document_description: The document provides a breakdown of seller composition for Glendower Capital Secondary Opportunities Fund IV, LP, highlighting the percentage of different seller types. It also includes data on funds marketed by vintage and the emergence of tail-end sales in the secondary market. The document discusses the motivations for traditional secondary buyers and funds-of-funds entering the market as sellers, with a focus on winding down older vehicles to lock in gains or return capital to LPs. Additionally, it presents data on private equity assets by fund vintage year, indicating a significant supply of secondary opportunities in pre-crisis bubble funds.

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

document_subtype: financial report

key_organizations:
Glendower Capital
Greenhill Cogent
Preqin


source: doj

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

document_type: financial

document_subtype: Confidential Private Placement Memorandum

key_organizations:
Glendower Capital
Greenhill Cogent
Evercore


document_description: The document discusses the role of GP-led Secondaries in the market, highlighting their complexity and the need for advanced expertise. It emphasizes the importance of early communication, quality assets, and well-aligned managers for successful transactions. Glendower Capital takes a cautious approach, focusing on opportunities with strong alignment, diversified portfolios, and attractive cash flow.

document_subtype: Private Placement Memorandum

key_organizations:
Glendower Capital
BC Partners
Diamond Castle
EGT
One Equity Partners
Warburg Pincus
Nordic Capital
Duke Street
Lon Point
Catal
Quadrica Capital
Arco Real Estate
GMT
Pollen Street
Enhanced Healthcare Partners
Zurmont Madison Capital


document_description: The document discusses the competitive environment and strategy of Glendower Capital Secondary Opportunities Fund IV, LP in the secondary market. It highlights the fund's positioning in the mid-sized segment, targeting funds between US$1 billion and US$3 billion. The document also outlines the sourcing strategies and the changing mix of sellers in the market.


document_description: The document outlines the investment strategy and process of the Glendower Capital Secondary Opportunities Fund IV, LP. The fund focuses on mature fund interests, which are at least 50% drawn, to reduce 'blind pool risk'. The investment process includes deal origination, screening, investment decision, monitoring, and realisation. The fund aims to purchase funds through exclusive or minimally competitive transactions using its network of industry relationships.

document_subtype: Investment Memorandum

key_organizations:
Glendower Capital
Glendower SOF Team


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


document_description: The document outlines the management and operational strategies of the Glendower Capital Secondary Opportunities Fund IV, LP. It details the responsibilities of the Glendower SOF Team in managing ongoing deals, including attending partnership meetings, reviewing financial information, monitoring market developments, and preparing valuations. The document also describes the process for investment realization and the role of the Investment Committee in approving divestments.

document_subtype: Investment Fund Management


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


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

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


document_description: This document provides an overview of the fund management structure and operations of Glendower Capital's Secondary Opportunities Fund IV, LP. It details the history and experience of the Glendower Capital team, the management structure of the fund, and the roles of key individuals involved in the fund's operations.

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

key_locations:
London
New York

document_subtype: Fund Management Document

key_organizations:
Glendower Capital
Deutsche Asset Management
FCA


document_description: This document provides information about the management team of the Glendower Capital Secondary Opportunities Fund IV, LP, including the roles and backgrounds of key members of the investment committee and other professionals involved in fund operations.

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

key_locations:
London
New York
Southern Europe
Middle East
Asia

document_subtype: Fund Management

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


document_description: The document provides information about the senior team and their roles at Glendower Capital Secondary Opportunities Fund IV, LP. It includes details about the professional backgrounds and responsibilities of key team members involved in fund management and investor relations for the secondary private equity business.

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

key_locations:
New York
South Africa
Milan
London

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


document_description: This document provides an overview of the team members involved in the management of the Glendower Capital Secondary Opportunities Fund IV, LP. It includes details about their roles, responsibilities, and prior experience. The team is based in London and New York, with plans to recruit additional members in the coming months.

title: Glendower Capital Secondary Opportunities Fund IV, LP - Team Overview

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

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


document_description: This document is a summary of 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. It outlines the investment objectives, the roles of the General Partner and the Manager, and the structure of the Fund. The Fund aims to generate attractive risk-adjusted returns through various investment strategies in the secondary market, primarily targeting the U.S. and Europe. The General Partner is Glendower Capital SOF IV (GP) Limited, and the Manager is Glendower Capital, LLP.

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

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

key_locations:
Cayman Islands
UK
U.S.
Europe

document_subtype: Summary of Terms and Conditions


document_description: This document outlines the terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes details on the General Partner's share, commitments, minimum commitment, Glendower Capital investment, closings, subsequent closing partners, and drawdowns. The fund seeks aggregate commitments of US$1.75 billion, with a maximum of US$2.5 billion. The minimum commitment for limited partners is US$5 million. The document also details the process for closings and the participation of subsequent closing partners.

key_people:
General Partner
Limited Partners
Manager
Glendower U.S.

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


document_description: This document outlines the terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes details on the investment period, reinvestment policies, key person events, and diversification rules. The investment period begins at the first closing and ends at the earliest of either full commitment investment or four years from the final admission date. Reinvestment allows certain distributions to be added back to unfunded commitments. Key persons include Charles Smith, Carlo Pirzioaroli, Adam Graev, and Chi Cheung, with provisions for replacement and suspension of the investment period if key persons are unavailable. Diversification limits investments in individual deals to 5% of the investment restriction base without committee consent.

title: Glendower Capital Secondary Opportunities Fund IV. LP

key_people:
Charles Smith
Carlo Pirzioaroli
Adam Graev
Chi Cheung


document_description: This document outlines the terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes details on investment restrictions, indebtedness, hedging, and the General Partner's share. The fund has specific limits on investment in single funds, blind pool investment funds, and real estate investments. It also discusses borrowing strategies for short-term and long-term needs, as well as hedging techniques for currency, interest rate, and equity market risks. The General Partner's share is allocated from drawdowns or other proceeds.

title: Seaton 6: Summary of Terms and Conditions


document_description: This document outlines the terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP. It details the General Partner's Share, applicable points for commitments, and distribution of net proceeds among partners. The document specifies the conditions under which the General Partner's Share is reduced and defines terms such as 'Legacy Investor' and 'Carried Interest'. Distributions are made in cash or marketable securities prior to the dissolution of the Fund.

key_people:
General Partner
Special Limited Partner

key_organizations:
Glendower Capital
Feeder Fund


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

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

key_organizations:
Glendower Capital
EverWatch Financial


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

key_people:
General Partner
Second GP

key_organizations:
Glendower Capital
Glendower Capital LLP


document_description: This document outlines the terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes details on co-investment opportunities, the use of alternative vehicles for investments, the establishment of parallel and feeder funds, and the use of side letters to establish additional rights or alter terms for certain limited partners.


document_description: This document outlines the terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes details on indemnification, removal of the General Partner, amendments to the Fund Partnership Agreement, default provisions, and the term of the fund. Key points include indemnification clauses for Covered Persons, conditions for the removal of the General Partner, and the process for amending the Fund Partnership Agreement. The document also specifies default consequences for Limited Partners and the fund's term duration.

key_people:
General Partner
Manager
Second GP


document_description: This document outlines the 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 the roles of special counsel and auditors. The fund is denominated in U.S. dollars and is intended to be treated as a partnership for U.S. federal income tax purposes. The document advises prospective investors to consult their own tax and legal advisers.

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


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

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


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


document_description: This document is a section from the Confidential Private Placement Memorandum for Glendower Capital Secondary Opportunities Fund IV, LP, focusing on risk factors associated with the fund.

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


document_description: The document outlines the risk factors associated with investing in the Glendower Capital Secondary Opportunities Fund IV, LP. It highlights the substantial degree of risk involved, the complexity of due diligence and valuation processes, potential termination of the Fund's interest in underlying funds, and reliance on management of portfolio companies.

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

document_subtype: Risk Factors


document_description: The document outlines various risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses the potential 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 speculative nature of these investments and the potential for significant financial loss.


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


document_description: This document outlines the risk factors associated with investing in the Glendower Capital Secondary Opportunities Fund IV, LP. It highlights the limited ability to negotiate secondary transaction terms, the potential for investments to extend beyond the fund's term, the nature of fund investments requiring long-term commitment, restrictions on transfer and withdrawal, and performance risks. The document emphasizes the high degree of risk and illiquidity associated with the fund's investments, and the lack of guarantees on returns or capital repayment.


document_description: This document outlines the risk factors associated with investing in the Glendower Capital Secondary Opportunities Fund IV, LP. It highlights the unpredictability of future returns, the potential impact of poor performance by some investments, the exclusive bearing of losses by the Fund and its partners, and the additional risks associated with leverage. The document also discusses the use of subscription line facilities and the potential impact on investors' returns. It emphasizes that the information provided is based on sources believed to be reliable but is not guaranteed for accuracy or completeness.


document_description: This section outlines the risk factors associated with investing in the Glendower Capital Secondary Opportunities Fund IV, LP. It highlights the competitive nature of the fund's business, the dependence on the manager and key personnel, the lack of operating history, and prior affiliations with Deutsche Bank. The document emphasizes that past performance is not indicative of future results and that there is no assurance of achieving the fund's investment objectives.

key_people:
Manager
Key Persons
General Partner

key_organizations:
Glendower Capital
Deutsche Bank


document_description: The document outlines various risk factors associated with investing in the Glendower Capital Secondary Opportunities Fund IV, LP. It highlights the liquidity risk due to the illiquid nature of investments, potential 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.


document_description: The document outlines various risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP, including valuation risk, absence of Investment Company Act protection, tax risks, and the impact of Base Erosion and Profit Shifting (BEPS) initiatives. It highlights the challenges in valuing private equity assets, the lack of regulatory protections under the Investment Company Act, potential tax liabilities in different jurisdictions, and the implications of international tax reforms on investor returns.

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, focusing on global taxes, changes in tax law, tax treatment, phantom income, risks from changes in the taxation of carried interest, and corporate offense of failure to prevent the facilitation of tax evasion. It highlights potential adverse effects on the fund and its investors due to tax law changes, tax inefficiencies, and legislative impacts on carried interest.


document_description: The document outlines various risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses potential legal risks related to tax evasion facilitation, co-investment risks, counterparty risks, and the implications of investments via other entities. It also covers the risks of dilution from subsequent closings and indemnification obligations that may affect the financial condition of the Fund.


document_description: The document outlines various risk factors associated with investments in the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses the potential lower returns from short-term investments, the uncertainty of follow-on investments, risks 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.


document_description: The document outlines various risk factors associated with investments in emerging markets by the Glendower Capital Secondary Opportunities Fund IV, LP. It highlights risks such as political instability, regulatory changes, currency risk, and differences in accounting standards. It also discusses the potential need for separate legal counsel due to conflicts of interest, the diverse interests of investors, and the sovereign status of certain investors which may complicate legal enforcement.

key_locations:
United States
United Kingdom

key_organizations:
Glendower Capital
Debevoise & Plimpton LLP


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

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


document_description: The document outlines various risk factors associated with investments in the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses the impact of deflation, currency risks, the status of debt markets, and legal, tax, and regulatory risks. Deflation could reduce returns due to tighter money supply and credit. Currency risks arise from investments in non-U.S. currencies, potentially affecting value due to exchange rate changes. Debt market disruptions could limit financing availability, affecting investment acquisition and exit opportunities. Legal and regulatory changes could impact the fund's strategy and investment value.


document_description: This document outlines the risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses potential regulatory changes, the impact of Brexit, and anti-money laundering compliance. The document highlights uncertainties in regulatory environments, potential market dislocations due to Brexit, and the legal obligations for disclosing investor information under anti-money laundering laws.

key_locations:
UK
European Union

key_organizations:
Glendower Capital
European Union


document_description: This document outlines various risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP. It covers risks related to electronic communications, cybersecurity threats, compliance with pay-to-play laws, and the nature of forward-looking information. The document emphasizes the potential for electronic communications to be compromised, the cybersecurity risks faced by the fund and its service providers, the implications of non-compliance with pay-to-play regulations, and the uncertainties associated with forward-looking statements.

key_organizations:
Glendower Capital
Credit Suisse Asset Management Limited


document_description: The document is a section from the Glendower Capital Secondary Opportunities Fund IV, LP's Confidential Private Placement Memorandum, focusing on risk factors associated with investment in the fund. It advises potential investors to read the memorandum thoroughly and consult professional advisers before investing.


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

title: Glendower Capital Secondary Opportunities Fund IV, LP - Section 8: Conflicts of Interest


document_description: This document outlines potential conflicts of interest related to the investment activities of the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses the role of the Manager and the Fund Advisory Committee in managing these conflicts, the potential for conflicts among investors, the allocation of broken deal expenses, investment by management team members, and the implications of Carried Interest.

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

key_people:
Manager
General Partner
Fund Advisory Committee

document_subtype: Conflicts of Interest Disclosure


document_description: The document discusses potential conflicts of interest related to the Carried Interest linked to the Fund's performance, which may incentivize speculative investments. It outlines the role of the Fund Advisory Committee in identifying and consulting on conflicts of interest between the Fund and the Manager.

key_organizations:
Glendower Capital
Fund Advisory Committee


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


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

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


document_description: This document is a section from the Confidential Private Placement Memorandum for Glendower Capital Secondary Opportunities Fund IV, LP. It outlines certain legal, ERISA, and tax considerations, including valuation methods, fair treatment of investors, liquidity management, and professional liability risk. The fund's valuations will be based on U.S. GAAP and ASC 820, with a valuation committee chaired by Deirdre Davies. The document also discusses the fund's closed-ended nature and lack of investor redemption rights, as well as the professional indemnity insurance held by Glendower.

document_type: legal

key_organizations:
Glendower Capital
AIFMD


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

key_locations: England Wales


document_description: The document outlines legal and financial details of the Glendower Capital Secondary Opportunities Fund IV, LP, including risk management, leverage, net asset value, and the role of the Depositary. It specifies that no investors have been admitted, and thus there is no net asset value or historical performance data. Aztec Financial Services (UK) Limited is named as the Depositary, with specific duties and limitations of liability outlined.

key_organizations:
Glendower Capital
Aztec Financial Services (UK) Limited


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the securities law matters related to the offering of interests in the fund, which will not be registered under the Securities Act of 1933 or any other securities laws. The document details the reliance on exemptions for private offerings and the requirement for investors to be accredited. It also includes descriptions of past legal matters involving Credit Suisse and Raymond James related to auction rate securities.

key_people:
Credit Suisse Securities (USA) LLC
Raymond James & Associates, Inc.
Raymond James Financial Services, Inc.

key_locations:
New York
Puerto Rico
Virgin Islands
District of Columbia

key_organizations:
Glendower Capital
Credit Suisse
Raymond James


document_description: This document outlines the legal and regulatory considerations for Glendower Capital Secondary Opportunities Fund IV, LP, including compliance with the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the U.S. Investment Advisers Act of 1940. It discusses the requirements for SEC filings, exemptions from the Investment Company Act, and the status of the Manager under the Advisers Act.

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

key_people:
General Partner
Manager

document_subtype: Legal and Regulatory Considerations

reference_numbers:
Section 3(c)(7)
Section 16


document_description: This document outlines the legal considerations under the U.S. Commodity Exchange Act of 1936 and ERISA for the Glendower Capital Secondary Opportunities Fund IV, LP. It details exemptions from CFTC registration for the Manager and General Partner, ERISA fiduciary duties, and the implications of plan assets under ERISA regulations.

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

document_subtype: Legal Considerations

key_organizations: U.S. Commodity Futures Trading Commission

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


document_description: The document discusses legal, ERISA, and tax considerations for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the 25% Test for Benefit Plan Investors under ERISA, the requirement for Form 5500 reporting, and certain U.S. federal income tax considerations for investors. The document also covers the treatment of the fund as a partnership for tax purposes and the implications of the Bipartisan Budget Act of 2015 on partnership audit procedures.


document_description: This document outlines the tax considerations for Glendower Capital Secondary Opportunities Fund IV, LP, including partnership audit procedures, treatment of dividends, investments in passive foreign investment companies (PFICs) and controlled foreign corporations (CFCs), and restrictions on deductibility of expenses and losses. It discusses the implications of adjustments at the fund level, the Push-Out Election, and the impact on U.S. investors, including potential tax liabilities and reporting requirements.

document_subtype: tax considerations


document_description: This document is a section from the Glendower Capital Secondary Opportunities Fund IV, LP's Private Placement Memorandum, discussing ERISA and tax considerations for investors. It covers topics such as the deductibility of expenses, qualified business income deductions, and tax implications for ERISA plans, tax-exempt limited partners, and non-U.S. investors. The document outlines potential tax liabilities, including unrelated business taxable income (UBTI) and effectively connected income (ECI), and advises non-U.S. investors to consult with tax advisers.

key_organizations:
Glendower Capital
ERISA


document_description: This document outlines the tax considerations for non-U.S. investors in the Glendower Capital Secondary Opportunities Fund W. LP, particularly focusing on the implications of engaging in trade or business within the U.S. It discusses the treatment of effectively connected income (ECI), withholding tax rates, branch profits tax, and potential use of a blocker structure for non-U.S. investors. It also covers reporting requirements for U.S. investors, including forms 8865, 926, and 8938, and the implications of reportable transactions.

reference_numbers:
Form 8865
Form 926
Form 8938


document_description: This document is a section from the Confidential Private Placement Memorandum for Glendower Capital Secondary Opportunities Fund IV, LP. It discusses certain legal, ERISA, and tax considerations for investors, including potential penalties for non-compliance with tax laws, U.S. state and local tax implications, and UK tax considerations. The document emphasizes the complexity of tax issues related to partnerships and advises investors to consult with tax advisers.


document_description: This document outlines the tax considerations for UK resident investors in the Glendower Capital Secondary Opportunities Fund IV, LP. It details the requirements for investors to obtain a Unique Taxpayer Reference (UTR) and the implications for income and capital gains taxation. The document also discusses the potential for tax credits and reliefs, as well as the impact of the Taxation (International and Other Provisions) Act 2010 and the Offshore Funds (Tax) Regulations 2009.


document_description: This document is a section from the Confidential Private Placement Memorandum for Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the ERISA and tax considerations for investors, particularly focusing on UK tax implications for both UK resident and non-resident investors. It discusses the treatment of gains, income, and inheritance tax for different types of investors, including individuals, companies, pension funds, and exempt bodies.


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

key_locations:
United Kingdom
United States


document_description: The document discusses certain legal, ERISA, and tax considerations for investors in the Glendower Capital Secondary Opportunities Fund W. LP. It covers topics such as withholding taxes and tax considerations for alternative investment vehicles. Investors are advised to consult their own tax advisers.


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


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


document_description: This document outlines the restrictions and legal requirements for the distribution and sale of interests in the Glendower Capital Secondary Opportunities Fund IV, LP in various jurisdictions, including the European Economic Area, Denmark, Finland, and Germany. It specifies that the memorandum is intended for professional investors and details the compliance requirements with local securities laws.

title: Glendower Capital Secondary Opportunities Fund IV, LP - Notices to Investors in Specific Jurisdictions

key_locations: Denmark Finland Germany

key_organizations:
Glendower Capital
European Economic Area
Finnish Financial Supervisory Authority


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

key_locations:
The Netherlands
Sweden
United Kingdom
Australia
Bahrain

key_organizations:
Glendower Capital
Finansinspektionen
FCA
Central Bank of Bahrain


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

key_locations:
Brazil
Brunei Darussalam
Canada
Cayman Islands
Chile
China
Colombia

key_organizations: Securities and Insurance Supervisory Authority of Chile

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


document_description: This document is a Confidential Private Placement Memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP, governed by Colombian law. It outlines that the Interests are not registered with Colombian authorities and are not for public offering. The document also addresses regulations in the Dubai International Financial Centre, stating that the Fund is not regulated by the DIFC or DFSA. It is intended for professional clients who can make a minimum subscription of at least USD 50,000.

key_locations: Colombia Dubai

key_organizations: Financial Supervisory Authority of Colombia


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the legal and regulatory considerations for offering interests in various jurisdictions including Guernsey, Haiti, Hong Kong, Israel, and Japan. The memorandum specifies that it is not approved by financial authorities in these regions and is intended for professional investors only. It emphasizes that the document does not constitute financial advice and highlights the restrictions on transferability and resale of interests.

key_locations:
Guernsey
Haiti
Hong Kong
Israel
Japan

key_organizations: Securities and Futures Commission in Hong Kong


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the legal and regulatory framework for the solicitation and sale of interests in the fund, particularly in Japan, Kuwait, and Mexico. The memorandum specifies the conditions under which interests can be sold, including restrictions on sales to non-qualified investors and the reliance on exemptions under the Financial Instruments and Exchange Law (FIEL) in Japan. It also details the risks associated with the investment and the confidential nature of the memorandum.

title: Confidential Private Placement Memorandum

key_locations: Japan Kuwait Mexico

key_organizations: Credit Suisse Securities (Japan) Limited

key_organizations: Mexican Banking and Securities Commission


document_description: This document is a Confidential Private Placement Memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the legal and regulatory considerations for offering interests in the fund in various jurisdictions, including Mexico, Monaco, New Zealand, and Oman. The document specifies that the offering is intended for specific types of investors and is not a public offering. It also includes disclaimers about the legal status and registration of the fund in these jurisdictions.

key_locations:
Mexico
Monaco
New Zealand
Oman

key_organizations:
Glendower Capital
Central Bank of Oman
Oman Ministry of Commerce and Industry
Oman Capital Market Authority

reference_numbers:
Royal Decree 4174
Royal Decree 80/98
Decision No. 1/2UU9
Article 139 (f)


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

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

key_organizations: Qatar Financial Centre Regulatory Authority


document_description: This document is a Confidential Private Placement Memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the legal and regulatory considerations for offering and distributing the fund's interests in Korea, St. Kitts and Nevis, and Switzerland. The document specifies that the fund's interests are not registered with the respective financial authorities in these regions and provides guidance on compliance with local laws. It also details the roles of the representative and paying agent in Switzerland, as well as the conditions for distribution and retrocession payments.

key_locations:
Korea
St. Kitts and Nevis
Switzerland
Geneva

key_organizations: Securities Commission of St. Kitts and Nevis

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

key_organizations: Swiss Financial Market Supervisory Authority


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the terms and conditions for investment, including the possibility of rebates for limited partners, restrictions on offering in Taiwan and the UAE, and legal disclaimers for the USA. The memorandum emphasizes that the fund is not regulated by UAE authorities and that investments should be made based on the investor's own examination.

key_locations:
Switzerland
Taiwan
United Arab Emirates
United States of America

key_organizations: Central Bank of the United Arab Emirates

key_organizations: UAE Securities and Commodities Authority


document_description: The document is a Confidential Private Placement Memorandum for Glendower Capital Secondary Opportunities Fund IV, LP. It outlines that the Interests are not registered under the Securities Act or any state or non-U.S. jurisdiction laws and are offered only to qualifying recipients under specific exemptions. The document emphasizes the risks and restrictions associated with the investment, including the lack of a public market and the indefinite period for bearing financial risks.


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

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

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

document_subtype: Privacy Notice

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


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

document_type: correspondence

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

key_organizations:
Glendower Capital LLP
UK Information Commissioner's Office


document_description: The document outlines the anti-money laundering (AML) policies and procedures for Glendower Capital Secondary Opportunities Fund IV, LP. It details the responsibilities of the Manager to prevent money laundering, the verification process for investors, and compliance with economic sanction regulations. The document emphasizes the need for investor identity verification, source of funds checks, and compliance with UK, UN, EU, and U.S. sanctions.

title: Glendower Capital Secondary Opportunities Fund IV, LP - Anti-Money Laundering Considerations

document_subtype: Anti-Money Laundering Policy

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


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

title: Glendower Capital Secondary Opportunities Fund IV, LP - Key Definitions

document_type: tabular

document_subtype: financial document

key_organizations:
Glendower Capital
EverWatch Financial


document_description: This document is a glossary of terms related to the Glendower Capital Secondary Opportunities Fund IV, LP, including definitions of financial and legal terms such as Depositary Agreement, Deutsche Asset Management, ERISA, and others.

title: Glendower Capital Secondary Opportunities Fund IV, LP - Financial Glossary

document_subtype: Financial Glossary

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


document_description: This document provides detailed information about the Glendower Capital Secondary Opportunities Fund IV, LP, including definitions and descriptions of various terms related to the fund's structure, management, and investment strategies. It includes information about the fund advisory committee, fund documents, partnership agreements, and investment interests.


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

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

key_organizations: Organization for Economic Co-operation and Development


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes definitions and descriptions of various financial terms and entities related to the fund, such as PFICs, QEF, RVPI, and others. It also outlines the roles of different entities like the Second GP and the SEC, and describes the structure of the fund and its associated partnerships.

key_locations:
Cayman Islands
United Kingdom
United States

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


document_description: This document is a financial table related to the Glendower Capital Secondary Opportunities Fund N, LP, detailing various financial terms and definitions used in the fund's operations.

key_locations:
United States of America
United Kingdom

document_subtype: financial

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


document_description: This document provides important performance information for the Glendower Capital Secondary Opportunities Fund IV, LP, including definitions and calculations of various financial metrics such as DPI, Gross IRR, Net IRR, NAV, and TVPI. It discusses the effects of leverage on IRR calculations and includes a benchmark analysis comparing the fund's performance against other private equity funds.

title: Glendower Capital Secondary Opportunities Fund IV, LP - Appendix 5 Important Performance Information

document_subtype: Confidential Private Placement Memorandum

key_organizations:
Glendower Capital
SOF Funds


document_description: The document provides performance information for the SOF Funds and related transactions managed by Deutsche Alternative Asset Management (Global) Limited. It includes details on the use of leverage, performance comparisons, and the impact of various factors on projected returns. The information is based on financial data as of June 30, 2017, and includes forward-looking statements subject to uncertainties.

title: Glendower Capital Secondary Opportunities Fund IV, LP


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


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

title: Glendower Capital Secondary Opportunities Fund IV, LP - Appendix 6 Directory

document_subtype: financial directory

key_organizations:
Glendower Capital, LLP
Debevoise & Plimpton LLP
PricewaterhouseCoopers LLP
Deloitte Touche Tohmatsu
KPMG
Ernst & Young LLP
Aztec Financial Services (UK) Limited
Gen II Fund Services LLC
Credit Suisse Asset Management Limited
Raymond James & Associates, Inc.
Raymond James Financial Services, Inc.


document_description: The document proposes the individuals who will comprise the board of directors of the General Partner for Glendower Capital Secondary Opportunities Fund IV, LP. The proposed members are Alan Turner, Andrew Johnson, Kirsten Le Pape, and Vanessa Barrett, each with extensive experience in financial services and fund management.

title: Board of Directors of the General Partner

key_people:
Alan Turner
Andrew Johnson
Kirsten Le Pape
Vanessa Barrett

key_locations:
Cayman Islands
Bermuda
Ireland
UK
USA
San Francisco
London

document_subtype: Board of Directors Proposal

key_organizations: Cayman Islands Institute of Professional Accountants


document_description: Snippet from a Confidential Private Placement Memorandum for Glendower Capital Secondary Opportunities Fund N, LP, detailing contact information for Glendower Capital and Credit Suisse Asset Management Limited.

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

key_locations:
United States
Europe
MENA
Asia Pacific

key_organizations:
Glendower Capital LLP
Credit Suisse Asset Management Limited


document_description: Confidential financial document related to the Jeffrey Epstein case, subject to Federal Rule of Criminal Procedure 6(e).

document_subtype: financial record


document_description: This document is a disclosure statement detailing the agreement between Deutsche Bank Securities Inc. (Solicitation Agent), Glendower Access Secondary Opportunities IV GP LLC (Glendower), and iCapital Advisors, LLC (iCapital). The agreement involves the Solicitation Agent soliciting clients for investment in Glendower Access Secondary Opportunities IV funds. The document outlines the compensation structure for the Solicitation Agent, including a one-time Placement Fee and a quarterly Servicing Fee, based on the subscription amount of the clients introduced by Deutsche Bank.

document_subtype: Disclosure Statement

key_organizations:
Deutsche Bank
Glendower
iCapital


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

key_organizations:
EverWatch Financial
Access Fund
Glendower GP
Glendower Capital, LLC
iCapital


document_description: A confidential financial document related to EverWatch Financial, marked pursuant to Federal Rule of Criminal Procedure 6(e).


document_description: This document is a Limited Partner Subscription Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P., marked as proprietary and confidential.

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

document_subtype: Limited Partner Subscription Agreement


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

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

document_subtype: Investment Instructions


document_description: This document is a Limited Partner Subscription Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P., a Delaware limited partnership. It references the Private Placement Memorandum and the Amended and Restated Limited Partnership Agreement. The agreement outlines the terms for subscribing to a limited partnership interest in the Partnership, including a minimum subscription of $250,000. The Partnership's objective is to invest in Glendower Capital Secondary Opportunities Fund IV, LP, an English private fund limited partnership.

key_people:
General Partner
Investor

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

key_organizations: Glendower Access Secondary Opportunities IV GP LLC


document_description: The document outlines the terms and conditions of an investment agreement between an investor and a partnership, including the discretion of the General Partner in committing funds, representations and warranties of the investor, and restrictions on transfer of interests.

document_subtype: investment agreement

key_organizations:
EverWatch Financial
Underlying Fund


document_description: The document outlines the terms and conditions for an investor purchasing an interest in a partnership. It includes representations about the investor's status as an accredited investor and U.S. tax person, restrictions on transfer and resale of the interest, and potential tax consequences. The investor acknowledges the risks involved and agrees to comply with the partnership agreement.

document_subtype: Investment Agreement


document_description: The document outlines the representations and warranties of an investor in a partnership, including their status as a qualified purchaser under the Investment Company Act, awareness of conflicts of interest, and acknowledgment of additional risk factors. It specifies that the partnership is not registered as an investment company and details restrictions on transferability of interests.


document_description: This document outlines the terms and conditions for an investor's capital contribution to a partnership, including provisions for default, liquidity needs, investment objectives, securities laws, and regulatory matters related to the U.S. Commodity Futures Trading Commission (CFTC).


document_description: This document outlines the terms and conditions for an investor entity participating in a partnership, ensuring compliance with the Securities Exchange Act of 1934 and Rule 506 of the Securities Act. It includes provisions for the investor's legal standing, authority, and obligations to notify the General Partner of any disqualifying events.


document_description: This document outlines the terms and conditions of an investment agreement between an investor and a partnership. It includes clauses on the enforceability of the agreement, the investor's knowledge and experience, tax considerations, and the status of the investor as a disregarded entity. The document also addresses the investor's consents and authorizations required for the execution of the agreement.


document_description: This document outlines the terms and conditions related to the financial and legal aspects of a partnership involving EverWatch Financial. It specifies the tax classification of the partnership, restrictions on the transfer of interests, and the roles of legal counsel. It also includes a privacy notice regarding the handling of financial information.

key_people:
Cleary Gottlieb Steen & Hamilton LLP
Maples and Calder

document_subtype: Partnership Agreement

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


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

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

key_organizations: Her Majesty's Treasury of the United Kingdom


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

document_subtype: financial compliance document

key_organizations:
U.S. Treasury Department
Financial Action Task Force
OFAC


document_description: The document outlines the investor's compliance with anti-money laundering laws and sanctions, ensuring that no funds are derived from illegal activities and that the investor has conducted due diligence on beneficial owners. It also details the investor's obligation to inform the General Partner of any inaccuracies in representations and the potential release of confidential information to authorities if required.

key_locations:
United States
UK

document_subtype: Subscription Agreement


document_description: This document outlines the confidentiality obligations of an investor in a partnership, including the handling of Non-Public Information and the conditions under which such information can be disclosed. It also addresses the investor's obligations under the Freedom of Information Act (FOIA) and similar laws, and the requirement to notify the General Partner if the investor becomes subject to such laws.

document_subtype: partnership agreement

key_organizations:
EverWatch Financial
General Partner
Partnership
Investment Manager
Underlying Fund
U.S. Internal Revenue Service


document_description: The document outlines the terms and conditions for an investor in Glendower Capital Secondary Opportunities IV, LP, an English private fund limited partnership. It specifies that the investor will not be a limited partner of the fund and will have no direct interest or voting rights in it. The investor acknowledges the confidentiality of information related to the fund and waives rights against the fund and its manager. It also details the fees and expenses the investor will be subject to and includes representations for 'Plan Investors' under ERISA.


document_description: The document outlines the terms of a Partnership Agreement involving an Investor, the General Partner, and iCapital Securities, LLC. It specifies the compliance of the agreement with governing laws, the decision-making power of the General Partner, the non-reliance on investment advice from iCapital, and the responsibilities of the Investor Fiduciary. The document emphasizes the independent judgment required by the Investor and the Investor Fiduciary in making investment decisions, understanding the risks and conflicts of interest, and evaluating investment risks independently.

key_people:
General Partner
Investor Fiduciary

key_organizations:
iCapital Securities, LLC
EverWatch Financial


document_description: The document outlines the terms and conditions of an investment management agreement involving EverWatch Financial and iCapital. It details the responsibilities and acknowledgments of the Investor and the Investor Fiduciary, including understanding the risks, fees, and conflicts of interest associated with the investment. It also covers the legal compliance of the agreement and the qualifications of the Investor Fiduciary.

key_organizations:
EverWatch Financial
iCapital


document_description: This document outlines the fiduciary responsibilities and conditions under which an Investor Fiduciary can make a proposed purchase of an Interest, ensuring compliance with ERISA and the Code. It specifies the independence of the Investor Fiduciary from iCapital and its Affiliates, the discretionary authority to make purchases, and the identification of plan assets. It also addresses the permissibility of the purchase under governing documents and the consideration of diversification requirements.


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


document_description: This document outlines the terms and conditions for the closing and capital contributions related to the sale and purchase of interests in a partnership. It includes agreements with other limited partners, representations and warranties of the partnership and the general partner, and details on governmental and regulatory approvals.

key_organizations:
Partnership
U.S. Securities and Exchange Commission


document_description: The document is a subscription agreement for a partnership, detailing the power of attorney granted to Glendower Access Secondary Opportunities IV GP LLC and iCapital Advisors, LLC. It outlines the responsibilities and powers of the attorneys, the irrevocability of the power of attorney, and the conditions under which the subscription may be reduced or rejected. It also mentions that each party will pay its own expenses related to the agreement.


document_description: This document is an investment agreement between an investor and a partnership, detailing the investor's representations, obligations, and indemnity clauses. It includes provisions for confirming representations, providing additional investor information, and handling capital contributions through a financial advisor account. The investor agrees to indemnify the partnership and related parties against losses arising from breaches of representations or agreements.


document_description: This document outlines the obligations of an investor in a partnership, including the provision of withholding forms and additional information for tax compliance, as well as consent to receive Schedule K-1 electronically. It details the investor's responsibilities under FATCA and CRS regulations and the consequences of failing to provide necessary tax information.


document_description: This document outlines the terms and conditions for an investor's consent and withdrawal of consent in relation to their investment with iCapital Network. It includes details on how to withdraw consent, update contact information, and access Schedule K-1. The agreement is governed by the laws of the State of Delaware and subject to the jurisdiction of New York courts.

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


document_description: This document is a fee acknowledgement form related to a private placement investment. It includes sections for acknowledging receipt of fee information, upfront placement fee details, and an investor signature page for agreement execution.

title: Fee Acknowledgement and Investor Signature Page

document_subtype: Fee Acknowledgement


document_description: A confidential financial document from EverWatch Financial with no advisor or account number specified.

document_subtype: financial document


document_description: A financial document from EverWatch Financial requiring prospective investors to complete information based on their status as individuals or entities. The form includes sections for personal or entity information such as type, residence, tax identification, and contact details, but all fields are currently empty.

document_subtype: investment form


document_description: A financial document related to EverWatch Financial, containing sections on employment status, tax year end, employer, and occupation. It also references a FOIA Partner agreement.

document_subtype: financial agreement


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

document_subtype: General Partner Signature Page


document_description: Wire instructions for initial capital contribution and distributions for an investment partnership. The document outlines the need for wire instructions for the bank account where distributions will be sent and provides fields for beneficiary and intermediary bank details, which are currently empty. It also requests the source of funds for the investment.

document_subtype: wire instructions


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

document_subtype: investment communication

key_organizations:
EverWatch Financial
iCapital Network


document_description: The document appears to be a financial record from EverWatch Financial, labeled as proprietary and confidential. It contains placeholders for investor-related information such as name, relationship to investor, email, and phone, all of which are empty.

document_subtype: financial record


document_description: This document is an investor status form for individuals, requiring the investor to represent and warrant their financial status, including net worth, income levels for 2016 and 2017, and investment ownership.

document_subtype: Investor Status Form


document_description: This document is an investment questionnaire for investors to disclose whether they are investing assets from retirement or employee benefit plans subject to Section 4975 of the U.S. Internal Revenue Code. It includes questions about the percentage of assets from such plans and whether the investor is subject to other laws that could affect the partnership's assets.

document_subtype: investment questionnaire


document_description: This document is a form for entities such as partnerships, trusts, and corporations to declare their accredited investor status. It includes various categories under which an entity can qualify as an accredited investor according to the Securities Act and related regulations.

title: Exhibit C - Accredited Investor Status

document_subtype: Accredited Investor Status Form


document_description: The document outlines criteria for an employee benefit plan to qualify as an accredited investor under the Employee Retirement Income Security Act of 1974. It specifies conditions such as having total assets in excess of $5,000,000 or being managed by a fiduciary like a bank or registered investment adviser.

document_subtype: investment document


document_description: This document is an exhibit for entities such as partnerships, trusts, and corporations, detailing the criteria for being considered a 'qualified purchaser' under the Investment Company Act. It outlines different categories under which an investor can qualify, including ownership of significant investments and specific organizational structures.

title: Investment Company Act Representations

document_subtype: investment representation


document_description: This document is an investment questionnaire for EverWatch Financial, assessing the status of an investor as a qualified purchaser and their compliance with the Investment Company Act. It includes questions about the investor's structure, ownership, and purpose of formation.


document_description: This document is an investment questionnaire for EverWatch Financial, asking about the investor's commitment of assets, ultimate beneficiaries, and whether the investor or beneficiaries are publicly traded or regulated entities.


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

title: Exhibit E - Plan Investor Representations

document_subtype: Plan Investor Representations


document_description: This document is an investment agreement related to an employee benefit plan organized outside of the United States. It includes representations and warranties by the investor regarding the independence of fiduciaries making investment decisions, the lack of discretionary authority by the General Partner or Administrator, and compliance with governing instruments and applicable laws.

document_subtype: investment agreement


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

document_subtype: Privacy Notice

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


document_description: The document provides an overview of the Glendower Access Secondary Opportunities Fund IV (U.S.), L.P., including its structure, strategy, terms, fees, and relationship with the Underlying Fund, Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the investment strategy, minimum commitments, fund terms, capital calls, reporting requirements, and fee structures for both the Access Fund and the Underlying Fund.

key_people: Glendower Access Secondary Opportunities IV GP LLC

document_subtype: investment fund overview

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


document_description: The document is a presentation for Glendower Access Secondary Opportunities IV (U.S.), LP, discussing fees, expenses, and performance compensation related to investments in the Access Fund and the Underlying Fund. It highlights the risks, fees, and potential conflicts of interest associated with investing in these funds. The document emphasizes that it is for informational purposes only and not an offer to sell or buy interests in the funds.

document_subtype: Private Placement Memorandum

key_organizations:
Glendower Capital
iCapital Advisors
DBSI


document_description: The document provides information about the Glendower Access Secondary Opportunities IV (U.S.), L.P. and the associated Access Fund. It highlights the potential risks and lower returns for investors in the Access Fund compared to direct investment in the Underlying Fund due to additional fees and expenses. It also outlines the speculative nature and high risks of alternative investments, emphasizing the lack of liquidity, potential for loss, and complex tax structures. The document clarifies that purchasers of interests in the Access Fund will not have direct interests or voting rights in the Underlying Fund.

document_subtype: investment information


document_description: The document outlines the offering for Glendower Capital Secondary Opportunities Fund IV, LP, a private equity secondary fund. It details the fund's strategy, track record, and key terms, including a target size of US$1.75 billion, a 4-year investment period, and a 7-year term with extensions. The fund aims to build a diversified portfolio of seasoned funds and co-investments, seeking value through in-depth analysis. The document is intended for accredited investors and qualified purchasers only.

title: Glendower Capital Secondary Opportunities Fund IV, LP Offering

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

key_locations:
London
New York

document_subtype: Investment Offering

key_organizations:
Glendower Capital
Deutsche Asset Management


document_description: The document outlines the investment strategy of Glendower Capital SOF IV, LP, focusing on Fund Secondaries, GP-led Secondaries, and Single Asset Deals. It describes a barbell approach to portfolio construction, targeting discounted fund secondaries during market corrections and less competitive GP-led secondaries during normalized conditions. The document also highlights the team's experience and structure.

title: Glendower Capital SOF IV, LP Investment Strategy

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

key_locations:
London
New York
US
Europe

document_subtype: investment strategy document

key_organizations:
Glendower Capital
Deutsche Bank
Pomona
Lehman Brothers
Chatterjee/Soros
Cowen
ABN Amro
KPMG
Paul Capital
Forum Capital
CIBC Oppenheimer
ADIA
UBS
Credit Suisse
Gallo & Co.


document_description: This document provides a financial overview of Glendower Capital SOF IV, L.P., including performance figures, fund structures, and investment strategies as of September 30, 2017. It includes details on the SOF Program, performance benchmarks, and key definitions related to fund investments.

title: Glendower Capital SOF IV, L.P. Financial Overview

key_people:
Glendower Capital LLP
Mirabella Advisers LLP

document_subtype: Confidential Financial Document

key_organizations:
Glendower Capital
Cambridge Associates


document_description: This confidential presentation by Glendower Capital, LLP provides summary information about existing and future funds managed by Glendower, specifically the Glendower Capital Secondary Opportunities Fund IV, LP. It is intended for sophisticated investors evaluating potential investments. The presentation emphasizes confidentiality, the non-binding nature of the information, and the risks associated with investing in the fund. It also outlines the role of Credit Suisse as the fund's placement agent and the potential conflicts of interest. The document stresses that past performance is not indicative of future results and that the information has not been independently verified.

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

key_people:
Glendower Capital, LLP
Mirabella Advisers LLP
Credit Suisse Asset Management Limited

document_subtype: confidential presentation

key_organizations:
Glendower Capital
Mirabella Advisers LLP
Credit Suisse


document_description: This document is a confidential investment presentation for Glendower Capital SOF IV, L.P. It includes forward-looking statements, performance information, and track record details. The document emphasizes the risks and lack of liquidity associated with investing in the fund, and it is intended for sophisticated investors. The presentation also covers the history of the Glendower SOF Team's spin-off from Deutsche Bank and the performance metrics of the SOF Funds.

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

key_people:
Carlo Pirzio-Birolli
Charles Smith
Chi Cheung
Francesco Rigamonti
Adam Graey

document_subtype: investment presentation

key_organizations: Deutsche Alternative Asset Management (Global) Limited


document_description: This document contains legal disclaimers and distribution restrictions for a financial presentation by Glendower Capital Sal IV, LP. It outlines the legal framework for distributing the presentation in various jurisdictions, including the EEA, UK, Australia, Bahrain, Brazil, Brunei, Canada, Chile, and China. The document specifies the conditions under which the presentation can be shared and emphasizes that it is not a prospectus or an offer to the public.

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

document_subtype: legal disclaimer

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


document_description: This document contains legal disclaimers for various countries regarding the distribution and offering of financial products by Glendower Capital SOF IV, L.P. It specifies the legal conditions under which the presentation can be communicated in Colombia, France, Guernsey, Haiti, Hong Kong, Israel, and Japan. The document emphasizes that the presentation does not constitute a public offer and outlines the requirements for potential investors in these regions.

title: GLDXDS103 EverWatch Final

key_locations:
Colombia
France
Guernsey
Haiti
Hong Kong
Israel
Japan

key_organizations: Securities and Futures Commission of Hong Kong

key_organizations: Credit Suisse Securities (Japan) Limited

key_organizations: Type II Financial Instruments Firms Association


document_description: This document contains legal disclaimers for various countries regarding the offering and distribution of financial products. It specifies that the document is not an offer or invitation to purchase securities and outlines the legal restrictions and requirements for distribution in each country mentioned.

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

key_organizations: National Banking and Securities Commission

key_organizations: Commission de Controle des Activités Financières


document_description: This document contains legal disclaimers for Glendower Capital SOF IV, L.P., addressing potential investors in St. Kitts and Nevis, UAE/Abu Dhabi/Dubai, and the United States. It outlines the non-offering status in these regions, the lack of regulatory approval, and the risks involved in investing, including the potential loss of the entire investment. It also details the restrictions on transferability and resale of interests in the Fund.

title: GLD:DS130 EverWatch Financial

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

key_organizations: Financial Services Regulatory Commission


document_description: Supplemental disclosure by Deutsche Bank regarding securities and investment risks, emphasizing the need for independent assessment and investigation by the investor. It clarifies that the securities are not insured by FDIC and are subject to investment risks. The document also mentions potential compensation arrangements and the non-provision of accounting, tax, or legal advice by Deutsche Bank.

document_subtype: Supplemental Disclosure

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


document_description: This document is a confidential investment overview for Glendower Access Secondary Opportunities IV (U.S.), L.P., intended for investment professionals and qualified investors.

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

document_date: April 2018

document_subtype: investment overview

key_organizations:
EverWatch Financial
iCapital Network


document_description: This document is a presentation for informational and discussion purposes regarding investment opportunities in Glendower Capital Secondary Opportunities Fund IV, LP and Glendower Access Secondary Opportunities IV (U.S.), L.P. It is not legal, tax, or investment advice and should not be relied upon as such. The presentation emphasizes the high risk and potential for capital loss associated with investing in the Access Fund, and it highlights the importance of reviewing the Offering Memorandum for detailed information and risk factors. The document also discusses fees, expenses, and potential conflicts of interest.


document_description: The document provides important information about the Access Fund, highlighting the risks and characteristics of alternative investments. It emphasizes that historical returns do not include fees and expenses, and benchmarks are for illustrative purposes only. The document outlines the risks associated with alternative investments, such as loss of investment, lack of liquidity, volatility, and complex tax structures. It also clarifies the relationship between purchasers of interests and the Access Fund, stating that purchasers will not have direct interests or voting rights in the Underlying Fund.

key_organizations:
iCapital Advisors, LLC
Institutional Capital Network, Inc.
U.S. Securities and Exchange Commission


document_description: This document outlines the risks associated with investing in private equity funds, including limited regulatory oversight, portfolio concentration, strategy risk, use of leverage, valuation issues, performance uncertainty, limited liquidity, tax risks, fees and expenses, and reliance on fund managers. It emphasizes the importance of due diligence in selecting private equity fund managers.

document_subtype: risk disclosure

key_organizations:
Securities and Exchange Commission
iCapital Network


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

title: Summary of Key Terms for Access Fund

key_people:
Debevoise & Plimpton LLP
Cleary Gottlieb Steen & Hamilton LLP

document_subtype: financial summary

key_organizations: Glendower Access Secondary Opportunities IV GP, LLC


document_description: A confidential financial document related to Glendower Capital's Secondary Opportunities Fund IV, LP for the second quarter of 2018, intended for accredited investors and qualified purchasers only.

document_subtype: investment fund document


document_description: This confidential presentation by Glendower Capital LLP provides summary information about existing and future funds managed or advised by Glendower, specifically the Glendower Capital Secondary Opportunities Fund IV, LP. It is intended for sophisticated persons for evaluation of potential investment and is strictly confidential. The presentation is not an offer to sell or a solicitation to purchase any interests. It includes disclaimers about past performance not being indicative of future results and advises recipients to consult their own legal and financial advisors.

title: Glendower Capital Secondary Opportunities Fund IV, LP Presentation

key_organizations: United Kingdom Financial Conduct Authority


document_description: The document provides an overview of secondary private equity investments, explaining the differences between primary and secondary private equity investments. It describes secondary PE investments as investments into existing PE-backed companies, typically through the purchase of fund interests. The document also discusses the development of the secondary private equity market as a liquidity tool and its expansion to include various transactions and solutions.

document_subtype: financial report


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

title: Benefits of Secondary Private Equity Investing

document_subtype: financial analysis


document_description: The document provides an analysis of the secondary private equity market, highlighting the strong market conditions with a deal volume of US$58 billion in 2017. It discusses pricing stability, the growth of GP-led deals, and the steady supply of tail-end funds. The analysis is based on Glendower's insights from their presentation's Section 3 'Secondary Market Update'.

title: EverWatch Financial - Secondary Private Equity Investment


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, aiming for attractive risk-adjusted returns through capital appreciation.

title: Glendower Capital Secondary Opportunities Fund IV Overview

key_locations:
United States
Europe

document_subtype: Investment Fund Overview

key_organizations:
Glendower Capital
Deutsche Asset Management


document_description: Glendower Capital is an independent partnership that spun off from Deutsche Bank in 2017. The senior team has been active in the secondary market since 2003, managing US$3 billion in client assets with offices in London and New York. The team has a history of raising significant funds and has developed extensive operational processes and relationships in the industry.

title: Glendower Capital Overview

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

document_subtype: financial overview

key_organizations:
Glendower Capital
Deutsche Bank


document_description: This document provides an overview of the core members of the Glendower Capital senior team, including their roles, locations, previous affiliations, and educational backgrounds. It lists the years of experience and tenure with the team for each member.

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

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
Paul Capital
Forum Capital
CIBC Oppenheimer
ABN Amro
KPMG
ADIA
UBS
Credit Suisse
Gallo & Co.


document_description: The document provides a detailed performance report of the SOF Funds managed by Glendower Capital as of September 30, 2017. It includes information on fund vintages, sizes, transaction numbers, gross and net multiples, IRR, and net distributed values. The report highlights the performance of four funds: SOF, SOF D, SOF II, and SOF III, with a total fund size of US$2,980 million. The performance figures are unaudited and should be reviewed with additional information provided in the presentation.

title: SOF Funds Performance as of September 30, 2017

key_locations:
North America
Europe
Asia


document_description: The document compares the performance of SOF Funds against Cambridge Associates' secondary funds, focusing on net IRR and net multiples to limited partners. It includes a table of Index DPI, Index RVPI, SOF funds DPI, and SOF funds RVPI from 2004 to 2014. The document also discusses quartile rankings and the methodology used for benchmarking.

title: SOF Funds vs Cambridge Associates' Secondary Funds Performance

document_subtype: financial performance report

key_organizations:
Glendower Capital
Cambridge Associates


document_description: The document provides a performance report of SOF Funds, comparing their returns to the Cambridge Associates buyout top-quartile benchmark. It includes metrics like TVPI and DPI, and outlines the performance of various SOF programs over different vintage years.

title: SOF Funds Performance Report

key_organizations:
EverWatch Financial
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. The document emphasizes that past performance is not indicative of future results and provides a methodology for performance calculation.

title: SOF Program Performance Comparison


document_description: The document provides a performance overview of SOF, SOF II, and SOF III funds, highlighting their Net Contributed Capital, Net IRR, DPI, and TVPI over various quarters from inception. It includes a table showing the percentage performance of each fund over 45 quarters.

title: SOF Funds Performance Overview


document_description: The document is a financial report from Glendower Capital, detailing their investment strategy, secondary market updates, and key terms for their Secondary Opportunities Fund IV.

title: EverWatch Financial Report


document_description: The document provides a market segmentation analysis by Glendower Capital, categorizing funds based on strategy, size, and players from 1996 to 2018. It includes a table detailing different categories such as levered beta play, PE market index, and value investing, among others, with corresponding fund sizes and number of players.

title: Glendower Capital Market Segmentation Analysis

key_organizations:
Glendower Capital
EverWatch Financial


document_description: The document outlines Glendower's distinctive investment strategy focusing on disciplined bottom-up underwriting of attractive assets managed by quality managers. It highlights four key principles: sourcing less competitive deals globally, pursuing a selective value approach, buying with a margin of safety, and focusing on efficient portfolio construction.

title: Glendower Investment Strategy


document_description: The document outlines EverWatch Financial's disciplined barbell approach to market cycles, focusing on different types of secondary deals such as fund secondaries, GP-led secondaries, and single asset deals. It includes market estimates and performance metrics from Glendower Capital.

title: EverWatch Financial - Disciplined Barbell Approach

document_subtype: financial presentation

key_organizations:
EverWatch Financial
Glendower Capital


document_description: The document discusses GP-led transactions and their evolution over the past five years, highlighting the advantages of such transactions over traditional LP interest acquisitions. It emphasizes the proactive role of quality managers in providing liquidity options and the benefits of in-depth due diligence and bespoke fund design. Glendower Capital's track record and performance metrics are also mentioned.


document_description: The document provides an overview of EverWatch Financial's sourcing and deal selection process, highlighting their extensive industry network and proactive approach. It details their significant buy and sell side experience, disciplined underwriting, and unique GP-restructuring experience. The document also mentions their role as an investor of reference in GP-led and Single Asset Deals, with over 30 deals completed since 2007 and a substantial follow-on deal flow.

title: EverWatch Financial Overview

key_organizations:
EverWatch Financial
DB Wealth Management
Raymond James
Alex Brown
Glendower Capital


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

title: EverWatch Financial Fund Secondaries Transactions

document_subtype: financial

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


document_description: The document provides illustrative case studies of GP-led transactions and single asset deals managed by EverWatch Financial. It includes details on various projects/funds, deal sizes, assets, sellers, and descriptions of the transactions.

title: EverWatch Financial GP-led transactions and single asset deals


document_description: This document is a financial report from Glendower Capital, detailing their investment strategy, secondary market updates, and key terms for their Secondary Opportunities Fund IV.

title: EverWatch Financial Report

document_subtype: investment report


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:
Glendower Capital
Greenhill
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.


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 and a crisis period in 2008-2010. It includes a table showing secondary market volume and pricing from 2005 to 2017.

title: Secondary Market Pricing Analysis

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


document_description: The document provides an analysis of the secondary market capitalization, highlighting a balanced capital supply with specific figures for dry powder and annual deal volume. It includes estimates from Glendower Capital and references to secondary pricing trends and analysis reports.

key_organizations:
Glendower Capital
Greenhill
Bain & Company


document_description: The document provides an analysis of unrealized private equity value in pre-crisis, crisis, and post-crisis vintages, highlighting a significant unrealized value of US$600bn. It includes a breakdown of seller composition and references sources from Preqin and Greenhill.

title: EverWatch Financial Report

key_organizations:
EverWatch Financial
Glendower Capital
Preqin
Greenhill


document_description: The document provides an analysis of GP-led transactions in the secondary market, highlighting their growth and significance. It includes a table showing the volume and percentage of GP-led secondaries from 2006 to 2017.


document_description: This document is a confidential investment report from Glendower Capital, covering topics such as investment strategy, secondary market updates, and key terms for the Secondary Opportunities Fund IV.

title: Glendower Capital Investment Report


document_description: The document provides a financial overview of the SOF Ill Portfolio as of September 30, 2017, including gross invested capital breakdown, sector composition, and investment strategy. It details the fund size, capital called, distributions, remaining NAV, and total net return. The sector composition and asset geography are also outlined.

title: SOF Ill Portfolio - Highlights


document_description: The document lists 28 General Partners (GPs) representing approximately 90% of SOF III's current exposure as of September 30, 2017. It includes various financial entities and investment firms involved in buyouts, real estate, and growth equity.

key_organizations:
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
CANTAL
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 pipeline for SOF IV as of March 31, 2018, detailing various investment opportunities across different regions and sectors. It includes information on project codes, deal types, stages, sourcing, deal sizes, and SOF IV investments.

title: SOF IV - Near term pipeline

key_locations:
North America
EMEA
Global
APAC

document_subtype: financial pipeline


document_description: The document outlines an investment opportunity in a GP-led secondary deal, expected to close in April 2018, involving mid-market investments in the US consumer industry. The portfolio includes franchisees of dining brands and a fitness brand. The investment rationale highlights Glendower's ability to deliver bespoke solutions and perform extensive diligence.

title: SOF IV - Project Sunrise

document_subtype: Investment Summary


document_description: This document outlines an exclusive GP-led secondary deal for Project Klein, expected to close in June 2018. The investment involves a mid-market buyout strategy focusing on Europe/UK, with key assets including a UK premium distributor, a network of UK medical and cosmetics clinics, an Italian digital marketing company, and a management consulting company. The deal is characterized by a discount to NAV at close of over 5%, a gross multiple of 1.1x, and 80% funding at close. Glendower Capital retains discretion on the use of follow-on capital.

title: SOF IV — Project Klein

document_date: June 2018

key_locations: Europe UK Italy

document_subtype: investment summary


document_description: The document is a financial report from EverWatch Financial, covering topics such as Glendower Investment Strategy, Secondary Market Update, and updates on SOF III and IV. It also includes key terms for the Glendower Capital Secondary Opportunities Fund IV.

title: EverWatch Financial Report


document_description: Key terms for the 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: Glendower Capital Secondary Opportunities Fund IV, LP Key Terms

document_subtype: Fund Key Terms