document_description: The document provides an overview of secondary private equity investments, explaining the differences between primary and secondary PE investments, and the development of the secondary PE market as a liquidity tool. It also outlines the types of transactions involved in the secondary market, such as the sale and purchase of Limited Partner interests and direct PE investments.

document_subtype: informational memo

key_organizations:
Aspen Grove Capital, LLC
Glendower Capital


source: doj

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

title: Benefits of Secondary Private Equity Investing

document_type: tabular

document_subtype: investment analysis

key_organizations:
Aspen Grove Capital LLC
Glendower Capital


document_description: The slide provides an analysis of the secondary private equity market, highlighting strong market conditions with a deal volume of US$58 billion in 2017. It discusses stable pricing, the growth of GP-led deals, and the steady supply of tail-end funds. The slide is part of a presentation by Glendower Capital.

title: Why invest in secondary private equity today?

document_subtype: presentation slide


document_description: This document contains information about Glendower Capital's investment strategy, secondary market updates, and key terms for their Secondary Opportunities Fund IV. It is marked as strictly confidential and is subject to confidentiality rules under Federal Rules of Criminal Procedure.

title: Glendower Capital Document

document_type: other

key_organizations:
Glendower Capital
Aspen Grove Capital, LLC


document_description: Glendower Capital is launching the Secondary Opportunities Fund IV (SOF IV) to continue its value-investing strategy. The fund seeks $1.75 billion in commitments, with a first close of $1.3 billion expected in May 2018. The fund focuses on secondary private equity investments globally, with a strong performance track record from previous funds.

title: Glendower Capital Secondary Opportunities Fund IV Overview

document_type: financial

key_locations:
United States
Europe

document_subtype: Investment Fund Overview

key_organizations:
Glendower Capital
Deutsche Asset Management


document_description: Glendower Capital is an established investment team active in the secondary market since 2003. The team spun-off from Deutsche Bank in 2017 to form an independent partnership, privately owned by its partners. The senior team has worked together for 15 years, managing US$3 billion in client assets with offices in London and New York. The team consists of 23 members, expected to grow to 28+ by the second half of 2018, with 16 investment professionals averaging 12 years of experience. They have invested in over 350 fund interests across 90 deals and have developed integrated operational processes over 10 years.

title: Glendower Capital Overview

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

key_locations:
London
New York

document_subtype: investment overview

key_organizations:
Glendower Capital
Deutsche Bank


document_description: This document provides an overview of the core members of the Glendower Capital team, detailing their roles, locations, previous affiliations, and educational backgrounds. It includes information about managing partners, partners, senior advisors, principals, vice presidents, associates, and executive assistants across London and New York offices.

title: Glendower Capital Team Overview

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

document_type: correspondence

document_subtype: organizational chart

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


document_description: The document provides a detailed performance report of SOF Funds managed by Aspen Grove Capital, LLC as of September 30, 2017. It includes information on fund vintages, sizes, transactions, gross and net multiples, IRR, and net distributed capital. The report emphasizes the historical performance of the funds and includes a disclaimer about the unaudited nature of the data and the conversion of Euro-denominated funds to USD.

title: SOF Funds Performance as of September 30, 2017

key_locations:
North America
Europe
Asia

document_subtype: financial report


document_description: The document compares the performance of SOF Funds against Cambridge Associates' secondary funds using metrics like Net IRR, DPI, and RVPI. It includes a table of Index and SOF fund performance from 2004 to 2014 and specific data for SOF, SOF D, SOF II, and SOF III. The document highlights the quartile rankings and notes the unaudited nature of the data as of September 30, 2017.

title: SOF Funds vs Cambridge Associates' Secondary Funds Performance

document_subtype: financial performance report

key_organizations:
Aspen Grove Capital LLC
Cambridge Associates


document_description: The document provides a financial performance report of Aspen Grove Capital, LLC, comparing the performance of SOF Funds against Cambridge Associates' buyout top-quartile benchmark. It includes metrics such as TVPI, DPI, and Net IRR for various vintage years, highlighting the performance of SOF D, SOF II, and SOF III.

key_organizations:
Aspen Grove Capital LLC
Cambridge Associates
Glendower


document_description: The document compares the performance of SOF Funds to major public market indices as of September 30, 2017. It includes performance data for various SOF Funds and compares them to indices like MSCI World, Russell 2000, and Thomson Reuters Private Equity Buyout Index.

title: SOF Program Performance Comparison


document_description: The document provides a summary of the performance of SOF Funds, including SOF I, SOF II, and SOF III, across different fund sizes, vintages, and economic cycles. It includes charts showing Net Contributed Capital as a percentage of Fund Size, Net IRR, DPI (Distributed to Paid-In Capital), and TVPI (Total Value to Paid-In Capital) over quarters from inception. The performance figures are based on unaudited results as of September 30, 2017.

title: SOF Funds Performance Summary

document_subtype: financial performance summary


document_description: This document contains information about Glendower Capital's investment strategies, updates on the secondary market, and key terms for the Secondary Opportunities Fund IV. It is marked as strictly confidential and is related to financial strategies and updates.

title: Glendower Capital Document


document_description: The document provides a market segmentation analysis by Glendower Capital, categorizing secondary funds raised or in fundraising from 1996-2018 into three segments: Levered beta play (L), Alpha play (M), and Low barriers to entry (S). It includes player counts and fund sizes.

title: Glendower Capital Market Segmentation Analysis

document_subtype: market analysis

key_organizations:
Glendower Capital
Aspen Grove Capital LLC


document_description: The document outlines Glendower Capital's distinctive investment strategy, which includes sourcing less competitive deals globally, pursuing a selective value approach, buying with a margin of safety, and focusing on efficient portfolio construction. The strategy emphasizes disciplined bottom-up underwriting, value creation through fundamental analysis, and risk mitigation through diversification and hedging.

title: Glendower Capital Investment Strategy

document_subtype: investment strategy outline


document_description: The document outlines the investment strategies and performance metrics of Aspen Grove Capital, LLC, focusing on a disciplined barbell approach adjusted to market cycles. It details different types of secondary market deals, including fund secondaries, GP-led secondaries, and single asset deals, along with their expected returns and market conditions. The document also provides historical performance data and expected allocations for various deal sizes.

document_subtype: financial presentation


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

document_subtype: memo


document_description: Aspen Grove Capital, LLC outlines its rigorous sourcing and deal selection process, highlighting its extensive industry network, proactive approach, and significant buy & sell side experience. The document details the firm's investment strategy, including its focus on GP-led and single asset deals, and its disciplined underwriting process.

document_subtype: business presentation

key_organizations:
Aspen Grove Capital LLC
DB Wealth Management
Raymond James
Alex Brown
Glendower Capital


document_description: The document provides illustrative case studies of fund secondaries transactions by Aspen Grove Capital LLC. It includes details on various projects/funds, deal sizes, discounts, regions, sellers, and descriptions of the transactions.

title: GLDUS130 Aspen Grove Capital LLC - Fund Secondaries Transactions

document_subtype: financial


document_description: The document provides a table of illustrative case studies related to GP-led transactions and single asset deals by Aspen Grove Capital, LLC. It includes details on various projects/funds, deal sizes, regions, sellers, and descriptions of the deals.

title: Illustrative case studies


document_description: This document contains information about Glendower Capital's investment strategy, secondary market updates, and key terms for their Secondary Opportunities Fund IV. It is marked as strictly confidential and is subject to confidentiality rules under Federal Rules of Criminal Procedure.

title: Glendower Capital Document


document_description: The document provides an analysis of secondary market volumes from 2006 to 2018, highlighting a forecast of over US$60 billion for 2018. It notes the evolution of the market with GP-led transactions now representing 25% of the volume.

title: Secondary Market Volume Analysis

key_organizations:
Aspen Grove Capital LLC
Glendower Capital
Greenhill GP Solutions
Dow Jones Private Equity Analyst


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

title: Aspen Grove Capital, LLC - Secondary Market Analysis


document_description: The document provides an analysis of secondary market pricing for private equity fund interests, highlighting stable pricing trends from 2011 to 2017 after a bubble period in 2006-2007. It includes a table showing secondary market volume and pricing from 2005 to 2017.

title: Secondary Market Pricing Analysis

document_subtype: financial analysis

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


document_description: The document provides an analysis of significant unrealized private equity value in pre-crisis vintages, totaling US$600bn. It includes a breakdown of unrealized value by year and period, as well as a seller composition breakdown by percentage. The data sources are the 2017 Preqin Global Private Equity & Venture Capital Report and the Greenhill Secondary Market Trends & Outlook, January 2018.

title: Aspen Grove Capital, LLC - Significant Unrealized Value in Tail-End Funds


document_description: The document provides a financial overview of the SOF Ill Portfolio managed by Aspen Grove Capital, LLC, as of September 30, 2017. It includes details on gross invested capital, sector composition, investment strategy, and vintage year distribution.

title: SOF Ill Portfolio - Highlights


document_description: The document lists 28 General Partners (GPs) representing approximately 90% of SOF III's current exposure based on Fair Market Value as of September 33, 2017. It includes various capital and equity partners.

title: SOF III Portfolio - Sponsor Exposure

key_organizations:
Aspen Grove Capital LLC
Gilde
KKR
NAVIS
HIGHSTAR CAPITAL
CENTRE
Bridgepoint
NEUBERGER BERMAN
TDR Capital
LANE
LONG POINT CAPITAL
GMT
COLONY
NORTHSTAR
DUKE STREET
ASTRA
Quadrangle
Morgan Stanley
STAGE
ARCO REAL ESTATE
TURKVEN
UNLU & Co
SMITHFIELD
TCV
Zurmont Madison
octopus ventures
AUGENS
Amadeus Capital Partners
Palamon Capital Partners
Glendower Capital


document_description: The document outlines the near-term investment pipeline for SOF IV as of March 31, 2018, detailing various projects with their respective deal types, regions, stages, sourcing methods, deal sizes, and SOF IV investments.

title: SOF IV - Near term pipeline

document_subtype: Investment Pipeline


document_description: Investment summary for SOF IV - Project Sunrise led by Aspen Grove Capital, LLC. The deal is a GP-led secondary with an expected closing date in April 2018. The investment involves mid-market buyouts in the US consumer industry, focusing on dining and fitness brands. Key investment data includes a $100m invested capital at close, a 7% discount to NAV, and a 1.1x gross multiple. The strategy involves leveraging Glendower's expertise in complex transactions and performing extensive diligence.

title: SOF IV - Project Sunrise

document_date: April 2018

document_subtype: Investment Summary


document_description: Key terms for Glendower Capital Secondary Opportunities Fund IV, LP, including target size, structure, investment period, term, minimum commitment, team commitment, general partner share, carried interest, hurdle rate, and clawback provisions.

title: SOF IV - Master Fund Key Terms

document_subtype: investment fund terms


document_description: This document appears to be a confidential report or presentation related to Glendower Capital, specifically focusing on investment strategies, market updates, and fund terms. It includes sections on the Glendower Investment Strategy, Secondary Market Update, and updates on specific funds (SOF III and IV).

title: Glendower Capital Document


document_description: Team bios for Glendower Capital, detailing the professional backgrounds and qualifications of key partners Carlo Pir210-Biroli, Charles Smith, Adam Graev, and Chi Cheung. The document highlights their previous roles at Deutsche Bank and other financial institutions, as well as their educational backgrounds.

key_people:
Carlo Pir210-Biroli
Charles Smith
Adam Graev
Chi Cheung

document_subtype: team bios

key_organizations:
Glendower Capital
Deutsche Bank
General Electric
The Boston Consulting Group
Pomona Capital
Lehman Brothers
Chatterjee Group
Soros Fund Management
Cowen & Co


document_description: This document provides biographies of key team members at Aspen Grove Capital, including their roles, previous experience, and educational background.

title: Aspen Grove Capital Team Bios

key_people:
Deirdre Davies
Joshua Glaser
Emilio Olmos
Francesco Rigamonti

key_locations:
London
New York
Abu Dhabi
Milan
South Africa
Southern Europe
Middle East
Asia
Italy

key_organizations:
Aspen Grove Capital
Deutsche Bank
ABN Amro
KPMG
Paul Capital
Forum Capital
CIBC Oppenheimer
ADIA
UBS
Credit Suisse
Lafarge
Gallo & Co.


document_description: Team bios for Aspen Grove Capital, LLC, featuring key personnel and their professional backgrounds.

key_people:
Rikesh Mohandoss
Devrup Banerjee
Aldrich Chan
Philippe Ferneini

key_locations:
New York
London

key_organizations:
Aspen Grove Capital, LLC
Deutsche Bank
Bank of America
Freddie Mac
Goldman Sachs
UBS
Credit Suisse
Booz & Company
Glendower Capital


document_description: This document provides biographies of team members at Aspen Grove Capital, LLC, including their roles, previous experience, and educational background.

title: GLDUS130 Aspen Grove Capital, LLC Team Bios

key_people:
Victoria Loidl
Elena Smirnova
Jonathan Roome
Douglas O'Connell

key_organizations: Carnegie Mellon's Tepper School of Business


document_description: This document provides key information about the SOF III fund, including its first and final closing date, fund size, investor regions, types, and sizes of individual commitments.

title: SOF III — Investor base

document_subtype: investment summary

key_organizations:
Aspen Grove Capital LLC
Deutsche Bank
Glendower Capital


document_description: This document provides a detailed summary of various investment projects managed by Aspen Grove Capital, LLC under SOF III as of September 30, 2017. It includes information on project names, sourcing, seller types, deal types, funds, invested and funded capital, initial closing dates, gross multiples, and portfolio details.

title: Overall transaction summary as of September 30, 2017

document_subtype: financial summary

key_organizations:
Aspen Grove Capital, LLC
Glendower Capital


document_description: This document provides a summary of various investment projects managed by Aspen Grove Capital, LLC as of September 30, 2017. It includes details such as project names, sourcing, seller types, deal types, funds, invested capital, funded capital, initial closing dates, gross multiples, and portfolio details.

document_subtype: transaction summary


document_description: This document provides an overview of the remaining portfolio construction by Fair Market Value (FMV) for Aspen Grove Capital, LLC as of September 30, 2017. It includes details on fund size, invested capital, capital called, distributions, remaining NAV, and total net return. The asset geography, investment strategy, vintage year distribution, and sector composition are also outlined.

title: Aspen Grove Capital, LLC - Remaining Portfolio Construction

document_subtype: financial report


document_description: This document provides a detailed financial summary of various investment projects managed by Aspen Grove Capital, LLC as of September 30, 2017. It includes information on project names, sourcing, seller types, deal types, funds, companies, invested and funded capital, initial closing dates, gross multiples, and portfolio details. The document also includes notes on invested and funded capital, performance figures, and specific details about Hoover transactions.

key_locations: US Europe Asia


document_description: This confidential presentation by Glendower Capital, LLP provides summary information about existing and future funds managed or advised by Glendower, including the Glendower Capital Secondary Opportunities Fund IV, LP. It is not an offer to sell or a solicitation to buy any security. The presentation outlines the risks, illiquidity, and potential conflicts of interest associated with the fund. It emphasizes the importance of consulting offering documents for detailed information and risk factors. The presentation is confidential and not independently verified.

document_subtype: confidential presentation

key_organizations:
Glendower Capital, LLP
Credit Suisse Asset Management Limited


document_description: The document provides key definitions related to investment terms used by Aspen Grove Capital, LLC. It includes definitions for terms such as 'Single Asset Deal', 'Fund Secondary', 'GP-led Secondary', and various fund names like 'SOF', 'SOF D', 'SOF II', and 'SOF III'. It also defines financial indices like the 'Russell 2000 Index', 'MSCI World Index', and 'Thomson Reuters Private Equity Buyout Index'.

document_subtype: definitions

key_organizations:
Aspen Grove Capital LLC
DB Secondary Opportunities Fund
FTSE Russell
London Stock Exchange Group
Thomson Reuters


document_description: The document provides important information on the track record of the Glendower SOF Team, which spun off from Deutsche Bank in 2017 to form Glendower Capital LLP. It discusses the investment performance and track record of the SOF Funds, including details on key team members, investment returns, valuation methodologies, and target returns. The document emphasizes that the performance information is illustrative and unaudited, and outlines the factors affecting investment returns and valuations.

title: Notes to Investment Performance

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

document_subtype: Investment Performance Notes

key_organizations: Deutsche Alternative Asset Management (Global) Limited


document_description: This document is an investment presentation for Aspen Grove Capital, LLC, providing important information for recipients in certain jurisdictions, including the European Economic Area, Australia, Bahrain, and Brazil. It outlines the legal and regulatory considerations for offering or distributing the fund's interests in these regions, emphasizing compliance with local laws and regulations.

key_locations:
European Economic Area
Australia
Bahrain
Brazil

document_subtype: investment presentation

key_organizations: EU Alternative Investment Fund Managers Directive

reference_numbers:
Directive 2004/39/EC
Directive (2011/61/EU)
Australian Corporations Act 2001
Banking Act 1959


document_description: This document provides important information for recipients in Hong Kong and Israel regarding the offering and sale of interests or securities by Aspen Grove Capital, LLC. It outlines the legal restrictions and requirements for offering these financial products in these jurisdictions, emphasizing that the presentation is not approved by the respective securities authorities and is intended for 'professional investors' or 'sophisticated investors' only. The document also stresses that it should not be reproduced or used for purposes other than those intended, and it does not constitute investment advice.

title: Important Information for Recipients in Certain Jurisdictions

key_locations:
Hong Kong
Israel

document_subtype: presentation

key_organizations:
Aspen Grove Capital, LLC
Securities and Futures Ordinance
Companies Ordinance
Israel Securities Authority
Joint Investment Trusts Law
Tel-Aviv Stock Exchange
Glendower Capital


document_description: This document is a presentation by Aspen Grove Capital, LLC, providing important information for recipients in certain jurisdictions regarding investment in a fund. It outlines the legal and regulatory considerations for investors in St. Kitts and Nevis, Abu Dhabi/Dubai, and the United States. The presentation emphasizes that the fund is not registered with any regulatory authority in these regions and highlights the risks involved in investing.

key_locations:
St. Kitts and Nevis
Abu Dhabi
Dubai
United States


document_description: Supplemental disclosure by Deutsche Bank Securities Inc. and Deutsche Bank Trust Company Americas regarding investment risks and considerations for a fund. It emphasizes the importance of independent assessment and investigation before entering transactions, and clarifies that past performance does not guarantee future results. The document also states that the securities are not insured by the FDIC and are subject to investment risks.

document_subtype: disclosure

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


document_description: A letter from Deutsche Bank requesting consent to share personal information with iCapital Parties for a fund investment managed by iCapital Advisors, LLC. The letter outlines the types of information required from natural persons and corporate structures or trusts.

title: Letter of Authorization for Fund Investment

document_subtype: Letter of Authorization

key_organizations:
Aspen Grove Capital, LLC
iCapital Advisors, LLC
Deutsche Bank Securities Inc.


document_description: Authorization form for Deutsche Bank to provide information and transfer funds related to an investment in Glendower Access Secondary Opportunities IV (U.S.), L.P. The form includes permissions for Deutsche Bank to share information with iCapital Parties and to manage fund-related transactions.

document_subtype: authorization form


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

title: Supplement to the Confidential Private Placement Memorandum

document_subtype: Private Placement Memorandum Supplement

key_organizations:
Aspen Grove Capital, LLC
Glendower Capital
Deutsche Bank Securities Inc.


document_description: The memorandum amends the 'Summary of Principal Terms of the Access Fund' by adding details about a Servicing Fee arrangement with Deutsche Bank Securities Inc. Deutsche Bank will act as a Placement Agent, introducing clients to the Access Fund. The Investment Manager will pay Deutsche Bank a Servicing Fee for each client introduced, calculated based on the client's subscription amount and the investment period of the Underlying Fund.

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

document_subtype: Memorandum Amendment

key_organizations:
Aspen Grove Capital, LLC
Deutsche Bank Securities Inc.


document_description: The document outlines the placement fee structure for Deutsche Bank in relation to the Access Fund and the Underlying Fund. It details the DB Placement Fee rates for different levels of investment and the conditions under which Deutsche Bank will act as a placement agent. It also discusses the fees for direct investors and highlights certain risk factors and potential conflicts of interest for DB Introduced Persons.

document_subtype: Placement Fee Agreement

key_organizations:
Deutsche Bank
Aspen Grove Capital, LLC
Glendower GP
Glendower Capital, LLC


document_description: The document outlines the fee structure and potential conflicts of interest related to Deutsche Bank's role as a Placement Agent for Access Funds. It details the DB Placement Fee, Servicing Fee, and other fees associated with DB Introduced Persons and direct investors in the Underlying Fund. The document also discusses the potential conflicts of interest arising from these fees.

document_subtype: Investment Agreement

key_organizations:
Deutsche Bank
Aspen Grove Capital, LLC
Access Funds
Glendower GP


document_description: Certification of Good Standing for Southern Trust Company, Inc., formerly Financial Informatics, Inc., confirming its incorporation and authorization to conduct business in the Virgin Islands.

document_type: government

key_locations:
Charlotte Amalie, Virgin Islands
Christiansted, Virgin Islands

document_subtype: Certification of Good Standing

key_organizations: Office of the Lieutenant Governor, Virgin Islands


document_description: Instructions for completing Form W-9, including information on exempt payees, FATCA exemption codes, and how to obtain a Taxpayer Identification Number (TIN).

title: Form W-9 Instructions

document_subtype: tax form

key_organizations: IRS SSA


document_description: This document is an amendment to iCapital's annual brochure for 2018, updating the previous version from March 31, 2017. It includes updates on investor servicing fees, diligence on certain funds, and iCapital's relationship with Fidelity Brokerage Services LLC. It also notes the acquisition of a private equity access fund platform from Deutsche Bank by iCapital's parent company.

title: iCapital Advisors, LLC Form ADV Part 2A

document_subtype: Form ADV Part 2A

key_organizations:
iCapital Advisors, LLC
Institutional Capital Network, Inc.
Fidelity Brokerage Services LLC
Deutsche Bank
iCapital Securities, LLC


document_description: The document outlines the terms and conditions related to capital contributions by investors to Private Access Funds managed by iCapital Advisors, LLC. It details the obligations of investors, potential penalties for non-compliance, and the lack of direct rights or recourse against the Underlying Fund. It also discusses the non-advisory role of iCapital and the potential for changes in the terms of the Underlying Fund.

title: iCapital Advisors, LLC Form ADV Part 2A


document_description: The document discusses the financial and tax implications for investors in Private Access Funds managed by iCapital Advisors, LLC. It covers topics such as tax liabilities, illiquidity of investments, economic and market risks, and consequences of default. Investors may need to return distributions to meet fund obligations and may face tax liabilities exceeding cash distributions. The document also highlights risks associated with private equity investments and potential remedies for defaulting on capital contributions.

key_organizations:
iCapital Advisors, LLC
Private Access Fund
Underlying Fund


document_description: The document is a Form ADV Part 2A for iCapital Advisors, LLC, discussing capital contributions, default actions, series limited partnerships, and reliance on sub-advisers. It outlines the procedures and consequences for defaulting investors, the legal structure and potential liabilities of series limited partnerships, and the importance of sub-advisers in managing funds.

document_type: legal

key_organizations:
iCapital Advisors, LLC
Bright Group


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

title: iCapital Advisors, LLC Form ADV Part 2A

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


document_description: The document outlines the Code of Ethics for iCapital Advisors, LLC, detailing employee investment restrictions, participation in client transactions, and conflicts of interest. Employees must obtain authorization for personal investments and are discouraged from frequent trading. iCapital may waive fees for employees investing in the Funds. The document also discusses potential conflicts of interest, including compensation from underlying fund managers.

title: iCapital Advisors, LLC Form ADV Part 2A

key_organizations:
iCapital Advisors, LLC
iCapital Securities, LLC


document_description: The document is a Form ADV Part 2A from iCapital Advisors, LLC, detailing potential conflicts of interest, fee structures, valuation processes, educational programs, and privacy policies related to their investment advisory services.

key_organizations:
iCapital Advisors, LLC
iCapital Securities
Institutional Capital Network


document_description: The document outlines iCapital Advisors, LLC's Form ADV Part 2A, detailing the management fees, collaboration agreements, custody rules, and investment discretion policies. It discusses compensation arrangements with Fidelity Brokerage Services LLC and National Financial Services LLC, potential conflicts of interest, and custody requirements for client funds. It also covers the firm's discretionary authority in investment decisions and the guidelines governing fund management.

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


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

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


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

title: FORM ADV PART 2B: Brochure Supplement

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

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

document_subtype: Brochure Supplement


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

title: Form ADV Part 2B for Eileen Duff Blalock

key_people:
Eileen Duff Blalock
Michael Stanton

document_subtype: Form ADV Part 2B

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


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

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

document_subtype: Limited Partnership Agreement


document_description: This document is an amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes provisions on exculpation and indemnification, amendments, voting and consents, and administrative provisions such as keeping of accounts, financial reports, valuation, notices, accounting, and tax provisions.

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


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

key_people: Glendower Access Secondary Opportunities IV GP LLC

document_subtype: Amended and Restated Limited Partnership Agreement


document_description: This document outlines the terms and conditions of the partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes details about the partnership's name, offices, purpose, powers, and the roles and responsibilities of the partners. The agreement specifies the principal purpose of the partnership, which is to invest in the Underlying Fund, and outlines the limited liability of the partners.

key_people:
General Partner
Limited Partners

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

document_subtype: Partnership Agreement


document_description: This document outlines the terms and conditions for Limited Partners in a partnership, including their rights and obligations in the event of death, dissolution, or bankruptcy. It also details the process for admitting additional Limited Partners and their financial contributions.

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


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 ability to release confidential information to governmental authorities, amend the agreement to comply with anti-money laundering laws, and manage the partnership's affairs. The General Partner has exclusive control over the partnership's management and can delegate management to an Investment Manager.

key_people:
General Partner
Limited Partner


document_description: This document outlines the powers and responsibilities 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.


document_description: This document outlines the terms and conditions of the Glendower Access Secondary Opportunities IV (U.S.), L.P. Amended and Restated Limited Partnership Agreement. It covers allocations, distributions, and the responsibilities of Limited Partners and the General Partner. It also addresses the treatment of defaulting partners and the establishment of Investment Subsidiaries for legal, tax, or regulatory reasons.


document_description: The document outlines the terms and conditions of the partnership, including partnership expenses, parallel access funds, investment guidelines, borrowings, and ERISA compliance. It details the formation of parallel access funds or feeder funds to comply with securities laws and address tax, legal, and regulatory issues. It also covers investment guidelines, credit facilities, and efforts to ensure compliance with ERISA regulations.

title: Amended and Restated Limited Partnership Agreement


document_description: This document outlines the fees and expenses related to the partnership, including organizational expenses, partnership expenses, and management fees. It specifies the responsibilities of the General Partner and the Investment Manager regarding these expenses.

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


document_description: This document outlines the expenses and financial responsibilities of Limited Partners in the Bright Group's partnership. It details the allocation of expenses related to the management and operation of the partnership, including travel, research, insurance, and legal fees. It also covers the sharing of expenses with Parallel Access Funds and the treatment of expenses related to Feeder Funds.


document_description: This 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.


document_description: This document outlines the terms and conditions related to management fees and capital contributions for partners in the Glendower Access Secondary Opportunities IV (U.S.), L.P. It specifies the calculation and timing of management fee payments, the obligation of partners to contribute capital, and the conditions under which these contributions are made.

key_people:
General Partner
Investment Manager


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

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


document_description: This document outlines the terms and conditions related to capital contributions, returns, and adjustments for partners in the Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes provisions for the return of contributions upon the admission of additional partners, the effect of such returns, and the consequences of failing to make required payments.

key_people:
General Partner
Limited Partner
Additional Limited Partner


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


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


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

key_people:
General Partner
Defaulting 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 the security interests assigned by Limited Partners to the Partnership, the rights of the Partnership in case of default, and the procedures for distributions of proceeds and discretionary distributions among partners.


document_description: This document outlines the tax liability responsibilities and capital account management for partners in the Glendower Access Secondary Opportunities IV (U.S.), L.P. It specifies the obligations of the General Partner in determining tax liabilities and the indemnification responsibilities of Limited Partners. It also details the creation and maintenance of capital accounts for each partner.


document_description: This document outlines the special allocations of items of loss or deduction, allocations following a default, and admission of additional partners for the partnership. It specifies how items of loss or expense, transfer expenses, and management fees are allocated among partners. It also details the allocation of partner interest and delayed payment interest, and the adjustments required when new partners are admitted or existing subscriptions are increased.


document_description: This document outlines the terms and conditions of the partnership, including the duration, dissolution, and liquidation processes. The partnership term is tied to the dissolution of the Underlying Fund and can be extended by the General Partner. The document also details the conditions under which the partnership can be dissolved, either by the withdrawal of the General Partner or by the General Partner's decision. Upon dissolution, the partnership's assets are to be liquidated in an orderly manner, with the General Partner or a designated liquidator managing the process.


document_description: This document outlines the conditions under which a Limited Partner's interest in the Partnership may be transferred. It specifies the need for the General Partner's consent for any transfer, restrictions on public trading of partnership interests, and the non-recognition of certain transfers unless specific conditions are met. It also details the required representations by parties involved in a transfer.


document_description: This document outlines the conditions and procedures for transferring partnership interests in Glendower Access Secondary Opportunities IV (U.S.), L.P. It specifies the requirements for transferees to be accredited investors, qualified purchasers, and qualified clients. It also details the need for a legal opinion for compliance, reimbursement of transfer expenses, and the admission of substituted limited partners.


document_description: This document outlines the indemnification provisions for Covered Persons and other parties associated with the partnership. It specifies the conditions under which indemnification is provided, limitations on indemnification, and the advance payment of expenses. Indemnification is not provided for actions involving bad faith, gross negligence, or willful misconduct.


document_description: This document outlines the indemnification and liability limitations for the partnership, including conditions under which partners may be required to return distributions. It specifies the discretionary powers of the General Partner and the impact of legal restrictions on indemnification provisions.


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines the responsibilities of the General Partner regarding the filing of the Certificate of Limited Partnership, the preparation and distribution of financial reports, annual tax information, and quarterly reports to the partners. It also mentions the limitations on information rights for Limited Partners compared to direct limited partners of the Underlying Fund.


document_description: This document outlines the valuation procedures for partnership assets as per the agreement. It specifies how freely tradable securities and other assets should be valued by the General Partner, and states that no value should be assigned to goodwill or intangible assets. It also details the protocol for notices and communications among partners.


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines provisions related to notices, accounting, and tax matters. Notices are to be sent to addresses specified in the List of Partners, and the General Partner may post financial statements and reports online. The fiscal year is the calendar year unless otherwise required for tax purposes. The Partnership's accountants are to be a recognized firm selected by the General Partner. The document also details tax provisions, ensuring the Partnership is treated as a partnership for U.S. federal income tax purposes, and designates the General Partner as the Tax Matters Partner for fiscal years ending before January 1, 2018.


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines the responsibilities and designations of the General Partner as the 'partnership representative' under the BBA, the obligations of the Partners regarding tax compliance, and the financial responsibilities related to partnership tax audits. It also includes provisions for the sharing of costs and the reliance on tax advisors.


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 other tax regulations. It also details the consequences of non-compliance, including potential transfer or withdrawal from the Partnership and indemnification for any resulting losses. Additionally, it addresses the non-requirement of Section 1045 rollovers and related tax reporting obligations.


document_description: The document outlines the powers and responsibilities of the General Partner in managing the Partnership and any Alternative Investment Vehicles, Parallel Access Funds, or Feeder Funds. It includes provisions for the dissolution and termination of these entities, the execution of necessary documents, and the compliance with legal requirements across jurisdictions. It also details the obligations of Limited Partners to provide information for compliance and disclosure purposes.

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


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 on the disclosure of Partnership Information, exceptions to these obligations, and the rights of the General Partner to withhold information under certain conditions. It also discusses the construction of the contract, including gender and number references, and the enforceability of 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 provisions on arbitration, side letters, the entire agreement, and bad actor disqualification information. The agreement outlines the rights and responsibilities of the General Partner and Limited Partners, including arbitration procedures, the ability to enter into side letters, and the process for handling bad actor disqualifications.


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 of a 20% Holder and confidentiality under Federal Rules.


document_description: This document is an Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes the execution by the General Partner and Limited Partners, with Thomas Fortin as COO signing on behalf of Institutional Capital Network, Inc. Michael Stanton is noted as the withdrawing Initial Limited Partner.

key_people:
Thomas Fortin
Michael Stanton

key_organizations: Glendower Access Secondary Opportunities IV GP LLC


document_description: This document outlines the terms and definitions related to the Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes definitions for business days, capital accounts, carrying value, and other financial terms relevant to the partnership.


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 related to the partnership, including definitions of key terms such as Freely Tradable Securities, General Partner, and Limited Partners. It also specifies the roles of the General Partner and Investment Manager, and conditions under which securities can be distributed or sold.

title: Glendower Access Secondary Opportunities IV (U.S.), L.P. I-4 Amended and Restated Limited Partnership Agreement


document_description: This document outlines the terms and definitions related to the Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes definitions for various financial and organizational terms such as Offshore Access Fund, Organizational Expenses, Partner Interest, and Partnership Minimum Gain. The document is marked as confidential and is subject to Federal Rule of Criminal Procedure 6(e).

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


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

title: Glendower Access Secondary Opportunities IV (U.S.), L.P. 1-7 Amended and Restated Limited Partnership Agreement


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

key_locations:
United States
District of Columbia
European Union


document_description: The document outlines the allocation of income, gain, loss, deduction, or credit among partners in accordance with tax regulations, specifically Sections 706(d) and 704(c) of the Internal Revenue Code. It allows the General Partner to modify allocations to better reflect economic interests.


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

document_date: January 2018

document_subtype: Private Placement Memorandum


document_description: This document is a memorandum related to the Access Fund, which is suitable only for sophisticated investors due to its high risks and lack of liquidity. It outlines the legal and financial responsibilities and limitations of investors, the Access Fund, and associated entities like Glendower Capital. The memorandum also specifies that it is not an offering of interests in the Underlying Fund and provides a disclaimer regarding the accuracy and completeness of the information provided.

key_locations: United Kingdom of Great Britain and Northern Ireland

document_subtype: memorandum

key_organizations:
Glendower Capital
Access Fund
Glendower GP
Glendower Capital LLP
Glendower Capital (U.S.) LLC


document_description: This memorandum discusses the indirect interests in funds managed by Glendower, the rights and limitations of the Access Fund and its Limited Partners, and the potential risks and uncertainties involved in investing in the Underlying Fund. It highlights that past performance is not indicative of future results and that forward-looking statements involve risks and uncertainties. The terms of the Underlying Fund are subject to change, and investors should rely on their own examination of the fund.

key_organizations:
Glendower
Access Fund
Underlying Fund


document_description: This document is a confidential memorandum related to the Bright Group's Access Fund. It outlines the terms and conditions for subscription, including a minimum subscription amount of $250,000, and legal restrictions on the distribution and sale of interests. The memorandum emphasizes confidentiality and the proper handling of sensitive information.

document_subtype: Memorandum

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


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) and Commodity Trading Advisor (CTA) under specific CFTC rules. It details the conditions under which the Access Fund operates, including limitations on marketing, investor qualifications, and commodity interest exposure. 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 advises prospective investors to consult legal advisors regarding position aggregation and reporting requirements. The investment manager has filed for an exemption from CFTC registration as a CTA under specific CFTC rules.

document_subtype: legal notice

key_organizations:
Bright Group
CFTC
NFA


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 Glendower Capital Secondary Opportunities Fund IV, LP (the 'Underlying Fund'). It outlines the roles of the General Partner and the Investment Manager, iCapital Advisors, LLC, in managing the Access Fund. The document emphasizes that the summary is qualified by the Access Fund's Amended and Restated Limited Partnership Agreement and the Subscription Agreement.

title: Summary of Principal Terms of the Access Fund

document_date: October 2017

document_subtype: Investment Summary


document_description: The document outlines the offering and investment details for the Access Fund, a private placement fund for certain U.S. investors. It discusses the types of investors suitable for the fund, tax considerations, and minimum subscription requirements.

document_subtype: Investment Offering

key_organizations:
Bright Group
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, including details on subsequent closings, potential dilution of interests, and the formation of parallel access and feeder funds.

document_subtype: Investment Fund Document

key_organizations:
Access Fund
Underlying Fund
Glendower GP


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, consulting services, and insurance, among others.

document_subtype: financial report

key_organizations:
Access Fund
Underlying Fund
General Partner
Investment Manager


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 and the role of Placement Agents in receiving a portion of the management fees.

key_people:
Investment Manager
Placement Agents
Glendower GP

document_subtype: Investment Management Agreement

key_organizations:
Bright Group
Access Fund
Underlying Fund


document_description: The document outlines the terms related to carried interest distributions, indemnification, and withdrawal/transfer of interests for the Glendower GP and Access Fund. It specifies the carried interest distribution of 12.5% of net profits, indemnification obligations, and conditions for withdrawal and transfer of interests by Limited Partners.

key_people:
Glendower GP
General Partner

document_subtype: Investment Fund Agreement


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 to Limited Partners. It also discusses the U.S. federal income tax treatment of the Access Fund as a partnership and the implications for U.S. Tax-Exempt Investors, including the expectation of recognizing material amounts of UBTI.

key_organizations:
Access Fund
U.S. Internal Revenue Service


document_description: The document outlines considerations for prospective investors in the Access Fund, particularly in relation to ERISA compliance. It details 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 discusses the potential for Limited Partners to return distributions to cover liabilities and the amendment procedures for the Partnership Agreement.

document_subtype: investment fund document


document_description: The document outlines potential amendments to the Partnership Agreement of the Access Fund, including conditions under which amendments can be made without materially adverse effects on Limited Partners. It also discusses the voting rights of the General Partner and Investment Manager, borrowing provisions, and the use of credit facilities.

document_subtype: Partnership Agreement Amendment

key_organizations:
Access Fund
Underlying Fund


document_description: The document discusses the borrowing and credit support capabilities of an Underlying Fund and its impact on an Access Fund's ability to borrow funds. It outlines investor eligibility criteria and confidentiality obligations for Limited Partners. It also mentions compliance with U.S. Treasury Regulations regarding disclosure of tax treatment and structure.


document_description: The document outlines certain risk factors and potential conflicts of interest associated with investing in the Access Fund. It highlights business and market risks, as well as conflicts of interest related to placement agents like Raymond James, who receive fees for introducing investors to the fund.

document_subtype: investment risk disclosure

key_organizations:
Bright Group
Access Fund
Underlying Fund
Glendower


document_description: The document discusses the risks and conflicts of interest associated with investing in the Access Fund, an investment vehicle formed 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 that investors in the Access Fund will not have direct rights in the Underlying Fund and will bear additional expenses, impacting returns.

document_subtype: investment document

key_organizations:
Bight Group
Access Fund
Underlying Fund
Glendower


document_description: The document outlines the terms and conditions of the Access Fund, including indemnification provisions, capital contributions, co-investment opportunities, and compensation arrangements. It highlights the risks and responsibilities of investors, the role of the General Partner, and potential conflicts of interest.

document_subtype: investment agreement

key_organizations:
Bright Group
Glendower GP
iCapital Securities, LLC
iCapital Network


document_description: The document discusses the roles of the General Partner and Investment Manager in retaining investment advisers or Placement Agents for marketing and selling interests. It highlights potential conflicts of interest and how they are addressed. It also covers the management of other funds or Managed Accounts with similar strategies, the valuation of assets, and the potential uncertainties involved.

document_subtype: investment memorandum

key_organizations:
Bight Group
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, and the implications of default by Limited Partners. It also addresses ERISA considerations and potential consequences for the Access Fund.

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


document_description: The document discusses the potential risks and legal implications for the Access Fund, a private equity fund, in relation to ERISA controlled group liability and the Sun Capital Cases. It highlights the lack of recourse for Limited Partners against the Underlying Fund, the illiquidity of investments, and the lack of voting rights or participation in the Underlying Fund's management. It also mentions investment concentration risks.

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

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

document_subtype: legal analysis

key_organizations:
Access Fund
Underlying Fund
Glendower


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 consent.

key_organizations:
Glendower
Underlying Fund
Access Fund


document_description: The document outlines the terms and conditions related to the Access Fund's obligations and rights in relation to the Underlying Fund managed by Glendower GP. It covers topics such as transfer restrictions, repayment of distributions, reinvestment rights, indemnity obligations, and multiple layers of expenses. The Access Fund may need to repay distributions, make additional capital contributions, and indemnify various parties. Expenses and management costs are borne by the Access Fund, and certain obligations are not capped.

document_subtype: partnership agreement


document_description: The document discusses the implications of investors subscribing for interests in a Subsequent Closing of the Underlying Fund, including potential dilution of existing investors' interests and issues related to public disclosure requirements. It also covers the borrowing strategies of the Access Fund and the Underlying Fund, highlighting the risks associated with leverage and the potential for loss of assets pledged as collateral.


document_description: The document discusses the financial management and investment strategies of the Access Fund, including cash management, over-commitment, lack of diversification, forward-looking statements, and disqualification of certain 'bad actors' from Rule 506 offerings. It highlights the risks associated with the Access Fund's investment in the Underlying Fund and the potential consequences of over-commitment and lack of diversification.

document_subtype: memorandum


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 administrative burdens on fund managers, which could impact investment returns. The document also addresses new market structure requirements applicable to derivatives as a result of the Dodd-Frank Act.

document_subtype: regulatory compliance

key_organizations:
Glendower GP
Access Fund
SEC
CFTC


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

key_locations:
European Union
Japan
United States

document_subtype: financial regulation summary

key_organizations:
CFTC
Underlying Fund
Access Fund
Bright Group


document_description: The document provides tax-related information for Limited Partners of the Access Fund, including implications of the 2017 Tax Legislation, phantom income, UBTI for tax-exempt investors, and FATCA compliance requirements.

document_subtype: tax information

key_organizations:
Bright Group
Access Fund
Underlying Fund
IRS


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

key_organizations:
Bright Group
Access Fund

reference_numbers:
Section 754
Section 743
Section 163(d)


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 restrictions, at-risk limitations, and the deductibility of fund expenses. It advises prospective investors to consult tax advisors regarding these limitations.

document_subtype: investment fund tax implications

key_organizations:
Access Fund
Bright Group


document_description: This 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 of CFCs, the impact of the 2017 Tax Legislation on deferred earnings, and the treatment of foreign currency gains or losses. It also highlights the potential for Unrelated Business Taxable Income (UBTI) for U.S. Tax-Exempt Investors due to leverage and certain income types.

document_subtype: tax document


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


document_description: The document is an investment memorandum for the Access Fund, discussing U.S. federal income tax rules, regulatory matters, and the offering of Interests under the Securities Act of 1933. It highlights the lack of registration for the Interests, reliance on exemptions, and the economic risks involved. It also discloses past regulatory issues with Raymond James, a Placement Agent for the offering.

key_locations:
United States
Puerto Rico
Virgin Islands
District of Columbia

key_organizations:
Bright Group
Access Fund
Raymond James Financial Services, Inc.
Securities and Exchange Commission


document_description: The document outlines the legal considerations and exemptions applicable to the Access Fund under various U.S. financial regulations, including the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Commodity Exchange Act of 1974. It discusses the fund's exemption from registration requirements and the legal and tax considerations for investors.

document_subtype: legal disclosure

key_organizations:
Access Fund
General Partner
Investment Manager
National Futures Association


document_description: The document discusses regulatory concerns regarding the sources of funds used in investments by the Glendower GP and the Access Fund. It outlines the requirements for investors to provide documentation verifying their source of funds and compliance with anti-money laundering laws. It also addresses the applicability of the Alternative Investment Fund Managers Directive and ERISA considerations for pension and retirement plans investing in the Access Fund.

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: This document is a supplement to the Private Placement Memorandum for the offering of limited partnership interests in Glendower Access Secondary Opportunities IV (U.S.), L.P. It is intended for potential investors and should be reviewed alongside the original Memorandum dated January 2018.

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 guidance on disclosure of tax treatment and structure to advisors and tax authorities.

key_organizations: Glendower Capital Secondary Opportunities Fund IV, LP

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


document_description: Amendments to the Summary of Principal Terms of the Access Fund, detailing the expenses covered by the fund.

document_subtype: amendment

key_organizations:
Access Fund
Underlying Fund
General Partner
Investment Manager


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

document_subtype: Investment Fund Agreement

key_organizations:
Access Fund
Feeder Fund
Underlying Fund


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

title: Underlying Fund Confidential Private Placement Memorandum


document_description: A confidential legal document related to the Bright Group, marked as confidential pursuant to 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 circulated by Glendower Capital LLP, authorized by the UK Financial Conduct Authority, to a limited number of qualified prospective investors. 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 is marked as confidential pursuant to Federal Rule of Criminal Procedure 6(e).


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP, providing an executive summary of the investment opportunity.

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

document_subtype: Confidential Private Placement Memorandum


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 targets acquisitions in private equity fund structures and co-investments in portfolio companies. This is the first fund raised outside Deutsche Asset Management by the Managing Partners Carlo Pirzio-Biroli and Charles Smith.

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

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

key_locations:
U.S.
Europe
London
New York

key_organizations:
Glendower Capital
Deutsche Asset Management
Deutsche Bank


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

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


document_description: The document is an executive summary for the Glendower Capital Secondary Opportunities Fund IV, LP, detailing the fund's investment strategy and focus areas. It highlights the fund's approach to less competitive transactions, value investing, risk mitigation, and portfolio management. The summary also emphasizes the fund's relationships with fund sponsors and sellers, and its ability to handle complex transactions.

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, highlighting its investment strategy, alignment of interests, and key terms. It emphasizes the fund's rigorous analysis approach, strong alignment of interests between the fund team and investors, and the exclusion of Deutsche Bank from management and profit sharing.

key_organizations:
Glendower Capital
Deutsche Bank


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

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


document_description: The document provides a performance analysis of the Glendower Capital Secondary Opportunities Fund M LP, comparing its performance metrics such as Net IRR, DPI, and TVPI against Cambridge Associates benchmarks as of September 30, 2017. It includes charts showing the performance of various SOF funds (SOF, SOF D, SOF II, SOF III) against vintage year peer groups and top quartile buyout funds.

title: Glendower Capital Secondary Opportunities Fund M LP Performance Report

document_subtype: investment performance report

key_organizations:
Glendower Capital
Cambridge Associates


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

title: Summary of Principal Terms


document_description: Summary of terms and conditions for investment in Glendower Capital Secondary Opportunities Fund IV, LP, including investment strategy, target size, minimum commitment, fund structure, manager details, term, investment period, and financial details such as general partner's share and carried interest.

title: Sedan 3: Summary of Principal Terms

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

document_subtype: Investment Summary


document_description: The document is a section from the Confidential Private Placement Memorandum for Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the investment strategy of the fund, which targets a diverse portfolio of investments in the secondary market, including buyout, growth capital, venture capital, special situations, turnaround, mezzanine and distressed opportunities, real estate, and infrastructure assets. The fund will focus on three types of investments: Fund Secondaries, GP-led Secondaries, and Single Asset Deals, primarily in the U.S. and Europe. The fund aims for risk-adjusted returns in excess of 20% Net IRR.


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

key_locations:
North America
Europe
Asia and Pacific

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

title: Glendower Capital Secondary Opportunities Fund IV, LP


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

document_subtype: financial report

key_organizations:
Glendower Capital
Greenhill


document_description: The document provides an analysis of the secondary market pricing trends from 2005 to 2017, highlighting the fluctuations in market pricing and volume. It discusses the impact of cash flows, mark-to-market pricing, and effective discounts at closing for buyers. The analysis includes data on market stability, pricing as a percentage of NAV, and the recovery of the secondary market post-2009.

title: Glendower Capital Secondary Opportunities Fund IV Analysis

document_subtype: financial analysis

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


document_description: The document discusses the state of the secondary market for private equity, highlighting a balanced supply and demand with significant dry powder available. It includes data on dry powder and deal volume, emphasizing Glendower Capital's disciplined investment approach and the diverse seller universe in the market.

key_organizations:
Glendower Capital
Greenhill
Preqin
Bain & Company


document_description: The document provides a breakdown of seller composition for Glendower Capital Secondary Opportunities Fund IV, LP in 2017, along with market trends and private equity assets by fund vintage year. It highlights the emergence of traditional secondary buyers and funds-of-funds as sellers, and the significant supply of secondary opportunities in pre-crisis bubble funds.

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

key_organizations:
Glendower Capital
Greenhill Cogent
Preqin


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

title: Glendower Capital Secondary Opportunities Fund Analysis

document_subtype: investment fund analysis

key_organizations:
Glendower Capital
SOF I
SOF II
SOF III
SOF IV


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


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


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


document_description: The document provides an overview of Glendower Capital, an independent investment firm focused on secondary private markets. It details the management structure, investment team, and investment committee of the Glendower Capital Secondary Opportunities Fund N. LP. The firm, led by Carlo Pirzio-Biroli and Charles Smith, spun out from Deutsche Asset Management in 2017 and operates offices in London and New York. The document outlines the fund management processes and the roles of key team members.

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

key_locations:
London
New York

key_organizations:
Glendower Capital
Deutsche Asset Management
FCA


document_description: This document provides information about the Glendower Capital Secondary Opportunities Fund IV, LP, including details about the fund management team and their professional backgrounds. It lists the members of the SOF IV Investment Committee and their roles, previous experiences, and educational qualifications. The document is marked as confidential and is related to fund management operations.

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

key_locations:
London
New York
Southern Europe
Middle East
Asia
Cambridge University
University of Rome
Colgate University
HEC Paris
Polytechnic University of Madrid

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


document_description: The document provides information about the senior team and professionals at Glendower Capital, focusing on their roles, responsibilities, and previous experiences. It includes details about fund management and investor relations for the secondary private equity business.

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

key_locations:
New York
Milan
South Africa
London

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


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

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

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


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

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


document_description: This document provides a summary of the principal terms of the Glendower Capital Secondary Opportunities Fund IV, LP, an English private fund limited partnership. It outlines the investment objectives, the roles of the General Partner and the Manager, and the fund's strategy for generating returns through various investment opportunities in the secondary market.

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

key_locations:
Cayman Islands
UK
U.S.
Europe

document_subtype: Summary of Terms and Conditions


document_description: This document outlines the investment restrictions, indebtedness policies, hedging strategies, and profit sharing terms for the Glendower Capital Secondary Opportunities Fund IV, LP. Key points include investment limits in single funds, borrowing strategies for investment facilitation, and hedging transactions for risk management. The General Partner's profit share is detailed, including the allocation from drawdowns and proceeds.

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

document_subtype: investment terms


document_description: This document outlines the terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP, including details on the General Partner's Share, distribution of net proceeds, and applicable points for commitments. It specifies the distribution hierarchy for net proceeds and the conditions under which the General Partner's Share is reduced. The document also defines terms such as 'Legacy Investor' and 'Carried Interest.'

key_people:
General Partner
Special Limited Partner

key_organizations:
Glendower Capital
Scotian 6


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

key_organizations:
Glendower Capital
Bright Group


document_description: This document outlines the terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes details on feeder and parallel funds, successor funds, allocation of investment opportunities, transfers and withdrawals, reporting and valuations, annual meetings, and disclosure of changes to leverage provisions. The document specifies the roles and responsibilities of the Manager and the Fund Advisory Committee, as well as the rights and restrictions of Limited Partners.

title: Glendower Capital Secondary Opportunities Fund IV. LP

key_organizations:
Glendower Capital
Glendower Capital LLP


document_description: This document outlines the terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP, including indemnification clauses, conditions for the removal of the General Partner, amendments to the Fund Partnership Agreement, default provisions, and the term of the fund.

key_people:
General Partner
Manager
Second GP


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

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


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


document_description: This document is a section of a confidential private placement memorandum detailing risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP.

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


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

title: Glendower Capital Secondary Opportunities Fund et LP - Risk Factors

document_subtype: Risk Factors


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

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


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


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

key_people:
Manager
U.S. Adviser


document_description: This section outlines various risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses valuation risks due to the nature of private equity assets, absence of Investment Company Act protection, tax risks including potential unforeseen taxation and withholding taxes, and the impact of Base Erosion and Profit Shifting (BEPS) initiatives. The document highlights the inherent uncertainties in investment valuations and potential tax implications for the Fund and its investors.

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


document_description: The document outlines various risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses the potential legal risks related to UK tax evasion and the implementation of procedures to prevent criminal facilitation of tax evasion. It also covers co-investment risks, counterparty risks, and the risks associated with investments via other entities. Additionally, it addresses the dilution of interests from subsequent closings and the indemnification of certain parties involved with the Fund.

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


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

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

document_subtype: investment risk disclosure


document_description: This document outlines various risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses potential regulatory impacts on the private investment industry, uncertainties related to Brexit, and anti-money laundering compliance requirements. The document highlights the challenges in predicting regulatory changes and their effects on the Fund's ability to achieve its objectives. It also addresses the potential economic and legal implications of Brexit on the asset management industry and the Fund's investments.

key_locations:
UK
European Union

key_organizations:
Glendower Capital
European Union


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

key_organizations:
Glendower Capital
U.S. Adviser
Credit Suisse Asset Management Limited