document_description: The document discusses various financial risks associated with investment funds managed by iCapital Advisors, LLC. It covers the risks of derivatives, warrants, stock purchase rights, and debt securities, including high yield or 'junk' bonds. The document highlights the potential for high volatility, illiquidity, and the speculative nature of certain investments.


source: doj

document_description: The document discusses various financial risks associated with investments, including default risk, interest rate risk, extension risk, prepayment risk, and risks related to swaps. It highlights the potential for increased price volatility and liquidity issues with lower-rated bonds, the impact of interest rate changes on debt instruments, and the complexities of swap agreements.

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

document_type: financial

document_subtype: Form ADV Part 2A


document_description: The document is a Form ADV Part 2A for iCapital Advisors, LLC, detailing investment strategies, risks, and affiliations. It discusses the risks associated with investing in Real Estate Investment Trusts (REITs) and cybersecurity risks for private equity funds. It also provides information on iCapital's affiliations, including its relationship with iCapital Securities, a registered broker-dealer, and Gen II Fund Services, a fund administrator.

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


document_description: The document is a Form ADV Part 2A for iCapital Advisors, LLC, detailing relationships with various financial institutions and potential conflicts of interest. It discusses the involvement of BNY Capital Corporation, BlackRock, Credit Suisse, Morgan Stanley, and UBS in iCapital's operations and investments. The document also outlines iCapital's Code of Ethics to manage conflicts of interest and ensure ethical trading practices.

key_organizations:
iCapital Advisors, LLC
BNY Capital Corporation
Institutional Capital Network, Inc.
BlackRock, Inc.
Credit Suisse Group AG
Morgan Stanley Smith Barney
UBS Financial Services


document_description: The document outlines the Code of Ethics and conflict of interest policies for iCapital Advisors, LLC. It specifies that employees must obtain written authorization from the CCO for personal investments and prohibits participation in IPOs or outside business activities without prior approval. iCapital serves as an investment adviser to various funds, and employees may invest in these funds. The document also discusses potential conflicts of interest, such as compensation from underlying fund managers, and how iCapital addresses these conflicts.

document_type: legal

key_organizations:
iCapital Advisors, LLC
iCapital Securities, LLC


document_description: The document is a Form ADV Part 2A from iCapital Advisors, LLC, detailing potential conflicts of interest, fee structures, valuation methods, educational programs, and privacy policies related to investment management. It discusses the involvement of management persons in soliciting investment advisers, the fee structure for brokerage limited partners, valuation conflicts, educational programs for financial advisers, and privacy policies for investors' personal information.

key_organizations:
iCapital Advisors, LLC
iCapital Securities


document_description: The document is a Form ADV Part 2A from iCapital Advisors, LLC, detailing their brokerage practices, review of accounts, and client referrals and compensation. It outlines the brokerage practices for Private Access Funds and Direct Access Funds, including the selection of brokers and the use of 'soft dollar' credits. The document also describes the review process for fund performance and the distribution of financial statements to investors. Additionally, it covers the role of iCapital Securities, LLC in private placements and the compensation structure for third-party broker-dealers.

key_people:
iCapital Advisors, LLC
iCapital Securities, LLC


document_description: The document outlines iCapital Advisors, LLC's financial arrangements and agreements related to investor funds, including management fees, collaboration with Fidelity Brokerage Services LLC, and custody rules for client funds. It also details iCapital's discretionary authority in investment decisions for the Funds.

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


document_description: The document outlines iCapital Advisors, LLC's policies on voting client securities and financial information. It specifies that iCapital does not anticipate owning equity securities with voting rights in Private Access Funds and delegates proxy voting for Direct Investment Funds to a Sub-Adviser. It also mentions the establishment of a Proxy Voting Policy for certain investments and provides financial disclosures, stating no financial impairments or bankruptcy history.


document_description: This document is a brochure supplement for iCapital Advisors, LLC, providing information about key personnel including Eileen Duff Blalock, Phil Pool, John Robertshaw, Daniel Vene, and Nicholas Veronis. It is intended to supplement the iCapital Advisors, LLC's Form ADV Brochure.

title: FORM ADV PART 2B: Brochure Supplement

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

document_type: correspondence

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

document_subtype: Brochure Supplement

key_organizations:
iCapital Advisors, LLC
Ironsides Asset Mgmt


document_description: This document provides the educational background, business experience, and other professional details of Phil Pool, a member of iCapital Advisor's investment committee. It includes information about his roles, disciplinary history, other business activities, compensation, and supervision.

title: Form ADV Part 2B for Phil Pool

key_people:
Phil Pool
Michael Stanton

key_locations:
London
New York
Chicago

document_subtype: Form ADV Part 2B

key_organizations: Donaldson, Lufkin & Jenrette Securities Corporation


document_description: This document provides the educational background, business experience, and other professional details of John C. Robertshaw, a Special Advisor to iCapital Network and iCapital Securities, LLC. It includes his past roles at Credit Suisse and Salomon Brothers, and confirms no disciplinary actions against him.

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

key_people:
John C. Robertshaw
Michael Stanton

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


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

title: Form ADV Part 2B for Daniel Vene

key_people:
Daniel Vene
Michael Stanton

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


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

title: Form ADV Part 2B for Nicholas Veronis

key_people:
Nicholas Veronis
Michael Stanton

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


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

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

document_subtype: Limited Partnership Agreement


document_description: This document is an amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes provisions on exculpation and indemnification, amendments, voting and consents, administrative provisions, and tax provisions. The document is marked as confidential and is subject to Federal Rule of Criminal Procedure 6(e).

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


document_description: This document is a table of contents for the Amended and Restated Limited Partnership Agreement of Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes sections on tax reporting consistency, general provisions, power of attorney, execution of additional documents, limited partner information, binding on successors, governing law, waiver of partition, securities law matters, confidentiality, contract construction, arbitration, side letters, entire agreement, and bad actor disqualification information. Appendices cover definitions and regulatory and tax allocations.

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

document_type: tabular


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

key_people:
General Partner
Initial Limited Partner

document_subtype: Amended and Restated Limited Partnership Agreement

key_organizations: Glendower Access Secondary Opportunities IV GP LLC


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines the obligations and rights of Limited Partners, including the effects of death, dissolution, or bankruptcy, and the conditions for admitting additional Limited Partners before the final closing date. It specifies that Limited Partners cannot control the partnership or withdraw their contributions, and details the financial obligations of new or increasing Limited Partners.


document_description: The document outlines the terms for additional limited partners joining the partnership after the initial and final closing dates. It specifies the financial contributions required from these partners, including management fees and interest-equivalent amounts. The document also details the allocation of contributions and adjustments to capital accounts, contributions, payments, and distributions to existing and new limited partners, including those in a Feeder Fund.

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


document_description: The document is an amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes provisions for the admission of new partners, anti-money laundering compliance, and the responsibilities of limited partners to ensure compliance with U.S. laws. The agreement outlines the actions the General Partner may take in case of non-compliance, including freezing or transferring a partner's interest.

key_people:
General Partner
Limited Partners


document_description: The document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines the rights and responsibilities of the General Partner, including the ability to release confidential information to governmental authorities, amend the agreement to comply with anti-money laundering laws, and manage the partnership's affairs. The General Partner has exclusive control over the partnership's management and decision-making.


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Acceie Secondary Opportunities IV (U.S.), L.P. It outlines the powers and authorities of the General Partner, including the ability to make decisions on behalf of the Partnership, execute agreements, and disclose nonpublic information as required by law. It also clarifies that the General Partner and its affiliates can engage in other business ventures independently of the Partnership.


document_description: The document outlines the provisions for alternative investment vehicles within the partnership agreement, allowing the General Partner to structure investments outside the Partnership for legal, tax, regulatory, or accounting reasons. It details the conditions under which Limited Partners and the General Partner may participate in these alternative structures and how capital contributions and distributions are managed.

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


document_description: The document outlines the terms and conditions related to allocations, distributions, and transfers of interests in an Alternative Investment Vehicle and its relationship with the Partnership. It includes provisions for defaulting partners and the establishment of Investment Subsidiaries for legal, tax, or regulatory reasons.

key_organizations:
Ironsides Asset Management
Alternative Investment Vehicle
Partnership
Investment Subsidiary


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines the responsibilities and obligations regarding fees and expenses, including organizational expenses, partnership expenses, and management fees. The document specifies which expenses are to be borne by the Partnership and which by the Investment Manager or its Affiliates.


document_description: The document outlines the financial responsibilities and management fee structure for Limited Partners in the Glendower Access Secondary Opportunities IV (U.S.), L.P. It specifies how tax-related expenses and management fees are allocated among partners based on their subscriptions and investment periods.

key_people:
General Partner
Limited Partner
Investment Manager


document_description: This document outlines the financial terms and obligations related to the management fees and capital contributions for partners in a limited partnership managed by Ironsides Asset Management. It specifies the calculation and timing of management fee payments, the obligation of partners to contribute capital, and the conditions under which these contributions are made.

key_people:
General Partner
Investment Manager


document_description: The document outlines the procedures and conditions under which the General Partner of a partnership can call for capital contributions from Limited Partners. It includes provisions for additional contributions, deficiency drawdowns, notice procedures, offsets against distributions, and the authority of the General Partner to reduce subscriptions. It also addresses the return of unused contributions.

key_people:
General Partner
Limited Partner

key_organizations: Glendoner Aeccta Secondary Opportunities IV (U.S.) L.P.


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


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


document_description: This document outlines the terms and conditions related to capital contributions and defaults within the partnership. It details the procedures for handling defaults by Limited Partners, including the assignment of rights and remedies to the Underlying Fund in case of a default. It also covers the assignment of partner contributions as security for the partnership's obligations.

key_people:
General Partner
Limited Partners
Defaulting Access Fund Investor


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines the security interests assigned by Limited Partners to the Partnership, the rights of the Partnership in case of default, and the provisions for distributions of proceeds from investments. The General Partner has discretion over the amount, timing, and form of distributions, and may retain proceeds for reserves or other purposes. Distributions are generally made pro rata among Partners, with adjustments for management fees and other economic considerations.


document_description: This document outlines the operational rules and distribution policies for Ironsides Asset Management, specifically focusing on the treatment of distributions to Defaulting Partners, special distributions, and tax payment obligations. It includes provisions for how distributions are modified in the presence of Defaulting Partners and how tax liabilities are handled.


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines the responsibilities and obligations of partners regarding tax liabilities, indemnification, and capital accounts. The General Partner has discretion in determining tax liabilities and partners are required to indemnify the partnership for tax-related claims. The document also specifies conditions under which distributions to partners are prohibited and details the creation and maintenance of capital accounts.


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines the allocation of net gain or loss among partners, compliance with Treasury Regulations, and adjustments to capital accounts. The document specifies how net gains and losses are allocated to partners and the conditions under which these allocations are adjusted.


document_description: The document outlines special allocations of items of loss or deduction, allocations following a default, other specially allocated items, and the admission of additional partners in the partnership. It specifies how losses, expenses, and deductions are allocated among partners, including adjustments for new partners admitted after the initial closing date.


document_description: The document outlines the procedures for the liquidation of the partnership, including distribution of assets, expenses of the liquidator, duration of liquidation, and liability for returns. It also details limitations on transfers and withdrawals of limited partnership interests.


document_description: This document outlines the conditions under which a Limited Partner's interest in the Partnership can be transferred. It requires the General Partner's consent for any transfer, prohibits public trading of partnership interests, and specifies conditions under which transfers will not be recognized. It also details required representations by parties involved in a transfer.


document_description: This document outlines the conditions and restrictions related to the transfer of partnership interests in Ironsides Asset Management. It specifies the requirements for transferring limited partners and transferees, including compliance with Section 1446(f) of the Code and other legal provisions. The document also lists prohibited legal consequences that would prevent a transfer, such as causing the partnership's assets to become 'plan assets' under ERISA or resulting in a non-exempt prohibited transaction.

document_subtype: Partnership Agreement


document_description: This document outlines the terms and conditions related to the transfer of interests, non-compliant transfers, multiple ownership, withdrawal rights, and removal of limited partners within the partnership. It specifies the rights and obligations of the General Partner and Limited Partners, including conditions under which a Limited Partner may be removed or required to withdraw.


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes provisions on look-through treatment, exculpation, and indemnification of Covered Persons, which include the Investment Manager, General Partner, and others. The document outlines the conditions under which these individuals are not liable for losses suffered by the Partnership or any Partner, provided they acted in good faith and without gross negligence or willful misconduct.

key_people:
Investment Manager
General Partner


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines indemnification provisions for Covered Persons and other related parties, detailing the conditions under which indemnification is provided, limitations on indemnification, and the advance payment of expenses.


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines the indemnification rights and insurance provisions for Indemnitees associated with the Partnership. The document specifies the conditions under which the Partnership may purchase insurance for Indemnitees and details the priority of indemnity obligations when multiple sources of indemnification are available.


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines the indemnification and exculpation provisions, discretionary limitations by the General Partner, and conditions under which partners may be required to return distributions to the partnership. The document specifies the legal framework for indemnification, limitations by law, and the return of distributions, including the conditions and limitations on such returns.


document_description: This document outlines the procedures and conditions under which amendments to the partnership agreement can be made. It specifies the consent required from partners for various types of amendments, including those affecting economic rights and ERISA provisions. It also details the notification process for amendments and the concept of negative consent.

document_subtype: Partnership Agreement Amendment


document_description: This document outlines the procedures for obtaining consents and approvals under the Advisers Act, voting and consent requirements for Limited Partners, and administrative provisions for keeping accounts and records. It specifies how actions are validated based on the percentage of interest of Limited Partners and details the responsibilities of the General Partner in maintaining records and confidentiality.

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


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glenodwer Access Secondary Opportunities IV (U.S.), L.P. It outlines provisions related to notices, accounting, and tax matters. Notices are to be sent to addresses specified in the List of Partners, with specific timelines for deemed receipt. The fiscal year is the calendar year unless otherwise required for tax purposes. The Partnership's independent accountants are to be selected by the General Partner. Tax provisions ensure the Partnership is treated as a partnership for U.S. federal income tax purposes, with the General Partner acting as the Tax Matters Partner for fiscal years ending before January 1, 2018.


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines the obligations of Limited Partners regarding compliance with FATCA and Section 1045 of the Internal Revenue Code. Limited Partners must provide necessary information to comply with FATCA and may face consequences if they fail to do so. The document also specifies that the Partnership is not required to elect the application of Section 1045 or comply with related tax reporting requirements.


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines various tax-related provisions and obligations for Limited Partners, including restrictions on making certain tax elections without the General Partner's consent, requirements for cooperation in maintaining tax status, and obligations for tax reporting consistency. It also includes a power of attorney clause appointing the General Partner as attorney-in-fact for certain legal actions.


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines the powers of the General Partner, including the execution of documents for the dissolution or continuation of the partnership, admission or substitution of partners, and compliance with legal requirements. It also details the obligations of Limited Partners to provide necessary information for compliance and regulatory purposes.


document_description: This document is an amended and restated limited partnership agreement for Otendoner Access Secondary Opportunities IV (U.S.) L.P. It outlines the binding nature of the agreement on successors, governing law, waiver of partition rights, securities law matters, and confidentiality obligations of limited partners.


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines confidentiality obligations and exceptions for the General Partner and Limited Partners, including conditions under which Partnership Information may be withheld. It also covers contract construction, including gender and number references, and the enforceability of provisions.


document_description: This document is an amended and restated limited partnership agreement for Otendoner Access Secondary Opportunities IV (U.S.) L.P. It includes provisions on arbitration, side letters, and bad actor disqualification information. The agreement allows for binding arbitration in New York City and permits the General Partner to enter into side letters with Limited Partners. It also outlines procedures for identifying and managing 'bad actors' among Limited Partners holding significant subscriptions.


document_description: Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. The document includes provisions related to a 20% Holder certifying or recertifying to the General Partner that it is not a Bad Actor.


document_description: This document is an appendix from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities W (U.S.), L.P. It contains definitions for various terms used in the agreement, such as '20% Holder', 'Access Fund Default', 'Administrator', and others. The document is marked as proprietary and confidential.

title: Glendower Access Secondary Opportunities W (U.S.), L.P. Definitions


document_description: This document outlines the terms and definitions related to the partnership agreement for GLDUSI 42 Ironsides Asset Management. It includes definitions for business days, capital accounts, carrying value, and other financial terms relevant to the partnership.

title: Amended and Restated Limited Partnership Agreement


document_description: This document outlines the terms and definitions related to the Amended and Restated Limited Partnership Agreement for Ironsides Asset Management. It includes definitions for terms such as Defaulting Access Fund Investor, Defaulting Partner, Delaware Act, Delayed Payment Interest, ERISA, ERISA Partner, Exempt Entity, FATCA, Feeder Fund, Final Closing Date, Freely Tradable, and Security.

title: Ironsides Asset Management - Amended and Restated Limited Partnership Agreement


document_description: This document is an amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes definitions and terms related to the management agreement, management fee, net gain or loss, nonrecourse liability, and non-voting interest. The document outlines the financial and operational structure of the partnership, including how profits and losses are calculated and the rights of non-voting interest holders.


document_description: This document outlines the terms and definitions related to the partnership agreement for Glendower Access Secondary Opportunities IV, including definitions for terms such as Offshore Access Fund, Organizational Expenses, and Partner Nonrecourse Debt.

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


document_description: This document outlines various definitions and terms related to the partnership agreement, including capital calls, management fees, and definitions of terms such as Person, Placement Agent, Plan Assets Regulation, Prime Rate, and others.


document_description: This document is an amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes definitions and terms related to financial instruments, third-party indemnifiers, transfer regulations, and the underlying fund, Glendower Capital Secondary Opportunities IV, LP.

key_locations:
United States
European Union
District of Columbia

key_organizations:
Glendower Capital
Ironsides Asset Management


document_description: This document is an appendix to a partnership agreement, detailing regulatory and tax allocations to comply with Treasury Regulation Section 1.704-1(b)(2)(iv). It includes provisions for minimum gain chargeback, nonrecourse deductions, limits on loss and deduction allocations, qualified income offset, and gross income allocation. It also addresses adjustments to reflect changes in partners' interests.

title: Appendix II - Regulatory and Tax Allocations

document_subtype: Partnership Agreement Appendix


document_description: The document outlines the allocation of income, gain, loss, deduction, or credit among partners in accordance with the partnership agreement and tax regulations. It includes provisions for special allocations to reflect economic interests and tax allocations considering the carrying value of partnership property.


document_description: This document is a private placement memorandum for Glendower Access Secondary Opportunities IV (U.S.), L.P., an 'Access Fund' into Glendower Capital Secondary Opportunities Fund IV, LP, offering limited partner interests.

document_date: January 2018

document_subtype: Private Placement Memorandum


document_description: This document is a confidential private placement memorandum provided by iCapital Advisors, LLC to sophisticated investors for investment in Glendower Access Secondary Opportunities IV (U.S.), L.P. The memorandum includes details about the investment structure, legal disclaimers, and regulatory compliance. It emphasizes the confidential nature of the information and the lack of registration with the SEC or other regulatory bodies.

title: Confidential Private Placement Memorandum for Glendower Access Secondary Opportunities IV (U.S.), L.P.

key_locations: Delaware U.S. England

key_organizations: Glendower Capital Secondary Opportunities Fund IV, LP


document_description: This document is an investment memorandum for the Access Fund, highlighting its suitability for sophisticated investors willing to accept high risks and lack of liquidity. It clarifies that purchasers of interests will not have direct involvement or rights in the Underlying Fund managed by Glendower. The memorandum also outlines the legal disclaimers and responsibilities of Glendower and other parties involved.

document_subtype: investment memorandum

key_organizations:
Ironsides Asset Management
Glendower Capital LLP
Glendower Capital (U.S.) LLC


document_description: This document is an investment memorandum for the Access Fund managed by Glendower. It outlines the indirect interests in other funds managed by Glendower, the rights and limitations of the Limited Partners, and the potential risks and fees associated with the investment. It also includes forward-looking statements and disclaimers about the potential performance of the Underlying Fund and the Access Fund.

key_organizations:
Glendower
Access Fund
Underlying Fund
General Partner
Investment Manager


document_description: This document is an investment memorandum for Ironsides Asset Management, detailing the terms and conditions for subscribing to the Access Fund. It includes confidentiality agreements and legal restrictions on the distribution and sale of interests.

key_organizations:
Ironsides Asset Management
Glendower
Underlying Fund
Access Fund
Institutional Capital Network, Inc.


document_description: This document is an investment memorandum for the Access Fund managed by Ironsides Asset Management. It outlines the terms of the offering, including the risks and restrictions associated with the investment. The memorandum supersedes any previous investment literature and emphasizes that no unauthorized information should be relied upon. It also notes the restrictions on transferability and resale of interests and the requirement for investors to certify the beneficial ownership of interests to comply with ERISA regulations.

key_organizations:
Ironsides Asset Management
Access Fund
Glendower


document_description: The document discusses the aggregation of positions for CFTC position limit and large trader reporting purposes, including future requirements for swaps equivalent to commodity futures. It advises prospective investors to consult legal advisors regarding position aggregation and reporting requirements. The investment manager has filed a notice of exemption from CFTC registration as a CTA under CFTC Rule 4.14(a)(8), based on specific qualifications.

document_subtype: legal notice

key_organizations:
Ironsides Asset Mgmt
CFTC
NFA


document_description: The document is an investment memorandum for Glendower Access Secondary Opportunities IV (U.S.), L.P., a Delaware limited partnership. It outlines the investment strategy of investing in Glendower Capital Secondary Opportunities Fund IV, LP, an English private fund. The focus is on generating risk-adjusted returns through diverse investments in private equity funds on the secondary market. The memorandum includes references to the Confidential Private Placement Memorandum of the Underlying Fund and highlights potential risks and conflicts of interest.

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

key_locations: Delaware England


document_description: This document provides a summary of the principal terms of the Glendower Access Secondary Opportunities IV (U.S.), L.P. (the 'Access Fund') and its relationship with the Underlying Fund. It outlines the roles of the General Partner and the Investment Manager, and references the relevant agreements governing the fund.

title: Summary of Principal Terms of the Access Fund

document_date: October 2017

document_subtype: Investment Summary


document_description: This document is an investment memorandum for the Access Fund, managed by Ironsides Asset Management. It outlines the management fee structure, the role of the Investment Manager, and the purpose of the Access Fund, which is to invest in Glendower Capital Secondary Opportunities Fund IV, LP. The memorandum details the investment objectives and strategies of the Underlying Fund, focusing on secondary market opportunities in private equity. It also discusses the discretion of the General Partner in managing cash flows and investment commitments.

document_subtype: Investment Memorandum


document_description: The document outlines the offering and investment details for the Access Fund, a private placement fund for certain U.S. investors. It discusses the fund's design for U.S. taxable investors and U.S. tax-exempt investors willing to receive unrelated business taxable income (UBTI). It also covers the minimum subscription requirements and potential tax implications for non-U.S. investors.

document_subtype: Investment Offering Document

key_organizations:
Ironsides Asset Management
Access Fund
Underlying Fund
Glendower GP


document_description: The document outlines the procedures for initial and subsequent closings of the Access Fund managed by Ironsides Asset Management. It details the responsibilities of the General Partner in notifying prospective Limited Partners about the Initial Closing and the conditions under which additional investors can be admitted in Subsequent Closings. It also specifies the financial obligations of investors joining after the Initial Closing, including capital contributions, management fees, and interest calculations.

document_subtype: Investment Fund Document

key_organizations:
Ironsides Asset Management
Access Fund
Glendower GP


document_description: The document outlines the investment strategy and terms for the Access Fund's investment in the Underlying Fund. It details the process for additional investments at subsequent closings, potential dilution of existing investors' interests, and the formation of parallel access and feeder funds. The term of the Access Fund is expected to end within one year following the dissolution of the Underlying Fund, with possible extensions.


document_description: The document outlines the consequences of a Limited Partner's failure to meet capital contributions in the Access Fund, which may lead to default under the Partnership Agreement. It details the remedies available to the Underlying Fund, including forfeiture of interest and additional capital calls from compliant Limited Partners. It also describes the bifurcated default process and the rights of the General Partner and Glendower GP in handling defaults.

key_people:
General Partner
Investment Manager
Glendower GP

key_organizations:
Ironsides Asset Management
Access Fund
Underlying Fund


document_description: The document outlines the distribution and allocation procedures for the Access Fund and its Limited Partners, including Feeder Funds. It details the discretion of the General Partner in applying default provisions, the distribution of funds from the Underlying Fund, and the maintenance of capital accounts. It also covers the organizational and offering expenses that the Access Fund and its Limited Partners will bear, as well as other expenses related to the management and operation of the Access Fund.

key_organizations:
Ironsides Asset Management
Access Fund
Feeder Fund


document_description: The document outlines the financial responsibilities of Limited Partners in relation to the operating expenses of the General Partner and the Access Fund. It details how expenses are allocated between the Access Fund, Feeder Funds, and Parallel Access Funds, and describes the management fee structure for Limited Partners.


document_description: This document outlines the management fee structure for Limited Partners in relation to the Access Fund and the Underlying Fund. It details the calculation of management fees based on subscription amounts and investment periods, and specifies the rates applicable during different phases of the investment. The document also mentions the payment of management fees to the Investment Manager and the role of Placement Agents.

document_subtype: Investment Management Agreement

key_organizations:
Ironsides Asset Mgmt
Access Fund
Underlying Fund
Glendower GP


document_description: The document outlines the financial reporting and tax implications for Limited Partners of the Access Fund. It details the provision of audited financial statements, IRS Schedule K-1, and quarterly reports. It also discusses the U.S. federal income tax treatment of the Access Fund as a partnership and the implications for U.S. Tax-Exempt Investors, including the expectation of receiving UBTI and the need for tax return filings.

document_subtype: financial report

key_organizations:
Ironsides Asset Mgmt
Access Fund
U.S. Internal Revenue Service


document_description: The document outlines the terms and conditions under which amendments to the Partnership Agreement can be made, the voting rights of the General Partner and Investment Manager, and the borrowing capabilities of the Access Fund. It specifies that amendments should not adversely affect Limited Partners, and that the General Partner and Investment Manager will vote in the best interest of the Access Fund without consulting Limited Partners. The Access Fund may enter into a credit facility for temporary funding, secured by drawdowns of Subscriptions.

document_subtype: Investment Agreement


document_description: The document outlines the borrowing and credit support capabilities of the Underlying Fund and its impact on the Access Fund's ability to borrow funds. It also details investor eligibility criteria and confidentiality obligations for Limited Partners. Additionally, it addresses disclosure permissions related to U.S. tax treatment and structure of the Access Fund.

key_organizations:
Ironsides Asset Mgmt
Underlying Fund
Access Fund


document_description: The document outlines certain risk factors and potential conflicts of interest associated with investing in the Access Fund and the Underlying Fund. It highlights business and market risks, including economic and political changes, and the role of Placement Agents like Raymond James, who receive fees that may create conflicts of interest.

document_subtype: investment risk disclosure

key_organizations:
Ironsides Asset Management
Access Fund
Underlying Fund
Raymond James
Glendower


document_description: The document discusses the risks and conflicts of interest associated with investing in the Access Fund, which is designed to facilitate investment into the Underlying Fund. It highlights the lack of registration under various acts, illiquidity of securities, and potential for total investment loss. The document also notes the additional expenses and lack of direct rights for investors in the Access Fund compared to the Underlying Fund.

document_subtype: investment document

key_organizations:
Ironsides Asset Mgmt
Access Fund
Underlying Fund
Glendower


document_description: The document discusses potential risks and legal considerations for the Access Fund, particularly in relation to ERISA controlled group liability and the implications of the Sun Capital Cases. It highlights the lack of recourse for Limited Partners against the Underlying Fund, restrictions on transferability or redemption of interests, and the absence of voting rights for Limited Partners. The document also notes the investment concentration risks associated with the Access Fund's sole investment in the Underlying Fund.

key_locations: U.S. Federal Court of Appeals for the First Circuit

key_locations: U.S. District Court for the District of Massachusetts

document_subtype: legal

key_organizations:
Access Fund
Underlying Fund
Glendower


document_description: The document discusses the terms and conditions of the Access Fund and the Underlying Fund managed by Glendower and Ironsides Asset Management. It highlights potential conflicts of interest among investors, confidentiality of certain information, the possibility of changes to the Underlying Fund's terms, and the use of Side Letters for preferential terms for certain investors.

key_organizations:
Ironsides Asset Management
Glendower
Underlying Fund
Access Fund


document_description: This document outlines the financial obligations and rights of the Access Fund and its Limited Partners in relation to the Underlying Fund managed by Glendower GP. It details the conditions under which capital contributions can be recalled, the indemnification obligations of the Access Fund, and the multiple layers of expenses that will be borne by the Access Fund and its Limited Partners.


document_description: The document discusses the implications of investors subscribing for interests in a subsequent closing of the Underlying Fund managed by Ironsides Asset Management. It covers topics such as public disclosure requirements, borrowing strategies, and the risks associated with leveraging and collateralizing fund assets.


document_description: The document discusses the financial management and investment strategies of the Access Fund, including cash management, over-commitment risks, lack of diversification, forward-looking statements, and disqualification risks under Rule 506 of Regulation D. It highlights potential risks and uncertainties related to capital contributions, investment diversification, and regulatory compliance.

key_organizations:
Access Fund
Underlying Fund


document_description: The document discusses the legal and regulatory risks associated with the Access Fund and the Underlying Fund, particularly in light of the Dodd-Frank Act. It highlights the potential for increased regulatory scrutiny and the impact of new regulations on private investment funds, including administrative burdens and potential liabilities. The document also addresses the implications of the Dodd-Frank Act on financial market intermediaries and the derivatives market.

document_subtype: legal and regulatory risks

key_organizations:
Glendower GP
Access Fund
Underlying Fund
General Partner
Investment Manager
Glendower
SEC
CFTC


document_description: The document discusses the potential impacts of recent changes in U.S. tax law and position limits on the Access Fund and its Underlying Fund. It highlights the increased costs and reduced exposure due to new position limits and aggregation requirements, as well as the potential adverse effects on liquidity and execution pricing. The document also outlines the significant impacts of the 2017 Tax Legislation on taxation, investment returns, and the competitive landscape of the private funds sector.

document_subtype: investment fund analysis

key_organizations:
Ironsides Asset Management
Cleary Gottlieb Steen & Hamilton LLP
Maples and Calder


document_description: The document provides tax-related information for Limited Partners of the Access Fund, including implications of the 2017 Tax Legislation, annual income tax information, phantom income, tax-exempt investors and UBTI, non-U.S. investors and ECI, and FATCA compliance. It advises consulting tax advisors for specific circumstances.

document_subtype: tax information

key_organizations:
Ironsides Asset Mgmt
Access Fund
IRS


document_description: The document discusses the implications of the Bipartisan Budget Act of 2015 on U.S. federal income tax audits of partnerships, specifically focusing on the Access Fund. It outlines the potential tax liabilities for current and former partners under the new rules and the possibility of adverse tax consequences. The document advises prospective Limited Partners to consult tax advisors due to the complex tax considerations involved.

document_subtype: tax document

key_organizations:
Ironsides Asset Mgmt
Access Fund


document_description: This document provides a summary of certain U.S. federal income tax considerations related to an investment in the Access Fund. It discusses the applicability of the U.S. federal income tax to Limited Partners who are U.S. persons and advises non-U.S. persons to consult their tax advisors. The document outlines the assumptions made for the tax considerations and notes that it does not cover all possible tax scenarios or the interaction with international tax treaties.

key_locations:
United States
District of Columbia

document_subtype: tax considerations

key_organizations:
Access Fund
IRS


document_description: This document provides a summary of the U.S. federal income tax implications for prospective investors in the Access Fund and the Underlying Fund, which are expected to be treated as partnerships for tax purposes. It advises investors to consult their own tax advisors regarding potential tax consequences. The document discusses the potential for the Funds to be treated as corporations if they fail to qualify as partnerships, which would result in different tax implications.

document_subtype: tax summary


document_description: Discussion of tax consequences for Limited Partners in the Access Fund, including tax basis, distributions, and allocations of income and loss. It covers how a Limited Partner's tax basis is calculated, the tax implications of cash and property distributions, and the allocation of income and loss according to the Partnership Agreement.


document_description: This document outlines the tax implications and considerations for Limited Partners in the sale of interests in the Access Fund managed by Ironsides Asset Management. It discusses capital gains or losses, tax basis adjustments, and limitations on the deductibility of interest expenses. The document also covers the potential termination of the Access Fund for U.S. federal income tax purposes if a significant portion of interests are sold within a year.

key_organizations:
Ironsides Asset Management
Access Fund


document_description: The document outlines tax implications for non-corporate Limited Partners in the Access Fund, focusing on investment income, interest limitations, passive activity loss restrictions, at-risk limitations, and deductibility of expenses. It advises Limited Partners to consult tax advisors for specific situations.

document_subtype: investment fund tax implications


document_description: This document discusses the tax implications for U.S. Tax-Exempt Investors and Limited Partners investing in the Access Fund. It covers topics such as Unrelated Business Taxable Income (UBTI), excise taxes, foreign tax credits, and audit procedures. The document advises investors to consult their tax advisors regarding these issues.

key_organizations:
Access Fund
Ironsides Asset Management


document_description: This document outlines the tax reporting requirements for U.S. persons owning interests in non-U.S. entities through a fund or partnership. It details the obligations of Limited Partners to file information returns or statements regarding their interests in foreign entities or accounts, including the potential need to file an FBAR. The document also discusses the taxation of qualified dividend income for non-corporate taxpayers and the conditions under which dividends from U.S. and qualified foreign corporations may be taxed at reduced rates.


document_description: The document is an investment memorandum for the Access Fund, detailing U.S. federal income tax considerations and regulatory matters related to the offer and sale of Interests in the fund. It highlights the lack of registration under the Securities Act of 1933 and the reliance on exemptions for private placements. It also discloses past regulatory issues involving Raymond James, a Placement Agent for the offering.

key_locations:
United States
Puerto Rico
Virgin Islands
District of Columbia

document_subtype: investment memorandum

key_organizations:
Ironsides Asset Management
Raymond James Financial Services, Inc.
Securities and Exchange Commission


document_description: The document outlines the legal compliance and exemption status of the Access Fund under various U.S. financial regulations, including the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Commodity Exchange Act of 1974. It details the exemptions claimed by the Access Fund and its General Partner from registration requirements, the conditions under which these exemptions apply, and the potential legal considerations for investors. It also addresses compliance with anti-money laundering requirements.

document_subtype: Legal Compliance and Exemption Summary

key_organizations:
Access Fund
General Partner
Investment Manager
National Futures Association


document_description: The document discusses regulatory compliance and anti-money laundering measures for investors in the Access Fund managed by Glendower GP. It outlines the requirements for investors to provide documentation verifying their source of funds and compliance with OFAC regulations. It also addresses the non-applicability of the AIFM Directive to the General Partner and Investment Manager, and ERISA considerations for U.S. pension plans investing in the Access Fund.

document_subtype: memo

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

reference_numbers:
Directive 2011/6I/EU
Section 404(a)(1) of ERISA


document_description: The document discusses the considerations for ERISA Plans and Individual Plans when investing in the Access Fund, including potential prohibited transactions under ERISA and the Code. It also addresses the implications of the 2017 Fiduciary Rule and the conditions under which the General Partner may be considered a fiduciary. The document outlines the 25% ownership rule for benefit plan investors to avoid the Access Fund's assets being treated as plan assets.

document_subtype: investment advisory

key_organizations:
Ironsides Asset Management
U.S. Department of Labor


document_description: The document discusses the classification of equity interests in the Access Fund as held by 'benefit plan investors' under ERISA regulations. It outlines the implications if the Access Fund's assets are deemed 'plan assets' under ERISA, including fiduciary responsibilities and potential liabilities. It also addresses reporting requirements for ERISA Plan investors on Form 5500 and considerations for governmental pension plans. The document advises fiduciaries to consult legal counsel regarding ERISA and investment decisions.


document_description: This document is a supplement to the Confidential Private Placement Memorandum for Glendower Access Secondary Opportunities IV (U.S.), L.P. It updates and modifies the original Memorandum, particularly regarding the investment in Glendower Capital Secondary Opportunities Fund IV, LP. The supplement clarifies that it does not alter the 'Important Disclosures' section of the Memorandum and emphasizes confidentiality and the conditions under which tax-related information can be disclosed.

document_subtype: Private Placement Memorandum Supplement

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


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

document_subtype: Investment Fund Document

key_organizations:
Access Fund
Underlying Fund
Feeder Fund


document_description: The document outlines the indemnity obligations of the Access Fund and the Underlying Fund, including the funding of indemnification through capital calls or return of distributions. It also discusses the expenses and management costs borne by the Access Fund and the Underlying Fund, and the carried interest of the Glendower GP. The document includes amendments to risk factors and potential conflicts of interest related to expenses.

document_subtype: Partnership Agreement

key_organizations:
Access Fund
Underlying Fund
Glendower GP
Ironsides Asset Management


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

key_organizations:
Glendower Capital
Credit Suisse


document_description: The document is a blank page with confidentiality notices and reference numbers.

document_type: other


document_description: This document is an amended and restated confidential private placement memorandum for Glendower Capital Secondary Opportunities Fund IV, LP, circulated to a limited number of qualified prospective investors for evaluating an investment in the fund's limited partner interests. It outlines the terms of the offering, including the merits and risks involved, and is circulated by Glendower Capital LLP, authorized by the UK Financial Conduct Authority. The memorandum is a financial promotion under the UK Financial Services and Markets Act 2000 and is intended for professional investors only.

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

document_date: March 2018

document_subtype: Private Placement Memorandum

key_organizations:
Glendower Capital LLP
UK Financial Conduct Authority


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the terms and conditions under which the fund's interests are offered, including the lack of registration under the U.S. Investment Company Act of 1940 and the U.S. Securities Act of 1933. The memorandum highlights the risks associated with the investment, the lack of liquidity, and the indefinite period for which investors may need to bear these risks. It also advises prospective investors to consult their advisors regarding legal, tax, and financial matters related to the investment.

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

key_organizations:
Glendower Capital
Ironsides Asset Management


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 emphasizes that the fund's legal and tax structure is assumed to be fully implemented and authorized by the FCA before the first closing. The document also clarifies that it does not constitute an offer or solicitation where unlawful and that the fund partnership agreement will control in case of inconsistencies.

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


document_description: This memorandum outlines the exemption status of Glendower Capital, LLP and its General Partner from CFTC registration, the role of Credit Suisse as placement agent, and the responsibilities of potential investors. It emphasizes that the CFTC has not reviewed or approved the offering and that Credit Suisse is not acting as an investment adviser or fiduciary.

title: Glendower Capital Secondary Opportunities Fund IV, LP

key_organizations: U.S. Commodity Futures Trading Commission


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

key_locations:
New Hampshire
Florida


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP, managed by Glendower Capital. It includes contact information for Glendower Capital offices in London and New York, and lists key contacts at Credit Suisse Asset Management Limited.

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

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

key_organizations:
Glendower Capital
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, fund management, risk factors, and legal considerations, among others. Appendices provide additional information on notices to investors, privacy, anti-money laundering, key definitions, performance information, and the board of directors.


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


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

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


document_description: Glendower Capital Secondary Opportunities Fund IV, LP is being formed by Glendower Capital, an independent investment firm focused on secondary private markets. The fund seeks US$1.75 billion in commitments to generate attractive risk-adjusted returns through a diverse portfolio of investments in the secondary market. It targets acquisitions in private equity fund structures and co-investments globally, primarily in the U.S. and Europe. This is the first dedicated secondary fund raised outside of Deutsche Asset Management by the Managing Partners and the Glendower SOF Team.

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

key_locations:
U.S.
Europe
London
New York

document_subtype: Executive Summary

key_organizations:
Glendower Capital
Deutsche Asset Management
Deutsche Bank


document_description: The document provides an executive summary of the Glendower Capital Secondary Opportunities Fund IV, LP, detailing the spin-out of Glendower Capital from Deutsche Asset Management and the continuation of the secondary investment strategy. It highlights the benefits of secondary market investing, the transition of the secondary market to an institutionalized market, and the performance of previous funds. The document emphasizes the strategic approach to transaction sourcing and investment process to generate high-quality secondary private equity investment opportunities.

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 structure. 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 disciplined investment process.

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

key_locations:
London
New York


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

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


document_description: The document provides an 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 development across different economic cycles. The funds show a peak in Net Contributed Capital below 50% at around 16 quarters from inception, with Net IRR leveling off 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.

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

document_subtype: Investment Performance Report


document_description: The document compares the performance of the Glendower Capital Secondary Opportunities Fund IV, LP (SOF Program) against public market indexes such as the MSCI World Index, Russell 2000 Index, and Thomson Reuters Private Equity Buyout Index. The SOF Program, including its various iterations (SOF, SOF D, SOF II, SOF III), shows favorable performance compared to these indices. The document also explains the methodology used for comparison, including the Long Nickels method for calculating PMEs and Net IRR.

title: Scotian 2: Investment Performance

key_organizations:
Glendower Capital
IronsIdes Asset Mgmt


document_description: This document is a summary of the principal terms for the Glendower Capital Secondary Opportunities Fund IV, LP, as part of a confidential private placement memorandum.

title: Summary of Principal Terms

key_organizations:
Glendower Capital
IronsideS Asset Mgmt


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

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

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

document_subtype: Investment Fund Summary


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP, managed by Ironsides Asset Management.


document_description: The document outlines the investment strategy for the Glendower Capital Secondary Opportunities Fund IV, LP (SOF IV), which is established as a successor to the SOF Funds. The fund targets acquisitions in the secondary market, focusing on fund secondaries, GP-led secondaries, and single asset deals, primarily in the U.S. and Europe. It aims for risk-adjusted returns in excess of 20% Net IRR. The fund will also allocate up to 15% of commitments to primary fund investments and other opportunities.


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 mitigation of the J-curve effect. The document also describes the secondary market investment opportunity, noting the illiquid nature of private equity assets and the dynamics that create opportunities for secondary purchases.


document_description: The document provides an analysis of the secondary market pricing trends from 2005 to 2017, highlighting the impact of market conditions on pricing and transaction volumes. It discusses the overheated market in 2006-2007, the crisis period, and the subsequent normalization of pricing. The analysis includes data on annual market volumes and pricing as a percentage of NAV, indicating a stable market with a 10% discount to NAV from 2014 onwards.

title: Glendower Capital Secondary Opportunities Fund IV Analysis

document_subtype: financial analysis

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


document_description: The document provides a breakdown of seller composition for Glendower Capital Secondary Opportunities Fund IV, LP, highlighting the percentage of different seller types. It also discusses the emergence of tail-end sales in the secondary market and provides data on private equity assets by fund vintage year, indicating a significant supply of secondary opportunities in pre-crisis bubble funds.

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

document_subtype: financial report

key_organizations:
Glendower Capital
Greenhill Cogent
Preqin


document_description: The document discusses the growth and prominence of GP-led Secondaries, highlighting the volume and percentage of GP-led Secondaries from 2006 to 2017. It also outlines factors driving the trend for general partners to organize liquidity solutions for investors, such as the global financial crisis and the proactive approach of LPs in rebalancing portfolios.

key_organizations:
Ironsides Asset Management
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 diversified portfolios.

key_organizations:
Glendower Capital
BC Partners
DIAMOND CASTLE
EGT
One Equity Partners
WARBURG PINCUS
NORDIC CAPITAL
DUKE STREET
LON POINT CATAL
QUADRICA CAPITAL
ARCO REAL ESTATE
GMT
Pollen Street
ENHANCED HEALTHCARE PARTNERS
Zurmont Madison Capital


document_description: The document provides an analysis of the competitive environment for secondary market funds, focusing on Glendower Capital's positioning in the mid-sized segment. It discusses the advantages of mid-sized funds in building diversified portfolios and the challenges faced by smaller and larger funds. The document also outlines sourcing strategies for investments, highlighting the shift in sellers from financial institutions to alternative asset managers, family offices, and endowments.

title: Glendower Capital Secondary Opportunities Fund Analysis

document_subtype: investment fund analysis

key_organizations:
Glendower Capital
Preqin


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 an Investment Committee, and post-acquisition, the fund actively manages investments with risk management strategies like hedging.


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


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

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

key_organizations:
Glendower Capital
IronSidea Asset Management


document_description: The document provides an overview of Glendower Capital's management of the Glendower Capital Secondary Opportunities Fund IV, LP. It details the firm's history, team composition, and investment strategy. Glendower Capital, an independent investment firm, was formed by a team that spun out from Deutsche Asset Management in 2017. The fund management team is led by Carlo Pirzio-Biroli and Charles Smith, with a strong team of investment professionals. The document outlines the management structure, investment team, and investment committee responsible for evaluating and approving investments for the fund.

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

key_organizations:
Glendower Capital
Deutsche Asset Management
FCA


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 involved in fund management and investor relations for the secondary private equity business.

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

key_locations:
New York
South Africa
Milan
London

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


document_description: This document is a summary of terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP, as part of a confidential private placement memorandum.

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


document_description: This document is 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 types of investments in the secondary market. The document emphasizes that the summary is qualified by the Fund Partnership Agreement and other related documents.

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

key_locations:
Cayman Islands
UK
U.S.
Europe


document_description: This document outlines the terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP. It details the General Partner's Share, distribution of net proceeds, and applicable points for commitments. The document specifies the distribution hierarchy for partners and the special limited partner, including the concept of 'Carried Interest'.

title: Scotian 6: Summary of Terms and Conditions

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 fund dissolution, special limited partner clawback, organizational expenses, operating and other expenses, transaction and break-up fees, and the establishment of a fund advisory committee.

document_subtype: 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 the structure of feeder and parallel funds, successor fund restrictions, allocation of investment opportunities, transfer and withdrawal policies, reporting and valuation standards, and disclosure of leverage provisions. The document specifies the roles and responsibilities of the Manager and the Fund Advisory Committee, as well as the conditions under which Limited Partners can transfer interests or withdraw from the fund.

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

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 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 is a summary of 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. Key points include indemnification clauses for Covered Persons, conditions for the removal of the General Partner, and default interest rates for Limited Partners.

key_people:
General Partner
Manager
Second GP


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

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


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


document_description: The document outlines various risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses the risks related to leverage, investments in troubled and leveraged companies, venture capital investments, valuation issues, lack of liquidity, and the absence of an established market for secondaries investments. The document highlights the potential for high returns but also significant risks, including the possibility of losing the entire capital contribution.

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

document_subtype: Risk Factors

key_organizations:
Glendower Capital
Ironsides Asset Management


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 in portfolio investments.


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 nature of fund investments requiring long-term commitment, restrictions on transfer and withdrawal, and performance risks. The document emphasizes the high degree of risk and illiquidity involved, and the lack of guarantees on returns or capital repayment.

key_organizations:
Glendower Capital
Ironsides Asset Mgmt


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


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

key_people:
Manager
U.S. Adviser

key_organizations:
Glendower Capital
Deutsche Bank


document_description: This section outlines various risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP, focusing on global taxes, changes in tax law, tax treatment, phantom income, risks from changes in the taxation of carried interest, and corporate offenses related to tax evasion. It highlights potential adverse effects on the fund and its investors due to tax law changes, tax inefficiencies, and legislative impacts on carried interest.

key_locations:
United States
United Kingdom


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

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

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


document_description: This document outlines the risk factors associated with investing in the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses potential risks related to deflation, currency fluctuations, debt market conditions, and legal, tax, and regulatory changes. The document highlights how these factors could impact the fund's ability to make investments, generate returns, and pursue its investment strategy.


document_description: This document is a section from the Confidential Private Placement Memorandum for Glendower Capital Secondary Opportunities Fund IV, LP, discussing risk factors related to regulatory scrutiny, Brexit, and anti-money laundering compliance. It highlights potential impacts on the private investment industry, including regulatory changes, market dislocation due to Brexit, and compliance with anti-money laundering laws.

key_locations:
UK
European Union

key_organizations:
Glendower Capital
General Partner
Second GP
Manager


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

key_organizations:
Glendower Capital
Ironsides Asset Management
Credit Suisse Asset Management Limited


document_description: This section outlines the risk factors associated with investing in the Glendower Capital Secondary Opportunities Fund IV, LP. It emphasizes that the list of risk factors is not exhaustive and advises potential investors to read the entire memorandum and consult professional advisers before investing.


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

title: Conflicts of Interest


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

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

key_people:
Manager
General Partner
Fund Advisory Committee


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


document_description: This document is a section of the Confidential Private Placement Memorandum for Glendower Capital Secondary Opportunities Fund III, LP, focusing on legal, ERISA, and tax considerations.

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


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

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


document_description: The document outlines the legal and financial framework for the Glendower Capital Secondary Opportunities Fund IV, LP, a private fund limited partnership governed by English law. It details the jurisdictional agreements, investor obligations, collateral and asset reuse arrangements, leverage limits, and periodic disclosure requirements. The document specifies that the fund may employ leverage up to 400% by the gross method and 300% by the commitment method, with changes disclosed to limited partners. It also covers the enforceability of foreign judgments in English courts.

key_locations: England Wales


document_description: This document outlines the legal, ERISA, and tax considerations for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes details on the fund's risk management, 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 thus, 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

key_organizations:
Glendower Capital
Aztec Financial Services (UK) Limited


document_description: This document outlines the legal, ERISA, and tax considerations for the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses exemptions from registration with the U.S. Commodity Futures Trading Commission (CFTC) for the Manager and General Partner, ERISA considerations for fiduciaries of employee benefit plans, and the implications of plan assets under ERISA regulations.


document_description: This document discusses legal, ERISA, and tax considerations for investors in the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the 25% Test for Benefit Plan Investors under ERISA, the requirement for Form 5500 reporting, and certain U.S. federal income tax considerations. The document emphasizes the complexity of tax implications for partnerships and advises investors to consult with tax advisers.

key_organizations:
Glendower Capital
U.S. Internal Revenue Service


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 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 certain U.S. tax reporting requirements for investors.

key_organizations:
Glendower Capital
Operating Partnership
U.S. federal income tax
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 penalties for non-compliance with tax laws, the complexity of UK tax considerations, and the responsibilities of investors regarding tax reporting and liabilities. The fund is structured as an English limited partnership, and its tax treatment is based on it being an investment partnership rather than a trading entity.

key_organizations:
Glendower Capital
HM Revenue & Customs


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 treatment of 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 the implications for UK resident individuals, companies, and non-UK resident investors. It discusses the potential tax treatments of gains and income, the impact of offshore fund rules, and inheritance tax considerations.

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


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


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 these interests in various jurisdictions, including the European Economic Area, Denmark, Finland, and Germany. The memorandum specifies that the offer is limited to professional investors and details the compliance requirements for each jurisdiction.

key_locations:
European Economic Area
Denmark
Finland
Germany

document_subtype: memorandum

key_organizations:
Glendower Capital
Ironsides Asset Management
Finnish Financial Supervisory Authority


document_description: This document is a Confidential Private Placement Memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the regulatory and marketing restrictions for offering the fund's interests in various countries, including the Netherlands, Sweden, the United Kingdom, Australia, and Bahrain. The memorandum specifies that the fund is targeted at professional investors and is subject to different regulatory requirements in each jurisdiction.

key_locations:
The Netherlands
Sweden
United Kingdom
Australia
Bahrain

key_organizations:
Glendower Capital
Finansinspektionen
FCA
Central Bank of Bahrain


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

key_locations:
Brazil
Brunei Darussalam
Canada
Cayman Islands
Chile
China
Colombia

key_organizations: Securities and Insurance Supervisory Authority of Chile

reference_numbers:
National Instrument 45-106
National Instrument 31-103


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 fund's status in the Dubai International Financial Centre, noting that it is not regulated by the DIFC or DFSA. The document 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 for the solicitation and sale of interests in the fund in various jurisdictions, including Japan, Kuwait, and Mexico. The memorandum specifies the legal exemptions and requirements under the Financial Instruments and Exchange Law (FIEL) in Japan, the restrictions under Kuwaiti law, and the conditions under the Mexican Securities Market Law. It emphasizes the confidentiality of the document and the risks associated with the investment.

key_locations: Japan Kuwait Mexico

key_organizations: Credit Suisse Securities (Japan) Limited

key_organizations: Mexican Banking and Securities Commission

reference_numbers: Article 2, paragraph 2, item 6 of the FIEL

reference_numbers: Article 2, paragraph 3, item 3 of the FIEL

reference_numbers: Article 17-12, paragraph 1 of the Order for Enforcement of the Financial Instruments and Exchange Law


document_description: This document is a Confidential Private Placement Memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the legal restrictions and conditions for offering and selling interests in various jurisdictions including Mexico, Monaco, New Zealand, and Oman. The document specifies that the interests are not intended for public offering and are restricted to certain types of investors as defined by local laws. It also clarifies that the memorandum does not constitute legal, tax, or investment advice.

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 the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the legal and regulatory considerations for offering and distributing investment interests in various jurisdictions, including Korea, St. Kitts and Nevis, and Switzerland. The document specifies that the fund is not registered with regulatory authorities in these regions and provides guidance on compliance with local laws. It also details the roles of representatives and paying agents in Switzerland, as well as the handling of fees and retrocession payments.

key_locations:
Korea
St. Kitts and Nevis
Switzerland
Geneva

key_organizations: Securities Commission of St. Kitts and Nevis

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

key_organizations: Swiss Financial Market Supervisory Authority


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.

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 only to qualifying recipients in the U.S. under specific exemptions and are subject to restrictions on transferability and resale. The Fund is not registered as an investment company, and investors will not have the protections of the Investment Company Act. There is no public market for the Interests.

key_organizations:
Glendower Capital
Ironsides Asset Management


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 details how personal data of investors will be processed, shared, and retained. It also informs investors of their rights regarding their personal data.

title: Glendower Capital Secondary Opportunities Fund IV, LP - Privacy Notice

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

document_subtype: Privacy Notice

key_organizations:
Glendower Capital LLP
Gen II Fund Services LLC
Aztec Financial Services (UK) Limited
Lloyds Bank plc
Debevoise & Plimpton LLP


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 role of the UK Information Commissioner's Office (ICO) as the supervisory authority.

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

key_organizations:
Glendower Capital LLP
UK Information Commissioner's Office