_organizations:
Deutsche Bank
iCapital Advisors, LLC
Southern Financial LLC


document_description: Authorization form for Deutsche Bank to provide information and transfer funds related to an investment in Glendower Access Secondary Opportunities IV (U.S.), L.P. The form includes options for authorizing information sharing with iCapital Parties and fund transfers from a Deutsche Bank account. It also acknowledges that fund interests will not be held at Deutsche Bank and that statements will be sent directly by iCapital Parties.

document_subtype: authorization form


document_description: Document contains confidential financial information related to Southern Financial LLC, including placement fee, initial capital contribution amount, and Deutsche Bank account number, all of which are unspecified.

document_subtype: bank account information

key_organizations:
Southern Financial LLC
Deutsche Bank


document_description: This document is a supplement to the Confidential Private Placement Memorandum dated January 2018, related to the offering of limited partnership interests in Glendower Access Secondary Opportunities IV (US), L.P. It is intended for investors referred by Deutsche Bank Securities Inc.

title: Supplement to the Confidential Private Placement Memorandum

document_date: April 2018

document_subtype: Private Placement Memorandum Supplement

key_organizations:
Southern Financial LLC
Glendower Capital
Deutsche Bank Securities Inc.


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

key_organizations: Glendower Capital Secondary Opportunities Fund IV, LP


document_description: The document outlines the placement fee structure for Deutsche Bank in relation to the Access Fund and Underlying Fund. It details the DB Placement Fee rates based on investment levels and the Direct Investor Placement Fees for Deutsche Bank's role as a placement agent. It also mentions risk factors and potential conflicts of interest for DB Introduced Persons.

document_subtype: Fee Schedule

key_organizations:
Deutsche Bank
Southern Financial LLC
Glendower GP
Glendower Capital LLC


document_description: Deutsche Bank will serve as a Placement Agent for Access Funds, charging a DB Placement Fee for each Subscription by a DB Introduced Person. The fee structure varies based on the subscription amount and can be waived or reduced. Deutsche Bank will also receive a Servicing Fee for certain services provided to DB Introduced Persons. Additionally, Deutsche Bank will receive a placement fee from Glendower GP or an affiliate. The document discusses potential conflicts of interest due to these fees.

key_people:
Deutsche Bank
Glendower GP

document_subtype: Investment Agreement

key_organizations:
Deutsche Bank
Glendower GP
Access Funds


document_description: DBSI reached a settlement agreement with the SEC, NASD, NYSE, and the New York Attorney General, along with other state regulators, regarding research analyst independence and auction rate securities.

document_subtype: settlement agreement

key_organizations: National Association of Securities Dealers


document_description: This document is a Form W-9 used to request a taxpayer's identification number and certification. It includes sections for the taxpayer's name, business name, tax classification, exemptions, address, and taxpayer identification number (TIN). The form also includes a certification section where the taxpayer certifies the accuracy of the TIN and their exemption from backup withholding. The form is intended for U.S. persons, including resident aliens, to provide their correct TIN to a requester who must file an information return with the IRS.

title: Form W-9 Request for Taxpayer Identification Number and Certification

document_date: November 2017

document_subtype: Form W-9


document_description: Instructions and guidelines for filling out Form W-9, including certification of TIN, backup withholding, FATCA reporting, and penalties for non-compliance.

title: Form W-9 Instructions

document_subtype: tax document


document_description: Instructions for completing Form W-9, including penalties for falsifying information, misuse of TINs, and specific instructions for different types of entities. It also includes information on exemptions from backup withholding and FATCA reporting.

title: Form W-9 Instructions

document_subtype: tax form instructions


document_description: Instructions for completing Form W-9, including details on providing TINs for various account types, certification requirements, and identity theft protection.

title: Form W-9 Instructions

document_type: other

key_organizations:
IRS
Taxpayer Advocate Service


document_description: This document provides instructions related to the IRS W-9 form, including privacy notices and guidance on identity theft prevention. It emphasizes that the IRS does not contact taxpayers via email for personal information and provides resources for reporting phishing attempts. It also outlines the legal requirements for providing a Taxpayer Identification Number (TIN) and the consequences of failing to do so.

title: IRS W-9 Form Instructions

document_subtype: W-9 Form

key_organizations: Treasury Inspector General for Tax Administration


document_description: Amanda Kirby responds to inquiries about 17 wire transfers related to Jeffrey Epstein, detailing the purpose of the wires, Epstein's relationship with Citi clients, and the sources of funds. The activity is deemed consistent with Epstein's profile.

key_people:
Amanda Kirby
Paul Morris
Jeffrey Epstein
Mihai Serban

document_subtype: memo

key_organizations:
Deutsche Bank Trust Company Americas
SLK Designs
301/66 Owners Corp


document_description: A confidential memo from Cherie Quigley, Wealth Management AML at Deutsche Bank Trust Company Americas, located at 60 Wall Street, New York, NY. The memo is marked as confidential pursuant to Federal Rule of Criminal Procedure 6(e).


document_description: Reference to the provision of portfolio data and dispute resolution under EMIR.


document_description: This document is a valuation statement from Deutsche Bank Group provided to Southern Financial, LLC. It includes contact information for sales inquiries and questions related to the statement. The document outlines the terms and conditions of the valuations, which are for internal use only and may be subject to adjustments based on various risks and market conditions. The statement includes a note on the interpretation of positive and negative values from the DB Group's perspective.

title: Deutsche Bank Group Valuation Statement

document_subtype: valuation statement

key_organizations:
Deutsche Bank Group
Southern Financial, LLC


document_description: This document is a valuation statement from Deutsche Bank Group for Southern Financial, LLC, detailing various financial trades including credit-default swaps, FX options, and commodities index derivatives. It includes trade IDs, counterparties, trade types, dates, amounts, and market-to-market values.

title: Deutsche Bank Group Valuation Statement

document_subtype: Valuation Statement


document_description: Contact information for Ariane Dwyer, an analyst at Deutsche Bank Securities Inc.

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

key_organizations:
Deutsche Bank Securities Inc
Deutsche Asset & Wealth Management


document_description: A confidential document from Deutsche Bank Securities Inc. related to a legal matter, possibly involving financial transactions or securities.

document_subtype: confidential financial document


document_description: The report discusses the attractiveness of long-dated SPX call options due to low volatility levels and embedded protection. It examines pricing drivers, historical returns, and compares strategies to outright equity. The report highlights that call strategies have shown better risk-adjusted returns than holding a cash position in the SPX index.

title: The Compelling Case for Long-Dated SPX Calls

key_locations:
North America
United States

document_subtype: research report


document_description: The document discusses the benefits of buying long-dated call options for investors seeking equity exposure. It highlights the attractive pricing of long-dated calls on the SPX index and their embedded risk management characteristics. The note is divided into three parts: the attractiveness of current pricing, historical performance of different long-dated call structures, and the relative magnitude of risks in long call positions.

title: US Derivatives Spotlight


document_description: The document discusses the current state of call option pricing, highlighting that low rates, high dividend yields, and low implied volatility levels make long-dated calls historically cheap. It includes figures showing the drivers of call option pricing and their historical levels, as well as the distribution of call pricing for different maturities and strikes over the past decade.

title: US Derivatives Spotlight


document_description: The document provides an analysis of SPX option premiums, highlighting the decline in SPX spot implied throughout 2013 and its impact on long-dated call premiums. It includes tables showing current, median, and percentile premiums for various SPX maturities and a historical comparison of implied volatilities from 2003 to 2013. The document also discusses the effects of rate volatility and rate-equity correlations on option premiums.

title: US Derivatives Spotlight

key_organizations:
Deutsche Bank
Bloomberg Finance LP


document_description: The document discusses the attractive pricing of long-dated call options due to low forward rates and depressed long-dated implied volatility. It compares historical performances of different long-dated call strategies against the SPX Index, highlighting that call spreads tend to have the highest risk-adjusted returns. The document includes backtests for the period from December 2002 to September 2013, assuming certain transaction costs and investment strategies.

title: US Derivatives Spotlight


document_description: The document compares the performance of equity versus various 36-month call option strategies rolled after 24 months over different market periods. It highlights that while the total return on the SPX was positive, the option strategies underperformed the SPX. However, when adjusted for realized volatility, the option strategies showed better performance compared to equity. The document includes a table and figures illustrating these comparisons.

title: US Derivatives Spotlight


document_description: The document discusses the performance of various call and spread strategies in the US derivatives market from December 2002 to September 2013. It includes tables comparing annualized returns and realized volatility for different strategies, highlighting the performance of short-dated options and the impact of market conditions on these strategies.

title: US Derivatives Spotlight


document_description: The document provides an analysis of annualized returns for various equity and derivative strategies, including outright and spread options. It discusses the attractiveness of long-dated calls and compares risk-adjusted returns for different call and call spread strategies. The analysis includes historical backtests and suggests that call-spreads may offer better returns when scaled to equivalent delta as outright calls.

title: US Derivatives Spotlight


document_description: The document provides an analysis of annualized returns and realized volatility for various derivatives strategies, including outright and spread strategies. It discusses the benefits of rolling call spread positions prior to expiry to achieve higher risk-adjusted returns and reduce time decay effects. The document includes multiple tables with data on annualized returns and realized volatility for different strategies and roll periods.

title: US Derivatives Spotlight


document_description: The document provides an analysis of volatility, rate, and dividend yield risks for long-dated calls, focusing on how implied volatilities evolve after a spot rally and the impact of changes in rates and dividends on call prices. It discusses the sensitivity of options to implied volatility (vega) and the effects of term-structure and skew on implied volatilities. Figures 23 and 24 illustrate the changes in fixed-strike implied volatilities contingent on market rallies.

title: US Derivatives Spotlight


document_description: The document discusses the interest rate sensitivity of call options, focusing on the Greek 'rho'. It explains how interest rate levels affect call option pricing through discounting and forward effects. The document includes tables showing the impact of interest rates on call prices and rho as a percentage of option price over different maturities. It advises against trading long-dated calls solely for rate exposure but notes the potential positive impact of rate increases on call premiums.

title: US Derivatives Spotlight


document_description: The document contains simulated profit and loss (P/L) scenarios for options under various rate, spot, and dividend yield changes. It includes tables showing the impact of these changes on 36M and 18M options after certain periods have passed, with data sourced from Deutsche Bank.

title: US Derivatives Spotlight


document_description: The document contains a detailed comparison of performance under rising and falling markets for equity versus various 18-month call option strategies. It includes a table with returns, volatility, and return/volatility ratios for different periods and strategies.

title: Spotlight Derivatives US - Appendix A: Backtest Results

document_subtype: financial analysis


document_description: This document presents a comparative analysis of equity performance against various 36-month call option strategies during different market periods. It includes data on returns and volatility for each strategy over specified time frames.

title: Comparing performance under rising and falling markets: Equity vs. various 36M call option strategies


document_description: This document is a research report from Deutsche Bank Securities Inc. It includes important disclosures, an analyst certification, and a hypothetical disclaimer regarding backtested performance results. The report emphasizes that past hypothetical results are not indicators of future returns.

title: US Derivatives Spotlight


document_description: This document is a global disclaimer from Deutsche Bank AG, outlining the reliability of information, potential conflicts of interest, and the risks associated with financial instruments discussed in the report. It emphasizes that the information is for informational purposes only and not an offer to buy or sell financial instruments. The disclaimer also covers the distribution of the report in various international locations and the legal responsibilities involved.

title: Deutsche Bank Global Disclaimer

key_people:
David Folkerts-Landau
Guy Ashton
Marcel Cassard
Richard Smith
Steve Pollard
Michael Spencer
Ralf Hoffmann
Andreas Neubauer

key_locations:
Sydney, Australia
Frankfurt, Germany
London, United Kingdom
Hong Kong
New York, United States
Tokyo, Japan

document_subtype: disclaimer

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


document_description: A memorandum instructing a wire transfer of $25,000 from a specified account to a beneficiary at SEB (Skandinaviska Enskilda Banken) in Stockholm.

key_people:
Darren Indyke
Vahe
Bella Klein

document_subtype: wire transfer instruction

key_organizations: J. Epstein Virgin Islands Foundation Inc.