document_description: The document is a Form ADV Part 2A for iCapital Advisors, LLC, detailing their investment strategies, management fees, and assets under management as of December 31, 2017. It outlines the structure of various funds managed by iCapital, including private equity and hedge funds, and the management fees associated with these funds. The document also mentions the ownership structure of Institutional Capital Network, Inc., the parent company of iCapital, and lists Michael Stanton as the Chief Compliance Officer.


source: doj

document_description: The document outlines the management and investor servicing fees associated with iCapital Advisors, LLC, as well as payments to underlying managers and service providers. It details the fee structure, including management fees, investor servicing fees, and additional fees charged by underlying funds. The document also discusses the engagement of service providers like Dynasty Securities, LLC, and the organizational expenses borne by each fund.


document_description: The document outlines the expenses associated with the formation and operation of the Private Access Fund and Direct Investment Funds managed by iCapital Advisors, LLC. It details the types of expenses that these funds will bear, including management fees, organizational expenses, taxes, and costs related to audits, legal services, and other administrative functions. The document also mentions that limited partners will indirectly bear certain costs related to the Private Access Fund's investments in Underlying Funds.


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


document_description: The document outlines the investment strategies and due diligence processes of iCapital Advisors, LLC, particularly focusing on their Private Access Funds and Direct Investment Funds. It details the methods of analysis, investment strategies, and risk of loss, emphasizing a 'bottom-up' diligence approach for selecting fund managers and sub-advisers. The due diligence process includes quantitative and qualitative assessments, comprehensive evaluations of fund managers, and market analysis.


document_description: The document outlines the due diligence process of iCapital Advisors, LLC for evaluating investment opportunities, particularly in hedge funds. It describes a five-stage selection process that includes market opportunity assessment, manager identification, initial diligence, deep dive diligence with the assistance of Castle Hall Alternatives Inc., and final approval by the iCapital Investment Committee. The document emphasizes the importance of a unanimous vote by the Investment Committee for any investment to be marketed.


document_description: The document outlines the investment selection process and associated risks for iCapital Advisors, LLC. It highlights the limitations in operational due diligence and the potential risks of conflicts of interest, fraudulent behavior, and operational weaknesses in the Underlying Funds. The document emphasizes the risk of loss in securities investment and advises prospective investors to consult professional advisers and review legal documents before investing. It is intended for experienced and sophisticated investors who can bear high economic risks.


document_description: The document is a Form ADV Part 2A from iCapital Advisors, LLC, discussing the risks and conflicts of interest associated with investing in Private Access Funds. It highlights potential issues such as lack of diversification, higher fees, illiquidity, and the possibility of losing the entire investment. The document also notes that iCapital is not the General Partner or manager of the Underlying Fund and outlines the risks of mismanagement by the fund's general partner or manager. It mentions indemnification provisions and the potential for in-kind distributions that may not be marketable.


document_description: The document outlines the terms and conditions related to capital contributions and investor obligations for Private Access Funds managed by iCapital Advisors, LLC. It details the responsibilities of investors, the lack of direct interest or recourse against the Underlying Fund, and the absence of voting rights for investors in Private Access Funds. It also discusses the potential penalties for failing to meet capital contributions and the implications of changes to the terms of the Underlying Fund.


document_description: The document outlines the financial and tax implications for investors in Private Access Funds managed by iCapital Advisors, LLC. It discusses the potential tax liabilities, including the need for investors to file extensions for tax returns and the possibility of incurring tax liabilities exceeding cash distributions. The document also highlights the illiquidity of investments in private equity funds, economic and market risks, and the consequences of defaulting on capital contributions to underlying funds.


document_description: The document outlines the financial and legal obligations of investors in iCapital Advisors, LLC, particularly in relation to capital contributions and defaults. It discusses the implications of a default on capital contributions, including potential legal actions and financial penalties. The document also covers the structure of certain funds as series limited partnerships under the Delaware Act, highlighting the potential risks and uncertainties related to cross-series liabilities. Additionally, it emphasizes the reliance on sub-advisers for investment decisions and the potential impact of changes in sub-advisory personnel on fund performance.


document_description: The document is a Form ADV Part 2A for iCapital Advisors, LLC, discussing various investment risks associated with securities. It highlights general economic and market conditions, issuer risk, equity securities risks, and investments in non-U.S. issuers. The document outlines factors that can affect the value of investments, including market volatility, economic conditions, and specific risks related to foreign investments.


document_description: The document is a Form ADV Part 2A for iCapital Advisors, LLC, discussing various investment strategies and associated risks. It covers investments in American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), and Global Depositary Receipts (GDRs), highlighting the risks of investing in non-U.S. securities, including political, economic, and foreign exchange risks. The document also addresses investments in emerging markets, noting the potential for high volatility and market instability. Additionally, it discusses the impact of foreign currency fluctuations on fund investments.


document_description: The document discusses various financial risks associated with investments managed by iCapital Advisors, LLC, as outlined in their Form ADV Part 2A. It covers currency exchange risks, credit risks, concentration risks, and settlement risks in foreign markets. The document highlights how these risks can affect the value and performance of investment portfolios.


document_description: The document is a Form ADV Part 2A for iCapital Advisors, LLC, discussing various financial risks and strategies associated with investment funds. It covers topics such as cash position risk, leverage, and derivatives risk. The document explains how funds may hold assets in cash or cash equivalents, the use of leverage in investment strategies, and the risks associated with derivatives. It highlights the potential for increased income or capital appreciation through leverage, but also the special risks and interest expenses it entails. The document also discusses the complexities and risks of using derivatives in investment strategies.


document_description: The document outlines the risks associated with various financial instruments and strategies used by funds managed by iCapital Advisors, LLC. It discusses 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 these investments, as well as the impact of interest rate changes on debt securities.


document_description: The document discusses various financial risks associated with investments in debt instruments and swaps. It highlights the risks of default, interest rate changes, liquidity issues, and market volatility. The document also explains the potential impacts of interest rate risk, extension risk, prepayment risk, and the use of swaps in investment strategies.


document_description: The document is a Form ADV Part 2A for iCapital Advisors, LLC, detailing various financial instruments and associated risks, including investments in Real Estate Investment Trusts (REITs) and cybersecurity risks. It also covers disciplinary information, stating no material legal or disciplinary events affecting the advisory business. The document outlines other financial industry activities and affiliations, including iCapital Securities, LLC, a registered broker-dealer, and Gen II Fund Services, LLC, a fund administrator with ties to iCapital's parent company.


document_description: The document outlines the financial relationships and potential conflicts of interest involving iCapital Advisors, LLC, its parent company Institutional Capital Network, Inc., and various financial institutions such as BNY Capital Corporation, BlackRock, Credit Suisse, Morgan Stanley, and UBS. It also discusses iCapital's Code of Ethics, which aims to prevent conflicts of interest and insider trading among its employees.


document_description: The document outlines the Code of Ethics and conflict of interest policies for iCapital Advisors, LLC. Employees must obtain written authorization from the CCO for personal investments and are discouraged from frequent trading. 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_description: The document is a Form ADV Part 2A for iCapital Advisors, LLC, detailing potential conflicts of interest, fee structures, valuation estimates, and privacy policies. It discusses the involvement of iCapital management in soliciting investment advisers and the potential conflicts arising from compensation structures. The document also outlines the fees paid by brokerage limited partners and the potential conflicts of interest in fund valuation. Additionally, it mentions educational programs offered by iCapital that may influence financial advisers' recommendations. The privacy policy emphasizes the confidentiality and security of investors' personal information.


document_description: The document is a Form ADV Part 2A for iCapital Advisors, LLC, detailing their brokerage practices, review of accounts, and client referrals and compensation. It outlines the firm's approach to brokerage practices, 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.


document_description: The document outlines the financial arrangements and policies of iCapital Advisors, LLC, including management fees, collaboration with Fidelity Brokerage Services, custody rules, and investment discretion. It details how iCapital compensates Fidelity for administrative services and the potential conflicts of interest arising from these arrangements. The document also explains the custody requirements for client funds and securities, and the investment discretion iCapital holds over the funds.


document_description: The document outlines iCapital Advisors, LLC's policies regarding 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. iCapital has a Proxy Voting Policy for certain investments and will address conflicts of interest before voting. The document also confirms that iCapital has no financial commitments impairing its contractual obligations and has not undergone bankruptcy.


document_description: This document is a Brochure Supplement for iCapital Advisors, LLC, providing information about key individuals associated with the company. It supplements the company's Form ADV Brochure and includes contact information for the Chief Compliance Officer, Michael Stanton. The document is marked as confidential and includes redacted content.


document_description: The document provides information about Eileen Duff Blalock, a member of iCapital Advisor's investment committee and Managing Partner at iCapital Network. It details her educational background, business experience, and roles at iCapital Network and iCapital Securities, LLC. It also confirms that she has not been subject to any disciplinary actions and outlines her supervision by Mr. Michael Stanton, iCapital's CCO.


document_description: This document is a Form ADV Part 2B for Phil Pool, a member of iCapital Advisor's investment committee and Co-Founder and Chairman of iCapital Network. It outlines his educational background, business experience, disciplinary information, other business activities, additional compensation, and supervision details. Mr. Pool has a significant history in investment banking and private equity, with roles at Credit Suisse, Merrill Lynch, and Kidder, Peabody & Co. He is also involved with First Avenue Partners and iCapital Securities, LLC.


document_description: This document is a Form ADV Part 2B for John C. Robertshaw, a Special Advisor to iCapital Network and iCapital Securities, LLC. It outlines his educational background, business experience, disciplinary information, other business activities, additional compensation, and supervision details. Mr. Robertshaw has a significant history in the financial sector, having held senior positions at Credit Suisse and Donaldson, Lufkin & Jenrette. He has no disciplinary events to disclose and does not receive sales commissions to avoid conflicts of interest.


document_description: The document provides information about Daniel Vene, a member of Capital Advisor's investment committee and Co-Founder of iCapital Network. It details his educational background, business experience, and roles in various organizations. It also covers his disciplinary record, other business activities, additional compensation, and supervision details.


document_description: This document is a Form ADV Part 2B for Nicholas Veronis, a member of iCapital Advisor's investment committee and Co-Founder of iCapital Network. It outlines his educational background, business experience, and other business activities. Mr. Veronis has not been subject to any disciplinary events and does not receive sales commissions to avoid conflicts of interest. He is supervised by Mr. Michael Stanton, iCapital's CCO.


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 governed, including restrictions on transferability and resale of interests, and the requirement for general partner consent for any transfer or sale of interests.


document_description: This document is the amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes detailed articles on definitions, organization and powers, partners, investments and activities, fees and expenses, and capital of the partnership. The agreement outlines the continuation of the limited partnership, management by the general partner, investment guidelines, and capital contribution obligations among other aspects.


document_description: This document is an amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes detailed articles on default, distributions, capital accounts, allocations, duration of the partnership, liquidation of assets on dissolution, and limitations on transfers and withdrawals.


document_description: This document is an amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes detailed articles on various aspects of the partnership such as exculpation and indemnification, amendments, voting and consents, administrative provisions, and financial reporting. The document is marked as confidential and proprietary, and it is subject to federal rules of criminal procedure.


document_description: This document is an amended and restated limited partnership agreement for 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 and remedies for breach, waiver of partition, securities law matters, confidentiality, contract construction, arbitration, side letters, entire agreement, and bad actor disqualification information. Appendices provide definitions and regulatory and tax allocations.


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 involves the continuation of the partnership under the Delaware Revised Uniform Limited Partnership Act, with the withdrawal of the Initial Limited Partner and the admission of additional Limited Partners. The agreement outlines the definitions and organizational powers of the partnership.


document_description: This document outlines the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It details the name and office locations of the partnership, its purpose and powers, and the roles and responsibilities of the partners. The partnership is primarily focused on making, holding, and disposing of investments in an Underlying Fund. The General Partner has the authority to change the partnership's name, office locations, and registered agent. Limited Partners have limited liability and are not responsible for the partnership's debts and obligations unless they take part in controlling the business.


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 obligations and rights of Limited Partners, including conditions related to death, dissolution, or bankruptcy, and the process 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 financial terms and conditions for Additional Limited Partners joining the Underlying Fund after the initial or final closing dates. It specifies the contributions required from these partners, including management fees and interest-equivalent amounts. The document also details how these contributions are allocated and adjusted among existing partners and the Investment Manager. It includes provisions for the General Partner to adjust capital accounts and distributions to reflect these contributions.


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 without requiring consent from existing partners, and outlines anti-money laundering provisions. Limited Partners must ensure their contributions are not derived from illegal activities and comply with U.S. anti-money laundering laws. The General Partner has the authority to take necessary actions to ensure compliance, including freezing or transferring a Limited Partner's interest if violations occur.


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 rights and responsibilities of the General Partner, including the authority to release confidential information to governmental authorities if deemed necessary, 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 processes.


document_description: The document outlines the powers and authorities of the General Partner in managing the Partnership, including making elections under tax laws, executing agreements, and disclosing nonpublic information. 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. It specifies the conditions under which the General Partner can structure investments outside the Partnership using alternative investment vehicles for legal, tax, regulatory, or accounting reasons. It also details the obligations of Limited Partners and the General Partner regarding capital contributions and the economic provisions to ensure equitable allocations and distributions.


document_description: The document outlines the financial and legal terms governing the relationship between the Partnership and Alternative Investment Vehicles. It addresses the allocation of taxes and expenses, management fees, transfer of interests, defaulting partners, and the establishment of Investment Subsidiaries. The agreement is governed by the laws of the State of Delaware and emphasizes the separate entity status of the Partnership and Alternative Investment Vehicles for tax purposes.


document_description: The document outlines the financial and legal structure of a partnership, including provisions for partnership expenses, distributions, and the formation of Parallel Access Funds or Feeder Funds. It details investment guidelines, borrowing capabilities, and ERISA compliance measures to ensure the partnership's operations align with legal and regulatory standards.


document_description: The document outlines the financial responsibilities and obligations of the General Partner and the Partnership, including the payment of organizational and partnership expenses. It specifies the types of expenses that the Partnership will cover, such as management fees, taxes, accounting, legal fees, and other operational costs. The document also details the responsibilities of the Investment Manager and its affiliates regarding their own expenses.


document_description: The document outlines the financial responsibilities and expense allocations for Limited Partners in the EverWatch Financial partnership. It details the types of expenses covered, including travel, research, insurance, and legal fees, and how these are shared among partners, including Feeder Funds and Parallel Access Funds. The document specifies that expenses are borne pro rata by all Limited Partners and provides guidelines for adjustments in expense sharing based on changes in capital commitments.


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 Limited Partners based on their subscriptions and investment periods. The General Partner has discretion to charge specific Limited Partners for certain expenses and can withhold distributions to cover these costs. The management fee varies depending on the subscription amount and the investment period of the Underlying Fund.


document_description: The document outlines the financial terms and obligations for partners in the EverWatch Financial partnership. It details the calculation and payment of management fees, capital contributions, and the timing of payments. Management fees are calculated quarterly and can be waived or reduced at the discretion of the Investment Manager. Capital contributions are required from each partner based on their subscription and percentage interest, with specific terms for initial contributions and drawdowns.


document_description: The document outlines the procedures and conditions under which the General Partner can call for capital contributions from Limited Partners in a partnership. It includes provisions for additional contributions, deficiency drawdowns, notice procedures for capital calls, and the authority of the General Partner to reduce subscriptions. It also addresses the return of unused contributions and specifies that the General Partner does not have a subscription.


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 procedures for the return of capital contributions to partners, the admission of additional partners, and the effects of such returns on partners' accounts. It also details the interest accrual on unpaid capital contributions and the discretion of the General Partner in managing these financial aspects.


document_description: This document outlines the terms and conditions under which the Glendower Access Secondary Opportunities IV (U.S.), L.P. operates, specifically focusing on the obligations of Limited Partners to make capital contributions and the consequences of defaulting on these obligations. It details the remedies available to the General Partner in the event of a default, including designating a partner as a 'Defaulting Partner' and the potential actions that can be taken against them.


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


document_description: The document outlines the rights and remedies available to the General Partner in the event of a default by a Limited Partner in the partnership. It specifies actions such as limiting the Defaulting Partner's voting rights, terminating their interest, reallocating their share among non-defaulting partners, and enforcing penalties. The document also emphasizes that these remedies are cumulative and do not preclude other legal actions.


document_description: The document outlines the provisions related to default scenarios and assignment of partner contributions in the context of a partnership agreement. It details the procedures and consequences when a partnership or its limited partners fail to meet capital call obligations, including the treatment of defaulting partners and the assignment of unpaid subscriptions as security for indebtedness.


document_description: The document is an 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, including rights in case of default. It also details the distribution of proceeds, including the discretion of the General Partner in determining the amount, timing, and form of distributions, and the conditions under which discretionary distributions are made.


document_description: The document outlines the operational rules and distribution policies for a financial partnership, including how distributions to defaulting partners are handled, special distributions of net income and gains, and the payment of taxes related to partnership allocations or distributions.


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 responsibilities and obligations of partners regarding tax liabilities, indemnification, and capital accounts. The General Partner has the discretion to determine tax liabilities attributable to partners and can withhold distributions accordingly. Partners are required to indemnify the partnership for tax liabilities and provide necessary documentation for tax exemptions. The document also specifies conditions under which distributions are prohibited and details the creation and maintenance of capital accounts for each partner.


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 financial allocations and adjustments related to partners' capital accounts, net gains, and losses. The document specifies the timing and compliance of these allocations with Treasury Regulations, and details how net gains and losses are generally allocated among partners.


document_description: This document outlines the financial allocations and adjustments for the Glendower Access Secondary Opportunities IV (U.S.), L.P. It details special allocations of items of loss or deduction, allocations following a default, and the admission of additional partners. Specific sections address the allocation of transfer expenses, management fees, partner interest, and delayed payment interest. The document also includes provisions for adjusting allocations when new partners are admitted or existing subscriptions are increased.


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 terms related to the duration and dissolution of the partnership. The partnership continues until the first anniversary of the dissolution of the Underlying Fund, with possible extensions by the General Partner. It details conditions under which the partnership may be dissolved, including withdrawal of the General Partner and actions by the General Partner. It also covers the liquidation process following dissolution, including the role of the liquidator and distribution of assets.


document_description: The document outlines the procedures for the liquidation of a partnership, including the 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: The 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 the required representations by parties involved in a transfer to ensure compliance with relevant regulations.


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 conditions under which transfers of partnership interests are permitted or prohibited. Key provisions include the requirement for written representations from partners, compliance with Section 1446(f) of the Code, and the prohibition of transfers that could result in legal or regulatory issues such as ERISA violations, securities registration requirements, or tax reclassification.


document_description: The document outlines the conditions under which interests in a partnership can be transferred and the requirements for admitting substituted limited partners. It specifies that any transferee must be an accredited investor, qualified purchaser, and qualified client, except in the event of a limited partner's death. The transfer must be accompanied by a satisfactory legal opinion, and the transferring partner and transferee are responsible for reimbursing the partnership for transfer expenses. Admission of substituted limited partners requires the general partner's consent and compliance with legal opinion requirements.


document_description: This document outlines the terms and conditions of the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes provisions on the participation of Limited Partners in votes, non-compliant transfers, multiple ownership, withdrawal rights, and the removal of a Limited Partner. The General Partner has specific rights and responsibilities in managing transfers and maintaining the integrity of the partnership.


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 exculpation and indemnification clauses, detailing the conditions under which Covered Persons are not liable for losses suffered by the Partnership or any Partner. It specifies the responsibilities and protections for the General Partner and other Covered Persons, including the conditions of good faith, absence of gross negligence, and lawful conduct.


document_description: The document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glenodwer Access Secondary Opportunities IV (U.S.), L.P. It outlines the indemnification provisions for Covered Persons and other related parties. The agreement specifies conditions under which indemnification is provided, limitations on indemnification, and the possibility of advance payment of expenses. Indemnification is not provided in cases of bad faith, gross negligence, willful misconduct, or unlawful conduct. The document also discusses the assignment of rights and subrogation related to indemnification claims.


document_description: The document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glenodwer Access Secondary Opportunities IV (U.S.), L.P. It outlines the indemnification rights and insurance provisions for Indemnitees associated with the Partnership. The General Partner may elect to purchase insurance for Indemnitees, and the indemnification rights extend to successors and other sources. The document specifies the priority of indemnity obligations, with Third-Party Indemnifiers having primary liability, the Partnership secondary, and the General Partner tertiary.


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 terms related to indemnification and liability limitations for the partnership and its partners. Key sections include the conditions under which indemnification payments may be limited or eliminated by the General Partner, the impact of legal restrictions on indemnification, and the conditions under which partners may be required to return distributions to the partnership.


document_description: This document outlines the procedures and conditions under which amendments can be made to the partnership agreement of Glendower Access Secondary Opportunities IV (U.S.), L.P. 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_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines the procedures for obtaining consents and approvals from Limited Partners, voting and consent requirements, and administrative provisions for keeping accounts and records. The General Partner is responsible for maintaining accurate books of account and other important documents, and has the discretion to keep certain information confidential from Limited Partners.


document_description: The document outlines the financial reporting obligations of the General Partner to the Limited Partners in a partnership. It includes details on the filing of the Certificate of Limited Partnership, the preparation and transmission of annual financial statements and tax information, and the provision of quarterly reports. It also mentions the limitations on information rights for Limited Partners compared to direct limited partners of the Underlying Fund.

document_type: financial

document_subtype: Limited Partnership Agreement

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


document_description: The document outlines the valuation procedures for partnership assets, including freely tradable securities, other assets, and intangible assets. It specifies the methods for determining fair market value and the treatment of goodwill. It also details the procedures for notices and communications within the partnership.

document_type: legal


document_description: This document outlines the provisions related to notices, accounting, and tax matters for the partnership. It specifies how notices should be delivered, the fiscal year of the partnership, the selection of independent accountants, and tax classification and responsibilities. The General Partner is responsible for ensuring the partnership is treated as a partnership for U.S. federal income tax purposes and for appointing a Tax Matters Partner.

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


document_description: The document outlines the responsibilities and designations of the General Partner as the 'partnership representative' for fiscal years beginning after December 31, 2017. It details the obligations of partners regarding tax compliance, including the provision of information for tax purposes and the handling of imputed underpayments. The agreement also addresses the costs associated with actions taken by the General Partner and the reliance on tax advisors.

document_date: Post-December 31, 2017


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 to provide information for compliance with FATCA and the consequences of non-compliance. It also addresses the non-requirement of Section 1045 rollovers and related tax reporting obligations.

key_people:
General Partner
Limited 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 various tax-related provisions and obligations for Limited Partners, including restrictions on making certain tax elections without the General Partner's consent, cooperation requirements for maintaining electing investment partnership status, and tax reporting consistency requirements. It also includes a power of attorney clause appointing the General Partner as attorney-in-fact for certain legal actions.


document_description: The document outlines the powers and responsibilities of the General Partner in managing the partnership, including executing necessary documents for the partnership's operations and compliance with legal requirements. It also details the obligations of Limited Partners to provide information and execute documents as required by the General Partner.


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


document_description: The document outlines confidentiality obligations for Limited Partners regarding Partnership Information, which is considered a valuable trade secret. It specifies conditions under which this information can be disclosed, such as to professional advisors or under legal compulsion, and the procedures to follow in such cases.


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 restrictions related to Partnership Information, including conditions under which the General Partner may withhold information from Limited Partners. It also addresses the handling of confidential information related to third parties and the legal remedies available for breaches of confidentiality. Additionally, it includes provisions on contract construction, such as gender and number references, and the treatment of invalid or unenforceable provisions.

document_subtype: 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 outlines the terms and conditions of the partnership, including arbitration procedures, the use of side letters, and bad actor disqualification information. The agreement also specifies that it constitutes the entire agreement among the parties, superseding any prior agreements.

key_people:
General Partner
Limited Partners


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 related to the certification or recertification of a 20% Holder to the General Partner, ensuring they are not a Bad Actor.


document_description: This document is an Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes signatures from the General Partner and Limited Partners, with Thomas Fortin as COO and Michael Stanton as the Initial Limited Partner who is withdrawing.

key_people:
Thomas Fortin
Michael Stanton

key_organizations: Glendower Access Secondary Opportunities IV GP LLC


document_description: This document contains definitions for terms used in the Glendower Access Secondary Opportunities W (U.S.), L.P. Amended and Restated Limited Partnership Agreement. It includes definitions for terms such as 20% Holder, Access Fund Default, Additional Limited Partner, Administrator, Advisers Act, Affiliate, Agreement, Alternative Investment Vehicles, Anti-Money Laundering Laws, Approved Agent, BBA, and Beneficial Interest.

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


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 business days, capital accounts, carrying value, contributions, and covered company partners and persons. It also references specific sections of the agreement for detailed provisions.


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 defaulting access fund investors, defaulting partners, the Delaware Act, delayed payment interest, ERISA, ERISA partners, exempt entities, FATCA, feeder funds, final closing date, freely tradable securities, and security conditions.

key_locations:
Delaware
United States


document_description: This document is an amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines the terms related to freely tradable securities, the role of the General Partner, and definitions of key terms such as Indemnitee, Initial Agreement, and Investment Manager. The document also specifies the conditions under which securities can be distributed to limited partners and the restrictions that may be applied by the General Partner.

key_organizations:
EverWatch Financial
iCapital Advisors, LLC


document_description: This document outlines the terms and conditions of the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes definitions and explanations of key financial terms such as Management Agreement, Management Fee, Net Gain or Loss, Nonrecourse Liability, and Non-Voting Interest. The document is marked as confidential and proprietary.


document_description: This document is an amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines various terms and definitions related to the partnership, including organizational expenses, partner interests, and partnership minimum gain.

title: Amended and Restated Limited Partnership Agreement

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


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 capital calls, management fees, and various financial and legal terms relevant to the partnership.


document_description: This document outlines the terms and conditions of the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes definitions and provisions related to financial instruments, third-party indemnifiers, transfer regulations, and the underlying fund.

key_locations:
United States
European Union
District of Columbia

key_organizations:
Glendower Capital
EverWatch Financial


document_description: This document is an appendix to a financial agreement, detailing regulatory and tax allocations for a partnership. It includes provisions to comply with Treasury Regulation Section 1.704-1(b)(2)(iv), covering topics such as 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: Regulatory and Tax Allocations

document_subtype: Appendix


document_description: The document outlines special allocations and tax allocations for partners in accordance with the partnership agreement and relevant tax codes. It includes provisions for modifying allocations to reflect economic interests and details on tax allocations related to property with differing carrying values and adjusted tax bases.


document_description: A confidential fax from Christy Wolanski at Deutsche Bank AG, New York, containing contact information and marked as confidential pursuant to Federal Rule of Criminal Procedure 6(e).

title: Confidential Correspondence from Deutsche Bank

document_type: correspondence

document_subtype: fax


document_description: The document is marked as confidential and is related to legal proceedings, specifically under the Federal Rules of Criminal Procedure 6(e). It contains reference numbers that likely pertain to case files or evidence documentation.

document_type: other


document_description: Proprietary and Confidential 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 fund aims to invest in Glendower Capital Secondary Opportunities Fund IV, LP. The memorandum includes details about the investment structure, legal disclaimers, and regulatory compliance, emphasizing that the interests are not registered under U.S. securities laws and are offered under exemptions.

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

key_people:
General Partner
Investment Manager

key_locations: Delaware U.S. England


document_description: This document is a confidential investment memorandum for the Access Fund, organized under the laws of a relevant member state of the European Economic Area (EEA). It outlines the risks and conditions associated with investing in the Access Fund, which is suitable only for sophisticated investors. The memorandum clarifies that purchasers of interests will not have direct rights or interests in the Underlying Fund and that Glendower Capital and its affiliates disclaim responsibility for the contents of the memorandum. The document also lists the countries in the EEA.

key_locations:
European Economic Area
Austria
Belgium
Bulgaria
Croatia
Cyprus
Czech Republic
Denmark
Estonia
Finland
France
Germany
Greece
Hungary
Iceland
Republic of Ireland
Italy
Latvia
Liechtenstein
Lithuania
Luxembourg
Malta
The Netherlands
Norway
Poland
Portugal
Romania
Slovakia
Slovenia
Spain
Sweden
United Kingdom

document_subtype: investment memorandum

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


document_description: The document is an investment memorandum for the Access Fund managed by Glendower. It outlines the indirect interests, rights, and limitations of the Limited Partners, General Partner, and Investment Manager in relation to the Underlying Fund. It discusses potential risks, fees, and the non-assurance of future performance based on historical data. The memorandum includes forward-looking statements and emphasizes the importance of investors conducting their own examination of the fund.

key_organizations:
Glendower
Access Fund
Underlying Fund
General Partner
Investment Manager


document_description: This document is an investment memorandum for prospective investors in the Access Fund. It outlines the legal, tax, regulatory, financial, and accounting considerations of investing in the fund. The memorandum includes summaries of the Partnership Agreement and Subscription Agreement, but advises investors to review the full documents for complete information. It also states that the General Partner can modify the terms of the offering and has the discretion to reject any investor's commitment. The document emphasizes the importance of consulting independent advisors and clarifies that it is not intended to be used to avoid IRS penalties.

document_subtype: Investment Memorandum

key_organizations:
Access Fund
General Partner
Investment Manager
Underlying Fund
Glendower
Placement Agents


document_description: This document is a financial memorandum for EverWatch Financial, outlining the terms and conditions for subscription to the Access Fund. It includes confidentiality agreements and legal restrictions on the distribution and sale of interests.

document_subtype: Memorandum

key_organizations:
Glendower
Underlying Fund
General Partner
Access Fund
Institutional Capital Network, Inc.


document_description: This document is an investment memorandum for the Access Fund, outlining the terms, risks, and conditions of the offering. It emphasizes that the interests have not been recommended by any U.S. federal or state securities commission or regulatory authority. The memorandum supersedes any prior offering literature and restricts the transferability and resale of interests. It also requires investors to certify the beneficial ownership of interests to ensure compliance with the Employee Retirement Income Security Act of 1974.

key_organizations:
Access Fund
General Partner
Investment Manager
Glendower


document_description: The document outlines the exemption of the General Partner from registration with the U.S. Commodity Futures Trading Commission (CFTC) as a Commodity Pool Operator (CPO) under CFTC Rule 4.13(a)(3). It details the conditions under which the Access Fund operates, including limitations on commodity interest positions and investor qualifications. The document also notes that the CFTC has not reviewed or approved the offering or memorandum.

document_subtype: exemption notice


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 also mentions the investment manager's exemption from CFTC registration as a CTA under specific rules.

document_subtype: financial disclosure

key_organizations:
EverWatch Financial
CFTC
NFA


document_description: This document is a table of contents for EverWatch Financial, detailing sections on introduction, summary of principal terms of the access fund, risk factors, and tax considerations. It includes a confidential private placement memorandum for Glendower Capital Secondary Opportunities Fund IV, LP.

title: EverWatch Financial Table of Contents

document_date: November 2017

document_type: tabular

document_subtype: Table of Contents

key_organizations:
EverWatch Financial
Glendower Capital


document_description: The document introduces Glendower Access Secondary Opportunities IV (U.S.), L.P., a Delaware limited partnership formed to invest in Glendower Capital Secondary Opportunities Fund IV, LP. The principal investment objective is to generate attractive risk-adjusted returns through diverse portfolio investments in the secondary market. The document advises prospective investors to read the Confidential Private Placement Memorandum of the Underlying Fund for risk factors and potential conflicts of interest.

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

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 necessary agreements for prospective investors.

title: Summary of Principal Terms of the Access Fund

document_date: October 2017

document_subtype: Investment Summary

key_organizations: Glendower Capital Secondary Opportunities Fund IV, LP


document_description: This document is a financial memorandum related to the Access Fund's investment management agreement. 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 of the Underlying Fund, which include generating returns through various investment strategies in the secondary market. It also discusses the discretion of the General Partner in managing cash flows and investment commitments.

key_people:
Investment Manager
General Partner


document_description: The document outlines the offering and investment details for the Access Fund, a private placement fund for certain U.S. investors, including U.S. taxable investors and U.S. tax-exempt investors willing to receive unrelated business taxable income (UBTI). It specifies the minimum subscription amounts for Limited Partners and the Underlying Fund, and highlights tax considerations for U.S. and Non-U.S. investors.

document_subtype: Investment Offering

key_organizations:
EverWatch Financial
Access Fund
Underlying 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 term of the Access Fund. It also discusses the formation of Parallel Access Funds and Feeder Funds to address legal and regulatory issues.

document_subtype: Investment Fund Document

key_organizations:
Access Fund
Underlying Fund
Glendower GP


document_description: The document outlines the structure and terms of the Glendower Access Secondary Opportunities IV (International), L.P., an offshore access fund for qualified U.S. Tax-Exempt Investors and Non-U.S. Investors. It details the investment strategy, capital call procedures, and potential penalties for non-compliance by limited partners.


document_description: The document outlines the consequences of a Limited Partner's failure to provide necessary information or make capital contributions as required by the General Partner or Investment Manager. It details the potential remedies the Underlying Fund may impose on the Access Fund in case of default, including forfeiture of interest. The document also describes the process for handling defaults, including the possibility of calling additional capital from compliant Limited Partners and the treatment of the Access Fund as a 'Defaulting Partner' under certain conditions.

key_people:
General Partner
Investment Manager
Glendower GP

document_subtype: Subscription Agreement

key_organizations:
Access Fund
Underlying Fund
Glendower


document_description: The document outlines the distribution and expense allocation policies 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, the maintenance of capital accounts, and the allocation of organizational and offering expenses. It also specifies the expenses borne by the Access Fund, including management fees, liquidation expenses, and compliance costs.

document_subtype: Fund Distribution and Expense Allocation

key_organizations:
Access Fund
Feeder Fund
Underlying Fund


document_description: The document outlines various expenses and costs associated with the Access Fund, including legal, administrative, and operational expenses. It details costs related to litigation, investment banking, and consulting services, as well as expenses for meetings, insurance, and regulatory obligations.

document_subtype: financial report

key_organizations:
Access Fund
Underlying Fund
General Partner
Investment Manager


document_description: The document outlines the financial responsibilities and fee structures for Limited Partners in relation to the Access Fund and Feeder Funds. It details the allocation of operating expenses, management fees, and other costs associated with the Access Fund and its relationship with the Underlying Fund.

document_subtype: financial agreement


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 explains the payment process to the Investment Manager and the role of Placement Agents.

document_subtype: Investment Management Agreement


document_description: The document outlines the placement and management fees associated with the Access Fund and its relationship with Raymond James as a placement agent. It details the fees payable by Limited Partners and the management fee structure for the Underlying Fund managed by Glendower.

document_subtype: Placement and Management Fees

key_organizations:
Raymond James & Associates, Inc.
Raymond James Financial Services, Inc.
Access Fund
Glendower


document_description: The document outlines the carried interest distributions, indemnification, and withdrawal and transfer policies for the Access Fund and its Limited Partners. It specifies the conditions under which the Glendower GP receives carried interest, indemnification obligations, and the rules governing the transfer of interests by Limited Partners.

key_organizations:
EverWatch Financial
Access Fund


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 and Non-U.S. Investors.

key_organizations:
Access Fund
U.S. Internal Revenue Service


document_description: The document discusses considerations for prospective investors in the Access Fund, particularly in relation to ERISA compliance. It outlines the General Partner's efforts to ensure the fund is suitable for employee benefit plans under ERISA, including maintaining less than 25% ownership by benefit plan investors. It also covers the potential requirement for Limited Partners to return distributions to cover liabilities and the amendment procedures for the Partnership Agreement.

title: Certain ERISA Considerations for Access Fund

document_subtype: investment document


document_description: The document outlines amendments to the Partnership Agreement of the Access Fund, detailing conditions under which amendments can be made without adversely affecting Limited Partners. It also discusses the voting rights of the General Partner and Investment Manager, borrowing provisions, and the use of a credit facility.

document_subtype: Partnership Agreement Amendment

key_organizations:
Access Fund
Underlying Fund


document_description: The document outlines the financial and legal framework for an Underlying Fund and Access Fund, including borrowing limitations, investor eligibility, and confidentiality agreements. It discusses the potential impact of the Underlying Fund's borrowings on the Access Fund's ability to secure credit and meet capital obligations. It also specifies the criteria for investor eligibility and confidentiality requirements for Limited Partners.


document_description: The document outlines the roles and responsibilities of various parties involved in the management and administration of the Access Fund. It specifies that the General Partner may need to share Limited Partner information with Glendower GP and other parties as required by law. Legal counsel is provided by Cleary Gottlieb Steen & Hamilton LLP and Maples and Calder. KPMG or another recognized firm will serve as the auditor, with an independent third party as the administrator and custodian.

key_people:
Cleary Gottlieb Steen & Hamilton LLP
Maples and Calder

document_subtype: Investor Information

key_organizations:
Glendower GP
Access Fund
KPMG


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, political, and regulatory changes, and the potential for substantial losses. It also discusses the role of Placement Agents, such as Raymond James, who receive fees for introducing investors to the fund, creating potential conflicts of interest.

document_subtype: investment risk disclosure

key_organizations:
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, restrictions on transfer, and potential for total loss of investment. The document also notes the additional expenses borne by the Access Fund, which may impact returns, and the lack of direct rights for investors in the Access Fund regarding the Underlying Fund.

key_organizations:
EverWatch Financial
Access Fund
Underlying Fund
Glendower


document_description: The document discusses the risks, indemnification, and investment terms related to the Access Fund and the Underlying Fund managed by Glendower GP. It highlights potential losses due to sponsor misconduct, indemnification obligations, and the possibility of in-kind distributions. It also covers co-investment opportunities, compensation structures, and conflicts of interest involving iCapital Securities, LLC and the Investment Manager.

key_organizations:
Glendower GP
iCapital Securities, LLC
iCapital Network


document_description: The document outlines the roles of the General Partner and Investment Manager in retaining investment advisers or Placement Agents for marketing and selling interests in the fund. It discusses potential conflicts of interest, management of other funds with similar strategies, and valuation of assets. The document emphasizes the proprietary and confidential nature of the information.

document_subtype: Investment Fund Disclosure

key_organizations:
EverWatch Financial
iCapital Network
Glendower


document_description: The document outlines the collaboration and services agreements between the Investment Manager and Fidelity Brokerage Services LLC and National Financial Services LLC. It discusses compensation arrangements, potential conflicts of interest, educational programs for financial advisers, default penalties for Limited Partners, and ERISA considerations related to the Access Fund.

document_subtype: investment agreement

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


document_description: The document discusses the potential risks and liabilities associated with the Access Fund's significant ownership interests in portfolio companies, particularly in relation to ERISA controlled group liability. It references the Sun Capital Cases and the implications for private equity funds. The document also outlines the lack of recourse for Limited Partners against the Underlying Fund, restrictions on transferability or redemption of interests, and the lack of voting rights or participation in the Underlying Fund's management. It highlights 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: investment fund disclosure


document_description: The document discusses the terms and conditions of the Underlying Fund and the Access Fund, including potential conflicts of interest, confidentiality of information, and the possibility of amendments to the governing agreement. It also covers the use of Side Letters for preferential terms for certain investors and the restrictions on transferring interests without the General Partner's consent.

document_subtype: investment memorandum

key_organizations:
Glendower
Underlying Fund
Access Fund
Glendower GP


document_description: The document outlines the financial obligations and rights of the Access Fund in relation to the Underlying Fund managed by Glendower GP. It details the conditions under which the Access Fund may need to repay distributions, reinvest capital, and indemnify various parties. It also discusses the multiple layers of expenses that the Access Fund and its Limited Partners may incur.


document_description: The document discusses the financial structure and risks associated with investments in the Access Fund and the Underlying Fund. It covers topics such as investor participation in subsequent closings, public disclosure requirements, and borrowing strategies. The document highlights potential risks related to leverage, capital calls, and the possibility of losing assets pledged as collateral.


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 the potential risks and uncertainties associated with the fund's investment in the Underlying Fund and the reliance on exemptions from registration under the Securities Act.


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: regulatory compliance document

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


document_description: The document discusses changes in financial regulations affecting OTC derivatives, including requirements for execution on regulated exchanges, real-time reporting, enhanced documentation, and margin requirements. It highlights the potential impact on costs, liquidity, and investment returns for funds like the Underlying Fund and Access Fund. The document also covers the Dodd-Frank Act's expansion of CFTC's authority on position limits for derivatives.

key_locations:
European Union
Japan

document_subtype: financial regulation summary

key_organizations:
CFTC
Underlying Fund
Access Fund


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 investments. It highlights the possible increase in costs and reduction in exposure due to new position limits and aggregation requirements. The 2017 Tax Legislation could significantly affect the taxation of investments, potentially leading to phantom income for U.S. taxable persons and changes in tax liabilities. The document advises prospective investors to seek independent legal, tax, and financial advice.

key_locations:
United States
Cayman Islands

document_subtype: financial analysis

key_organizations:
Cleary Gottlieb Steen & Hamilton LLP
Maples and Calder
Access Fund


document_description: The document provides tax-related information for Limited Partners of the Access Fund, including implications of the 2017 Tax Legislation, potential 'phantom' income, tax obligations for tax-exempt and non-U.S. investors, and compliance with the Foreign Account Tax Compliance Act (FATCA).

document_subtype: tax information

key_organizations:
EverWatch Financial
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 BBA Rules. It outlines the potential tax liabilities for partnerships and partners, the elective alternative procedure, and the responsibilities of the Access Fund and its partners. It also highlights other tax risks associated with investing in the Access Fund, including changes in tax laws and potential tax liabilities in various jurisdictions.

document_subtype: tax legislation summary

key_organizations:
Access Fund
EverWatch Financial


document_description: The document discusses potential tax implications for Limited Partners of the Access Fund, including the possibility of IRS audits leading to increased taxable income or decreased losses. It outlines the responsibilities of the General Partner in contesting tax adjustments and the limitations on Limited Partners' participation in related proceedings.

document_subtype: tax considerations

key_organizations:
Access Fund
IRS


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 implications for U.S. persons and highlights that the IRS may have different interpretations. It advises non-U.S. persons and certain categories of investors to consult their own tax advisors. The document is based on current laws and does not cover all possible tax scenarios.

key_locations:
United States
District of Columbia


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 and discusses potential risks if the funds fail to qualify as partnerships.

document_subtype: tax document

key_organizations:
Access Fund
Underlying Fund
IRS


document_description: The document discusses the 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. The document also notes the potential for IRS challenges to the Fund's allocations.

document_subtype: tax discussion


document_description: The document discusses the tax implications and conditions related to the sale of interests in the Access Fund by Limited Partners. It covers capital gains, tax basis adjustments, and limitations on the deductibility of interest expenses. The document also outlines the conditions under which the Access Fund would terminate for U.S. federal income tax purposes and the potential elections under Section 754 and Section 743 of the Code.


document_description: The document outlines the tax implications for non-corporate Limited Partners investing in the Access Fund, including investment interest limitations, passive activity loss limitations, and at-risk limitations. It advises prospective investors to consult tax advisors regarding these limitations and the deductibility of fund expenses.

document_subtype: investment fund tax implications


document_description: The document discusses the tax treatment of investments and capital losses for the Access Fund, including the amortization of start-up and organizational expenses, limitations on deductibility of capital losses, and the treatment of gains and income from various types of investments. It also covers the implications of holding debt investments with original issue discount, market discount, and contingent payment debt instruments, as well as uncertainties in tax law related to debt restructuring.

key_organizations:
EverWatch Financial
Access Fund


document_description: The document discusses the tax implications of the Access Fund's investment activities, including restructuring debt obligations, investing in derivatives, and potential involvement with Passive Foreign Investment Companies (PFICs). It highlights the tax consequences for Limited Partners and U.S. Tax-Exempt Investors, advising them to consult tax advisors.


document_description: The document discusses the tax implications for U.S. persons and U.S. Tax-Exempt Investors involved with Controlled Foreign Corporations (CFCs) and the Access Fund. It outlines the rules for U.S. Shareholders in CFCs, including the need to include certain earnings in gross income and the treatment of gains as dividend income. It also covers the impact of the 2017 Tax Legislation on deferred earnings and the complexities of CFC and deemed repatriation rules. Additionally, it addresses foreign currency gains or losses and the potential for unrelated business taxable income (UBTI) for U.S. Tax-Exempt Investors.


document_description: The document discusses tax implications for U.S. Tax-Exempt Investors and Limited Partners in the Access Fund, including UBTI, excise taxes, foreign tax credits, and audit procedures. It advises investors to consult tax advisors regarding these rules.


document_description: The document discusses U.S. tax reporting requirements for Limited Partners in non-U.S. entities, including the need to file information returns for foreign investments and accounts. It also covers the taxation of qualified dividend income for non-corporate taxpayers and the conditions under which dividends from U.S. and qualified foreign corporations are taxed at reduced rates.


document_description: The document discusses the tax implications for Limited Partners of the Access Fund, including qualified dividend income, dividends-received deduction, Medicare tax, and other taxes such as alternative minimum tax and state/local taxes. It also mentions potential legislative changes affecting these tax matters.


document_description: The document is an investment memorandum for the Access Fund, discussing U.S. federal income tax rules and considerations for Limited Partners, regulatory matters under the Securities Act of 1933, and disclosures related to Raymond James' settlement over auction rate securities. It advises prospective investors to consult their own tax advisors and highlights the risks and restrictions associated with the investment.

key_locations:
United States
Puerto Rico
Virgin Islands
District of Columbia

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


document_description: The document outlines the regulatory exemptions and legal considerations for the Access Fund under various U.S. financial laws, including the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Commodity Exchange Act of 1974. It details the fund's reliance on specific exemptions to avoid registration and reporting requirements, and highlights legal and tax considerations for investors, as well as compliance with anti-money laundering regulations.

document_subtype: legal disclosure

key_organizations:
Access Fund
General Partner
Investment Manager
National Futures Association


document_description: The document outlines regulatory and compliance requirements for investors in the Glendower GP's Access Fund, including anti-money laundering measures and ERISA considerations. It specifies that investors must verify their source of funds and comply with OFAC regulations. The document also discusses the non-applicability of the AIFM Directive to the General Partner and Investment Manager.

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 implications of the 2017 Fiduciary Rule by the U.S. Department of Labor on investments in the Access Fund by ERISA Plans and Individual Plans. It outlines the responsibilities and potential prohibited transactions under ERISA and the Code, and the conditions under which the General Partner and Sponsor may be considered fiduciaries. The document also explains the 25% ownership rule for benefit plan investors to avoid the Access Fund's assets being treated as plan assets.

document_subtype: investment document

key_organizations:
U.S. Department of Labor
ERISA
Access Fund
General Partner
Investment Manager


document_description: The document discusses the classification of equity interests in the Access Fund, particularly in relation to ERISA regulations. It outlines the implications if the Access Fund's assets are considered plan assets under ERISA, including fiduciary responsibilities and potential liabilities. It also addresses reporting requirements for ERISA Plan investors on Form 5500 and advises governmental pension plans to consult legal counsel before investing. The document emphasizes the need for fiduciaries to seek legal advice regarding ERISA and investment decisions.


document_description: This document is a supplement to the Private Placement Memorandum dated January 2018, related to the offering of limited partnership interests in Glendower Access Secondary Opportunities IV (U.S.), L.P. It is intended for potential investors considering the purchase of interests in the Access Fund.

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

document_date: March 2018

document_subtype: Private Placement Memorandum Supplement

key_organizations: Glendower Capital Secondary Opportunities Fund IV, L.P.


document_description: This document is a supplement to the Confidential Private Placement Memorandum for Glendower Access Secondary Opportunities IV (U.S.), L.P., updating information regarding changes to the terms of the Access Fund. It outlines the relationship with the Underlying Fund and the Feeder Fund, and provides disclosure permissions related to tax treatment and structure.

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

document_subtype: Supplement to Private Placement Memorandum

key_organizations: Glendower Capital Secondary Opportunities Fund IV, LP

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


document_description: The document outlines amendments to the Summary of Principal Terms of the Access Fund, detailing the expenses that the Access Fund will cover, including management fees, organizational expenses, taxes, accounting, legal fees, and other operational costs.

title: Changes to Summary of Principal Terms of the Access Fund

document_subtype: Summary of Principal Terms

key_organizations:
Access Fund
Underlying Fund
General Partner
Investment Manager
Limited Partners
Feeder Fund


document_description: Amendments to risk factors and potential conflicts of interest related to investing in the Access Fund. Key changes include clarifications on investor rights, indemnification obligations, and repayment of distributions.

document_subtype: Investment Risk Disclosure

key_organizations:
Access Fund
Underlying Fund
Glendower GP


document_description: The document outlines the indemnity obligations of the Access Fund and the Underlying Fund, including the funding of these obligations through capital calls or return of distributions. It also discusses the expenses and management costs associated with the Access Fund and the Underlying Fund, which will be borne by the Access Fund. The document includes amendments to certain risk factors and potential conflicts of interest related to multiple layers of expenses.

document_subtype: Partnership Agreement


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

title: Underlying Fund Confidential Private Placement Memorandum


document_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 confidential financial document related to EverWatch, marked as confidential under Federal Rule of Criminal Procedure 6(e).


document_description: This document is an amended and restated confidential private placement memorandum for Glendower Capital Secondary Opportunities Fund IV, LP, detailing an investment opportunity in limited partner interests valued at $1,750,000,000. It is intended for a limited number of qualified prospective investors and is circulated by Glendower Capital LLP, authorized by the UK Financial Conduct Authority. The memorandum outlines the terms of the offering, including the merits and risks involved, and specifies that the interests are available only to professional investors as defined by the Markets in Financial Instruments Directive.

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

document_subtype: Private Placement Memorandum

key_organizations:
Glendower Capital LLP
UK Financial Conduct Authority


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

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


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the past performance of the SOF Funds managed at Deutsche Bank, the forward-looking statements, legal and tax structure assumptions, and disclaimers regarding the accuracy of information. It emphasizes that the memorandum does not constitute an offer or solicitation in any jurisdiction where it is unlawful and that the fund's partnership agreement will control in case of inconsistencies.

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 document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the exemption of Glendower Capital, LLP and the General Partner from registration with the U.S. Commodity Futures Trading Commission (CFTC) under specific regulations. The memorandum is prepared by representatives of the fund and furnished by Credit Suisse as a placement agent. It details the roles and limitations of Credit Suisse in this capacity, including the receipt of placement fees and the nature of their advisory services. The document emphasizes the need for potential investors to make independent investment decisions and consult their own advisors.


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 disclaimers for New Hampshire and Florida residents regarding securities registration and rights to void purchases. The document advises potential investors to consider these conflicts and seek independent tax advice.

key_locations:
New Hampshire
Florida


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP, providing contact information for key individuals and organizations involved.

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

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

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


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes sections on executive summary, investment performance, principal terms, fund management, risk factors, legal considerations, and various appendices.


document_description: Confidential Private Placement Memorandum for Glendower Capital Secondary Opportunities Fund IV, LP. The document is marked as confidential pursuant to Federal Rules 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 investment returns through a diverse portfolio, primarily in the U.S. and Europe. It is the fourth fund led by Carlo Pirzio-Biroli and Charles Smith, following their spin-out from Deutsche Asset Management in 2017.

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

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

key_locations:
U.S.
Europe
London
New York

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 history and strategy of the fund, including its spin-out from Deutsche Asset Management. It highlights the benefits of secondary market investing and the current state of the secondary market, emphasizing the fund's strategic approach and market opportunities.

key_people:
Glendower Capital Team
Deutsche Asset Management Team

document_subtype: Executive Summary

key_organizations:
Glendower Capital
Deutsche Asset Management


document_description: The document is an executive summary of the Glendower Capital Secondary Opportunities Fund IV, LP, detailing its investment strategy and focus areas. The fund targets bespoke liquidity solutions and GP-led secondary deals, representing a significant portion of the market. The strategy includes focusing on less competitive transactions, pursuing a true value approach, buying mature fund interests at a discount, efficient portfolio management, and a barbell approach to portfolio construction. The fund leverages relationships with fund sponsors and sellers to gain informational advantages and solve complex transactions.


document_description: The document provides an executive summary of the performance and operations of the Glendower Capital Secondary Opportunities Fund IV, LP as of September 30, 2017. It highlights the fund's strong performance metrics, experienced team, and disciplined investment process. The fund has delivered a 1.6x gross multiple and 28% IRR since inception. The document also details the fund's management team, investment strategy, and historical performance of previous funds.

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

key_locations:
London
New York


document_description: The document is an executive summary for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the fund's strategy of leveraging relationships with over 180 fund sponsors to conduct a rigorous, value-driven analysis of investment opportunities. The fund focuses on operational, financial, and market risk analysis, cash flow analysis, and management review. It emphasizes strong alignment of interests between the Glendower SOF Team and investors, with senior members committing a minimum of 1.0% of the fund and receiving all carried interest. Deutsche Bank will not be involved in the management or receive any carried interest from the fund.

key_people:
Glendower SOF Team
senior members of Glendower Capital

key_organizations:
Glendower Capital
Deutsche Bank


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

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


document_description: The document provides an overview of the investment performance of the Glendower Capital Secondary Opportunities Fund IV, LP, highlighting strong buyout-like returns with a 1.5x Net Multiple and a 23% Net IRR. It includes detailed performance metrics for various funds within the SOF Program as of September 30, 2017.

key_locations:
North America
Europe
Asia

document_subtype: Investment Performance Report

key_organizations:
Glendower Capital
SOF
SOF D
SOF II
SOF III
DaVinci Portfolio


document_description: The document provides a performance analysis of the Glendower Capital Secondary Opportunities Fund M LP and its related funds (SOF, SOF D, SOF II, SOF III) as of September 30, 2017. It benchmarks these funds against the Cambridge Associates Secondaries Benchmark and Global Buyout Benchmark, highlighting their Net IRR, DPI, and TVPI metrics across various vintage years. The performance figures are unaudited and are intended to demonstrate the track record of the Glendower SOF Team.

title: Glendower Capital Secondary Opportunities Fund M LP - Investment Performance

key_organizations:
Glendower Capital
Cambridge Associates


document_description: The document provides an analysis of the investment performance of the Glendower Capital Secondary Opportunities Fund IV, LP, comparing it with SOF, SOF II, and SOF III. It highlights the consistency in Net Contributed Capital, Net IRR, TVPI, and DPI across different economic cycles. The report notes that all funds peak below 50% in Net Contributed Capital 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 fund liquidation. The performance is attributed to a consistent investment strategy since 2006.


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 shows favorable performance compared to these indices.

title: Scotian 2: Investment Performance


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

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


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

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

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

document_subtype: Investment Fund Summary


document_description: Confidential Private Placement Memorandum for Glendower Capital Secondary Opportunities Fund IV, LP, detailing financial opportunities and strategies.


document_description: The document outlines the investment strategy and objectives of the Glendower Capital Secondary Opportunities Fund IV, LP. The fund aims to pursue a disciplined investment strategy in the secondary market, focusing on fund secondaries, GP-led secondaries, and single asset deals. It targets investments primarily in the U.S. and Europe, with a goal of achieving 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 outlines the investment strategy and sourcing approach of Glendower Capital's Secondary Opportunities Fund IV, LP. It emphasizes the fund's ability to source less intermediated deal flow and work directly with sellers, focusing on non-monetary factors such as confidentiality and speed of transaction. The fund's global sourcing approach aims to achieve attractive risk-adjusted returns by allocating capital to the best investment opportunities globally. The document provides data on the geographical distribution of assets and sellers, and highlights the fund's extensive industry network and deal experience.

title: Glendower Capital Secondary Opportunities Fund IV, LP

key_locations:
North America
Europe
Asia and Pacific

key_organizations:
Glendower Capital
Wealth Management
Raymond James
Alex Brown


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


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

key_organizations:
Glendower Capital
Preqin
Greenhill


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

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


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

key_organizations:
Glendower Capital
Greenhill
Preqin
Bain & Company