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

document_subtype: tax document


source: doj

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

key_people:
General Partner
Limited Partners

document_type: financial

document_subtype: tax considerations

key_organizations:
Access Fund
IRS


document_description: This document provides a summary of certain U.S. federal income tax considerations related to an investment in the Access Fund. It outlines the applicable tax regulations, potential IRS positions, and the limitations of the discussion, including its applicability to U.S. persons and the exclusion of non-U.S. persons and tax-exempt entities. It advises Limited Partners to consult their own tax advisors for specific guidance.

key_locations:
United States
District of Columbia


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

document_subtype: investment fund document

key_organizations:
Annandale Capital
Access Fund


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

document_subtype: investment fund provision

key_organizations:
Access Fund
Annandale Capital


document_description: The document discusses the tax implications for the Access Fund, including the restructuring of debt obligations, investments in derivatives, and partnerships. It highlights potential taxable events, the impact of investing in Passive Foreign Investment Companies (PFICs), and the consequences for U.S. Tax-Exempt Investors. It advises prospective investors to consult tax advisors regarding these rules.

document_subtype: investment fund tax implications


document_description: The document provides tax-related information for Limited Partners of the Access Fund, including details on qualified dividend income, dividends-received deduction, Medicare tax, and other potential taxes. It also discusses the impact of legislative changes on the Access Fund and its Limited Partners.

document_subtype: investment fund tax information


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

document_type: legal

document_subtype: Investment Fund Legal Document

key_organizations:
Access Fund
General Partner
Investment Manager
National Futures Association


document_description: The document discusses the implications of investing in the Access Fund for ERISA Plans and Individual Plans, focusing on fiduciary responsibilities and prohibited transactions under ERISA and the 2017 Fiduciary Rule. It highlights the conditions under which the Access Fund's assets may be considered 'plan assets' and the potential fiduciary responsibilities of the General Partner.

document_subtype: investment compliance document

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


document_description: The document discusses the implications of ERISA regulations on investments in the Access Fund by benefit plan investors. It outlines the conditions under which the Access Fund's assets would be considered plan assets under ERISA, the responsibilities of the General Partner, and the reporting requirements for ERISA Plan investors. It also advises fiduciaries of ERISA plans to consult legal counsel regarding investments in the Access Fund.

document_subtype: investment fund legal disclosure


document_description: The document outlines the indemnity obligations of the Access Fund and the Underlying Fund, including the funding of these obligations through capital calls or return of distributions. It also discusses the expenses and management costs associated with the funds, which are borne by the Access Fund and indirectly by the Underlying Fund. The document highlights that certain expenses are not capped and are apart from a Limited Partner's Subscription.

document_subtype: Partnership Agreement

key_organizations:
Annandale Capital
Access Fund
Underlying Fund
Glendower GP


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

title: Underlying Fund Confidential Private Placement Memorandum

document_type: other


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

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

document_date: March 2018

document_subtype: Private Placement Memorandum

key_organizations:
Glendower Capital LLP
UK Financial Conduct Authority


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the terms and conditions under which the fund's interests are offered, emphasizing that the fund will not be registered under the U.S. Investment Company Act of 1940 or the U.S. Securities Act of 1933. The memorandum highlights the risks involved in investing in the fund, the lack of liquidity, and the indefinite period investors may need to bear these risks. It also advises prospective investors to consult their advisors regarding legal, tax, financial, and other relevant matters before investing.

title: Confidential Private Placement Memorandum

key_organizations:
Glendower Capital
Annandale Capital


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the exemption from registration with the U.S. Commodity Futures Trading Commission (CFTC) for Glendower Capital, LLP and the General Partner. The memorandum is prepared by representatives of the fund and furnished by Credit Suisse as the placement agent. It details the roles and responsibilities of Credit Suisse, the exemption criteria under CFTC regulations, and the nature of the investment offering. Potential investors are advised to make their own investment decisions and are informed of Credit Suisse's role and compensation structure.

document_type: correspondence


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

key_locations:
New Hampshire
Florida

key_organizations:
Glendower Capital
Credit Suisse


document_description: The document is an executive summary of the Glendower Capital Secondary Opportunities Fund IV, LP, detailing the formation and strategy of the fund. It highlights the spin-out of Glendower Capital from Deutsche Asset Management in 2017 and the continuation of the secondary investment strategy. The document outlines the benefits of secondary market investing and provides insights into the market dynamics and investment opportunities as of 2017.

key_people:
Glendower Capital Team
Deutsche Asset Management Team

key_organizations:
Glendower Capital
Deutsche Asset Management


document_description: The document outlines the investment strategy and objectives of the Glendower Capital Secondary Opportunities Fund IV, LP. It focuses on bespoke liquidity solutions and GP-led secondary deals, emphasizing a distinctive investment strategy with a focus on less competitive transactions, a true value approach, and efficient portfolio management. The fund aims to leverage relationships with fund sponsors and sellers to pursue complex transactions.

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


document_description: The document provides an executive summary of the Glendower Capital Secondary Opportunities Fund IV, LP, highlighting its strong performance metrics as of September 30, 2017. It details the fund's track record, investment strategy, and team experience. The fund has shown top decile and quartile performances across various metrics such as gross multiple, IRR, TVPI, and DPI. The document also outlines the fund's disciplined investment process and its experienced team, which spun out from Deutsche Asset Management in 2017.

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

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

key_locations:
London
New York

document_subtype: Confidential Private Placement Memorandum

key_organizations:
Glendower Capital
Deutsche Asset Management
Deutsche Bank


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


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

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

document_subtype: Investment Performance Report


document_description: The document compares the performance of the Glendower Capital Secondary Opportunities Fund IV, LP against public market indexes such as the MSCI World Index, Russell 2000 Index, and Thomson Reuters Private Equity Buyout Index. The comparison shows that the SOF Program and its components (SOF, SOF D, SOF II, and SOF III) perform favorably against these indices.

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

document_type: tabular

document_subtype: investment performance report


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

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


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

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

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

document_subtype: Investment Fund Summary


document_description: The document outlines the investment strategy for the Glendower Capital Secondary Opportunities Fund IV, LP, which targets secondary market investments globally, primarily in the U.S. and Europe. The fund focuses on three main strategies: Fund Secondaries, GP-led Secondaries, and Single Asset Deals. It aims for risk-adjusted returns in excess of 20% Net IRR. The fund will also allocate up to 15% of commitments to primary fund investments and other opportunities.

document_subtype: Investment Fund Memorandum


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

key_locations:
North America
Europe
Asia and Pacific

key_organizations:
Glendower Capital
Annandale Capital
Raymond James
Alex Brown


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

key_organizations:
Glendower Capital
Preqin
Greenhill


document_description: The document discusses the growth and pricing trends in the secondary private equity market, highlighting the NAV and unfunded amounts, and providing a table of unrealized portfolio values and dry powder from 2007 to 2017. It also analyzes secondary market pricing and factors affecting it, such as fund age and quality.

document_subtype: financial report

key_organizations:
Glendower Capital
Greenhill


document_description: The document provides an analysis of the secondary market pricing trends from 2005 to 2017, highlighting the fluctuations in market pricing and volume. It discusses the impact of cash flows, mark-to-market pricing, and the effects of market conditions on transaction closures and premiums paid for over-levered companies. The analysis includes data on secondary market pricing rebounding from high discounts and low volumes in 2009 to a stable range from 2014 onwards.

title: Glendower Capital Secondary Opportunities Fund IV Analysis

document_subtype: financial analysis

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


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

key_organizations:
Glendower Capital
Greenhill
Preqin
Bain & Company


document_description: The document provides a breakdown of seller composition for Glendower Capital Secondary Opportunities Fund IV, LP, and market trends for funds marketed by vintage. It highlights the emergence of traditional secondary buyers and funds-of-funds entering the market as sellers, with motivations to wind down older vehicles. Exhibits include seller type percentages, funds marketed by vintage, and private equity assets by fund vintage year.

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


document_description: The document discusses the growth and complexities of GP-led Secondaries in the market, highlighting the importance of early communication, quality assets, and well-aligned managers for successful transactions. It emphasizes the need for advanced expertise and larger teams to handle the increased transaction risks and structuring sophistication. Glendower Capital takes a cautious, value-oriented approach, focusing on opportunities with strong alignment, diversified portfolios, and attractive cash flow positive assets.

title: Glendower Capital Secondary Opportunities Fund IV, LP

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


document_description: The document outlines the investment strategy and process of the Glendower Capital Secondary Opportunities Fund IV, LP, focusing on mature fund interests with at least 50% drawn. It details the fund's approach to deal origination, screening, due diligence, investment decision-making, and monitoring. The fund aims to purchase funds in exclusive or minimally competitive transactions through a network of industry relationships.


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

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


document_description: The document provides information about the senior team and their roles at Glendower Capital, specifically focusing on their responsibilities in fund management, secondary investments, and investor relations. It includes detailed professional backgrounds of key team members such as Joshua Glaser, Francesco Rigamonti, Rikesh Mohandoss, Katherine Weaver, Victoria Loldi, Devrup Banerjee, and Aldrich Chan.

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

key_locations:
New York
Milan
London
South Africa
Italy

key_organizations: Federal Home Loan Mortgage Corporation (Freddie Mac)


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 outlines the investment restrictions, indebtedness policies, hedging strategies, and profit sharing arrangements for the Glendower Capital Secondary Opportunities Fund IV, LP. Key terms include limitations on investment in single funds, borrowing strategies for investment facilitation, and hedging transactions for risk management. The document also details the profit share allocation to the General Partner and Second GP.

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

key_people:
General Partner
Second GP

document_subtype: Investment 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. 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 to partners based on their advances and internal rate of return, with specific allocations to the Special Limited Partner.

title: Scotian 6: Summary of Terms and Conditions

key_people:
General Partner
Special Limited Partner


document_description: This document outlines the terms and conditions for the Glendower Capital Secondary Opportunities Fund, 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


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

title: Glendower Capital Secondary Opportunities Fund IV. LP

document_subtype: Summary of Terms and Conditions

key_organizations:
Glendower Capital
Glendower Capital LLP


document_description: This document outlines the terms and conditions for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes details on co-investment opportunities, alternative vehicles, parallel funds, feeder funds, and side letters. The Manager has discretion over co-investment opportunities and the use of alternative vehicles for investments. Parallel and feeder funds may be established to meet specific investor requirements. Side letters can be used to establish additional rights or alter terms for specific Limited Partners, potentially affecting other partners' investment results.

key_people:
General Partner
Manager


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

key_people:
General Partner
Manager
Second GP


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

key_locations: UK US

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


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

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

document_subtype: investment risk disclosure


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

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


document_description: This document is a section from the Glendower Capital Secondary Opportunities Fund IV, LP's Private Placement Memorandum, focusing on risk factors. It discusses the competitive nature of the fund's business, dependence on the manager and key personnel, lack of operating history, and prior affiliation with Deutsche Bank. The document emphasizes the uncertainties and risks associated with investment opportunities, the reliance on the manager's expertise, and the challenges due to the fund's new formation.

key_people:
Manager
Key Persons

key_organizations:
Glendower Capital
Deutsche Bank


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

key_people:
Manager
U.S. Adviser

document_subtype: Risk Factors


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

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


document_description: This section outlines various tax-related risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses potential tax implications for investors, changes in tax law, tax treatment, phantom income, risks from changes in the taxation of carried interest, and the corporate offense of failure to prevent the facilitation of tax evasion.


document_description: The document outlines various risk factors associated with the Glendower Capital Secondary Opportunities Fund IV, LP. It discusses the potential legal risks related to tax evasion facilitation, co-investment and counterparty risks, dilution from subsequent closings, and indemnification obligations. The document highlights the possibility of financial penalties due to tax evasion facilitation, risks associated with investments via other entities, and the potential for dilution of existing investors' interests. It also covers indemnification clauses that could impact the Fund's financial condition.

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


document_description: The document outlines various risk factors associated with investments in emerging markets, legal counsel arrangements, diverse investor interests, and sovereign status of certain investors. It highlights the potential political, regulatory, and economic risks in emerging markets, the role of Debevoise & Plimpton LLP as special counsel, the potential for conflicting interests among diverse investors, and the challenges posed by sovereign immunity claims by certain investors.

key_locations:
United States
United Kingdom


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 on the fund's performance and investors' returns.


document_description: The document discusses potential conflicts of interest related to the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines situations where the Manager and its affiliates may encounter conflicts in connection with the Fund's investment activities. Investors are required to acknowledge and consent to these conflicts. Key areas of conflict include differing investor interests, broken deal expenses, management team investments, and carried interest incentives.

title: Conflicts of Interest

key_people:
Manager
General Partner
Fund Advisory Committee


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

key_organizations:
Annandale Capital
Glendower Capital


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

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

key_organizations:
Glendower Capital
Valuation Committee


document_description: This document outlines the legal and financial considerations for 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 section from the Glendower Capital Secondary Opportunities Fund IV, LP's Private Placement Memorandum, discussing legal, ERISA, and tax considerations for investors. It outlines the 25% Test for Benefit Plan Investors, Form 5500 reporting requirements, and U.S. federal income tax considerations for the fund, including partnership treatment and audit rules.


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

document_subtype: ERISA and Tax Considerations


document_description: This document discusses the legal, ERISA, and tax considerations for investors in the Glendower Capital Secondary Opportunities Fund IV, LP. It highlights potential penalties for non-compliance with tax laws, the complexity of UK tax considerations, and the responsibilities of investors regarding tax reporting and liabilities. The fund is structured as an English limited partnership, and its tax treatment is based on it being an investment partnership. Investors are advised to consult their tax advisers for specific guidance.

document_subtype: Tax and Legal Considerations

key_organizations:
Glendower Capital
HM Revenue & Customs


document_description: The document outlines the tax and compliance considerations for the Glendower Capital Secondary Opportunities Fund IV, LP, focusing on FATCA and other international disclosure regimes. It details the implications of the Foreign Account Tax Compliance Act (FATCA) and the UK's implementation of FATCA regulations, requiring the Fund to report certain information to HMRC, which will be shared with the IRS. The document also discusses the Common Reporting Standard and other international disclosure regimes that the Fund must comply with, requiring reporting of investor information to applicable government authorities. Investors are advised to consult tax advisers regarding FATCA's application to their investments.

key_locations:
United Kingdom
United States

document_subtype: Tax and Compliance Considerations


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes notices to investors in specific jurisdictions, highlighting legal restrictions on the distribution and sale of interests in the fund. The memorandum specifies compliance requirements for investors in the European Economic Area, Denmark, Finland, and Germany, emphasizing that the offer is limited to professional investors and is not a public offering.

key_locations:
European Economic Area
Denmark
Finland
Germany

document_subtype: memorandum

key_organizations:
Glendower Capital
Annandale Capital
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 legal restrictions and conditions under which the Memorandum can be distributed and the Interests offered in various jurisdictions including Guernsey, Haiti, Hong Kong, Israel, and Japan. The Memorandum is not approved by financial authorities in these regions and is intended for professional investors only. It emphasizes that the document does not constitute financial advice and that investors should rely on their own examination of the Fund.

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 Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the legal and regulatory considerations for offering securities in various jurisdictions including Peru, Qatar, Saudi Arabia, Singapore, and South Korea. The memorandum specifies that the interests have not been registered in these regions and are offered to institutional investors only. It also highlights the limitations and legal disclaimers associated with the distribution and reliance on this memorandum.

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

key_organizations: Qatar Financial Centre Regulatory Authority

reference_numbers:
Decreto Legislativo 862
Decreto Legislativo 861
Securities Market Law
Registro POblico del Mercado de Va!ores
Offers of Securities Regulations
Securities and Futures Act, Chapter 289


document_description: This document is a Confidential Private Placement Memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the legal and regulatory considerations for offering and distributing investment interests in various jurisdictions, including Korea, St. Kitts and Nevis, and Switzerland. The document specifies that the fund is not registered with regulatory authorities in these regions and provides details on the distribution process, including the roles of representatives and paying agents in Switzerland.

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 (FINMA)


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines the terms and conditions for 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 provides guidance for prospective investors to seek professional advice.

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

reference_numbers: SCA Board of Directors' Chairman Decision No. (9/R.M) of 2016

reference_numbers: Chairman of the SCA Board of Directors Decision No. 3/R.M. of 2017


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

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

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

document_subtype: Privacy Notice

key_organizations:
Glendower Capital
Gen II Fund Services
Aztec Financial Services
Lloyds Bank
Debevoise & Plimpton


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

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

key_organizations:
Glendower Capital
UK Information Commissioner's Office


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

title: Appendix 4 Key Definitions

document_subtype: Appendix

key_organizations:
Glendower Capital
Annandale Capital


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes a table defining various terms related to the fund, such as Depositary Agreement, Deutsche Asset Management, Deutsche Bank, DOL, and others. The document is marked as confidential pursuant to Federal Rule of Criminal Procedure 6(e).

document_subtype: Confidential Private Placement Memorandum

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


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

key_locations:
Cayman Islands
England

key_organizations:
Glendower Capital
Glendower Capital LLP


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It outlines various investment terms and definitions related to the fund, including investment periods, platforms, restrictions, and key persons involved.

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

key_organizations:
Glendower Capital
Annandale Capital
IRS
OECD


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes definitions and descriptions of various terms related to the fund, such as PFICs, Push-Out Election, QEF, RVPI, and others. It also outlines the roles of different entities and regulations involved in the fund's operations.

key_locations:
Cayman Islands
Scotland
England

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 confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes information about subsequent closings, team investments, total value, TVPI, and various legal and tax considerations related to the fund.

document_subtype: Private Placement Memorandum


document_description: This document is a confidential private placement memorandum for the Glendower Capital Secondary Opportunities Fund IV, LP. It includes contact information for key individuals at Glendower Capital and Credit Suisse Asset Management Limited.

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

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


document_description: This document outlines the servicing and placement fees related to DB Introduced Persons' investments in the Access Fund. It details the fee structure based on subscription amounts and the potential conflict of interest due to compensation arrangements for the Solicitation Agent.

document_subtype: Fee Agreement

key_organizations:
Annandale Capital
Access Fund
Glendower GP
Glendower Capital LLC
Solicitation Agent
iCapital


document_description: The document contains confidential information related to Annandale Capital, marked as confidential pursuant to Federal Rule of Criminal Procedure 6(e).


document_description: Instructions for investors interested in purchasing a limited partner interest in Glendower Access Secondary Opportunities IV (U.S.), L.P. Investors must complete the Subscription Agreement and provide necessary identification documents. Initial capital contributions may be required upon admission to the Partnership.

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

document_subtype: Investment Instructions


document_description: This document outlines the terms and conditions for an investor, which could be a corporation, trust, partnership, limited liability company, or other entity, in relation to the Securities Exchange Act of 1934. It includes provisions regarding the formation and use of the investor entity, disclosure of disqualifying events, and the investor's power and authority to execute agreements. The document also specifies the binding nature of the agreement once executed.

document_subtype: investment agreement


document_description: This document outlines the terms and conditions of an agreement between an Investor and a Partnership, including the Investor's acknowledgments and representations regarding their investment. It covers aspects such as the Investor's knowledge and experience, tax considerations, and status as a disregarded entity.

document_subtype: Partnership Agreement


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 specifies that no funds contributed to the partnership should originate from these prohibited sources.

key_locations:
United States
UK

document_subtype: legal compliance document

key_organizations:
Annandale Capital
Financial Action Task Force
Financial Crimes Enforcement Network
U.S. Treasury Department


document_description: The document outlines the terms of a Partnership Agreement involving Annandale Capital and iCapital Securities, LLC. It specifies the roles and responsibilities of the General Partner and the Investor, including investment decision-making, compliance with governing laws, and the non-reliance on fiduciary advice from iCapital. The Investor is responsible for independent judgment and understanding the risks and conflicts of interest associated with the investment.

key_organizations:
Annandale Capital
iCapital Securities, LLC


document_description: This document outlines the terms and conditions of an investment management agreement involving Annandale Capital and iCapital. It includes details about the Investor Fiduciary's responsibilities, risks, fees, and conflicts of interest associated with the investment in the Partnership. The document also specifies the legal and regulatory compliance required for the execution of the agreement.

document_subtype: Investment Agreement

key_organizations:
Annandale Capital
iCapital


document_description: This document outlines the conditions and representations required for an Investor Fiduciary to make a proposed purchase of an Interest under ERISA and the Code. It specifies the fiduciary responsibilities, independence, authority, and compliance with diversification and prohibited transaction rules.


document_description: This document outlines the terms and conditions for investors acquiring interests in a partnership, including provisions for individual retirement accounts, insurance company general accounts, and non-U.S. employee benefit plans. It includes representations and covenants related to ERISA and other regulatory compliance.


document_description: This document is a Subscription Agreement for a partnership involving Annandale Capital. It outlines the power of attorney granted to Glendower Access Secondary Opportunities IV GP LLC and iCapital Advisors, LLC, allowing them to act on behalf of the investor in various capacities related to the partnership. The agreement also covers expenses, amendments, and the conditions under which a subscription may be reduced or rejected.

document_subtype: Subscription Agreement


document_description: The document outlines the responsibilities and agreements of an investor in a partnership, including the provision of withholding forms and additional information for tax compliance, and consent to receive Schedule K-1 electronically.


document_description: This document outlines the terms and conditions of a partnership agreement involving an investor and a partnership managed by iCapital Network. It includes details on how an investor can withdraw consent, update contact information, and access Schedule K-1 forms. The agreement is governed by the laws of the State of Delaware and any legal proceedings are subject to the jurisdiction of New York courts.

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

key_organizations:
iCapital Network
Annandale Capital


document_description: A document labeled as proprietary and confidential, with references to federal rules and specific identifiers.


document_description: This document is an investment form from Annandale Capital, requiring prospective investors to complete information based on their status as individuals or entities. It includes sections for U.S. person status, type of investor, residence for tax purposes, and contact information.

document_subtype: investment form


document_description: This document is a signature page for the General Partner of Annandale Capital, accepting a subscription for an interest amount in the partnership. The document is proprietary and confidential.

title: General Partner Signature Page for Annandale Capital

document_subtype: General Partner Signature Page

key_organizations: Glendower Access Secondary Opportunities IV GP LLC


document_description: This document is a form for entities such as partnerships, trusts, and corporations to declare their status as accredited investors. It includes various categories under which an entity can qualify as an accredited investor according to Rule 501(a) of Regulation D under the Securities Act.

title: Exhibit C - Accredited Investor Status for Entities

document_subtype: Accredited Investor Status Form


document_description: This document is an investment questionnaire for Annandale Capital, assessing the status of an investor in relation to the Investment Company Act. It includes questions about the investor's status as a qualified purchaser, investment company, and collective investment vehicle.

document_subtype: investment questionnaire


document_description: This document is an investment questionnaire from Annandale Capital, asking the investor about their investment commitments, ultimate beneficiaries, and regulatory status. It includes a chart for detailing beneficial owners and their public trading or regulatory status.


document_description: This document is an investment agreement related to Annandale Capital, outlining conditions for Plan Investors, particularly those organized outside the United States. It includes representations and warranties required from the Investor if certain conditions are met.


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 by the Consumer Financial Protection Bureau.

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


document_description: This document outlines the terms and conditions for the Glendower Access Secondary Opportunities Fund IV (U.S.), L.P., including its investment strategy, structure, fees, and reporting requirements. The fund invests in the Glendower Capital Secondary Opportunities Fund IV L.P. and is associated with iCapital Network and Glendower Capital.

title: GLENDOWER ACCESS SECONDARY OPPORTUNITIES FUND IV (U.S.), L.P.

key_people: Glendower Access Secondary Opportunities IV GP LLC

document_subtype: Investment Fund Document

key_organizations:
iCapital Network
Glendower Capital


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, including lack of liquidity, volatility, 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: This document is a confidential statement for Glendower Capital SOF IV, L.P., detailing the formation and performance of various funds under Glendower Capital LLP. It includes performance figures, fund structures, and investment strategies as of September 30, 2017. The document emphasizes the confidentiality of the information and provides detailed endnotes on fund performance, investment strategies, and key definitions related to the funds.

title: Glendower Capital SOF IV, L.P. Confidential Statement

document_subtype: Confidential Statement

key_organizations:
Glendower Capital SOF IV, L.P.
Glendower Capital LLP
Mirabella Advisers LLP
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 a limited number of sophisticated recipients for evaluation purposes and is not an offer to sell or a solicitation to buy any securities. The presentation discusses potential risks, conflicts of interest, and the need for recipients to consult their own advisors. It emphasizes the confidentiality of the information and the lack of independent verification.

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: 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:
Annandale Capital
iCapital Network


document_description: This document is a presentation for informational and discussion purposes regarding 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, nor an offer to buy or sell interests in the funds. The presentation emphasizes the high risk and potential for capital loss associated with investing in the Access Fund, and advises prospective investors to consult the Offering Memorandum for detailed information. It also highlights the potential for conflicts of interest and the impact of fees on returns.

document_subtype: presentation

key_organizations:
Glendower Capital
Annandale Capital
iCapital Network


document_description: This document provides a summary of the key terms for the Glendower Access Secondary Opportunities IV (U.S.), LP, including details about the fund name, 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 Glendower Access Secondary Opportunities IV (U.S.), LP

key_people: Glendower Access Secondary Opportunities IV GP, LLC

document_subtype: Summary of Key Terms

key_organizations:
Glendower Capital
iCapital
DBSI


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

document_subtype: investment fund document

key_organizations:
Glendower Capital
Annandale Capital


document_description: This confidential presentation by Glendower Capital LLP is intended for a limited number of sophisticated recipients to provide summary information about existing and future funds managed or advised by Glendower, including the Glendower Capital Secondary Opportunities Fund IV, LP. It is not an offer or solicitation for investment and is intended for discussion purposes only. Recipients are advised to consult their own legal, business, and tax advisors.

document_subtype: confidential presentation

key_organizations: United Kingdom Financial Conduct Authority


document_description: This document appears to be a confidential report or presentation related to Glendower Capital, covering topics such as investment strategy, secondary market updates, and key terms for a specific fund.

title: Glendower Capital Document


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

title: Glendower Capital Team Overview

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

key_locations:
London
New York

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 an analysis of the positioning of SOF Funds as mid-sized value investors, comparing them to large levered beta players and small local funds. It includes a table categorizing fund sizes and descriptions, as well as a historical overview of fund sizes from 1996 to 2018, highlighting Glendower Capital's involvement.

document_subtype: financial analysis

key_organizations:
Annandale Capital
Glendower Capital


document_description: Glendower Capital's investment strategy focuses on disciplined bottom-up underwriting of attractive assets managed by quality managers. The strategy includes sourcing less competitive deals globally, pursuing a selective value approach, buying with a margin of safety, and focusing on efficient portfolio construction. The document outlines average deal sizes, discount rates, and portfolio diversification strategies.

title: Glendower Investment Strategy

document_subtype: investment strategy overview


document_description: The document outlines Annandale Capital's disciplined barbell approach to investment, adjusting deal types relative to market cycles. It includes a description of fund secondaries, GP-led secondaries, and single asset deals, along with market estimates and expected returns based on Glendower Capital's market intelligence.

title: Annandale Capital - Disciplined Barbell Approach


document_description: The document provides illustrative case studies of fund secondaries transactions managed by Annandale Capital. It includes details on deal sizes, discounts, fund assets, sellers, and descriptions of the transactions. The cases involve various global funds and sellers such as European family offices, US pension funds, sovereign wealth funds, and family offices. The document highlights proprietary deals, liquidity solutions, and globally diversified portfolios.

title: Annandale Capital Fund Secondaries Transactions

key_locations: Global Europe US Asia

document_subtype: financial transactions

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


document_description: The document provides a table of illustrative case studies related to GP-led transactions and single asset deals by Annandale Capital. It includes details such as project/fund names, deal sizes, regions, sellers, and descriptions of the deals.

title: Illustrative case studies


document_description: The document provides an analysis of secondary market volumes from 2006 to 2018, highlighting that secondary market volume remains at record levels with GP-led transactions now representing 25% of the volume. The forecast for 2018 is over US$60 billion.

title: Secondary Market Volume Analysis

document_subtype: market analysis

key_organizations:
Annandale Capital
Glendower Capital
Greenhill


document_description: The document provides data on the growth of the secondary market driven by the global private equity (PE) market. It includes tables showing the unrealized portfolio value, dry powder, and total PE assets from 2007 to 2017, as well as the annual secondary volumes as a percentage of total PE assets. The data is sourced from the 2018 Preqin Global Private Equity & Venture Capital Report and other industry reports.

document_subtype: financial report


document_description: The document provides an analysis of the secondary market capitalization, highlighting a balanced capitalization with a strong secondary capital supply. It includes data on dry powder and annual deal volume, with a focus on the balance between dry powder and deal volume.

title: Secondary Market Capitalization Report

key_organizations:
Glendower Capital
Annandale Capital
Greenhill
Bain & Company


document_description: The document provides an analysis of unrealized private equity value in pre-crisis vintages, highlighting significant unrealized value in tail-end funds. It includes a breakdown of seller composition and a table of unrealized PE value from 2004 to 2016.

title: Annandale Capital - Private Equity Value Analysis

key_organizations:
Annandale Capital
Glendower Capital
Preqin
Greenhill


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

title: Glendower Capital Document


document_description: The document lists 28 General Partners (GPs) representing approximately 90% of SOF III's current exposure as of September 30, 2017. It includes various investment firms and capital partners.

title: SOF III Portfolio - Sponsor Exposure

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


document_description: The document outlines the near-term investment pipeline for SOF IV as of March 31, 2018, detailing various projects with their respective deal types, regions, stages, sourcing methods, deal sizes, and SOF IV investments. It includes projects like Sunrise, Klein, Penguin II, and others, with investments ranging from $6 million to $1.4 billion.

title: SOF IV - Near term pipeline

key_locations:
North America
EMEA
Global
APAC

document_subtype: investment pipeline


document_description: This document outlines an exclusive GP-led secondary deal for SOF IV, expected to close in June 2018. It involves a mid-market buyout strategy focusing on Europe/UK, with investments in business services and healthcare services. The transaction includes four companies, with key value drivers in the UK premium distribution and medical/cosmetics clinic sectors. The investment rationale highlights growth opportunities and cost efficiency initiatives.

title: SOF IV — Project Klein

key_locations: Europe UK Italy

document_subtype: Investment Summary


document_description: Team bios for Annandale Capital, detailing the professional backgrounds and responsibilities of Deirdre Davies, Joshua Glaser, Emilio Olmos, and Francesco Rigamonti. The document includes their previous work experience, educational background, and current roles at Glendower Capital.

key_people:
Deirdre Davies
Joshua Glaser
Emilio Olmos
Francesco Rigamonti

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

document_subtype: team bios

key_organizations:
Annandale Capital
Deutsche Bank
KPMG
Paul Capital
Forum Capital
CIBC Oppenheimer
ADIA
UBS
Credit Suisse
Lafarge
Gallo & Co.
Glendower Capital


document_description: The document provides a breakdown of the gross invested capital for Annandale Capital's SOF II portfolio as of September 30, 2017. It includes details on fund size, capital called, distributions, remaining NAV, and total net return. The document also outlines the sector composition, regional distribution, and vintage year percentages of the investments.

title: GL DUS127 Annandale Capital SOF II — Portfolio construction


document_description: This document provides a summary of various investment transactions managed by Annandale Capital as part of their SOF II fund, detailing project names, sourcing, seller types, deal types, funds, companies, invested and funded capital, initial closing dates, gross multiples, and portfolio details.

title: Overall transaction summary as of September 30, 2017

document_subtype: transaction summary


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

document_subtype: financial summary


document_description: The document provides important information on the track record of the Glendower SOF Team, which spun off from Deutsche Bank in August 2017 to form Glendower Capital LLP. It discusses the investment performance and track record of the SOF Funds, including the roles of key team members and the calculation of investment returns. The document also covers valuations of unrealized investments and target returns, emphasizing that these are based on assumptions and may differ from actual realized returns.

title: Notes to Investment Performance

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

document_subtype: investment performance notes

key_organizations: Deutsche Alternative Asset Management (Global) Limited


document_description: This document is a presentation by Annandale Capital, providing important information for recipients in various jurisdictions including Brunei, Canada, Cayman Islands, Chile, China, Colombia, France, Guernsey, and Haiti. It outlines the legal and regulatory considerations for distributing the presentation and offering securities in these regions.

key_locations:
Brunei
Canada
Cayman Islands
Chile
China
Colombia
France
Guernsey
Haiti

key_organizations:
Annandale Capital
Autoriti Menetan Brunei Darussalam
Registrar of Companies
Superintendencia de Valores y Seguros
Guernsey Financial Services Commission
States of Guernsey Policy Council


document_description: This document provides legal disclaimers and restrictions for the distribution of financial information and investment offers in various jurisdictions including Japan, Malaysia, Mexico, Monaco, New Zealand, and Oman. It outlines the legal requirements and limitations for offering or selling securities in these regions.

key_locations:
Japan
Malaysia
Mexico
Monaco
New Zealand
Sultanate of Oman

document_subtype: legal disclaimer

key_organizations: Credit Suisse Securities (Japan) Limited

key_organizations: Type II Financial Instruments Firms Association

key_organizations: National Banking and Securities Commission

key_organizations: Commission de Contrôle des Activités Financières

reference_numbers: Director-General of panto Local Finance Bureau (Kinsho) No 66


document_description: This document is a presentation by Glendower Capital, providing important information for recipients in certain jurisdictions regarding investment in a fund. It outlines the legal and regulatory considerations for investors in St. Kitts and Nevis, the United Arab Emirates, and the United States. The presentation emphasizes that the fund is not registered with any regulatory authority in these jurisdictions and highlights the risks involved in investing, including the potential loss of the entire investment. It also notes that the fund will not be registered under the Securities Act or the Investment Company Act in the U.S., and there will be no public market for the interests.

key_locations:
St. Kitts and Nevis
United Arab Emirates
United States


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

title: Letter of Authorization for Fund Investment

document_subtype: Letter of Authorization

key_organizations:
Deutsche Bank
iCapital Advisors, LLC
iCapital Parties


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

document_subtype: Authorization Form


document_description: This document is a supplement to the Confidential Private Placement Memorandum for Glendower Access Secondary Opportunities IV (U.S.), L.P., an access fund into Glendower Capital Secondary Opportunities Fund IV, LP. It is intended for investors referred by Deutsche Bank Securities Inc. and outlines the offering of limited partner interests.

title: Supplement to the Confidential Private Placement Memorandum

document_subtype: Private Placement Memorandum Supplement


document_description: Amendment to the 'Summary of Principal Terms of the Access Fund' in the Memorandum, detailing the Servicing Fee arrangement with Deutsche Bank Securities Inc. as a Placement Agent for the Access Fund. The Servicing Fee is structured based on the investment period and subscription amounts of DB Introduced Persons.

document_subtype: Memorandum Amendment

key_organizations:
Deutsche Bank Securities Inc.
Annandale Capital


document_description: Form W-9 is used to request a taxpayer identification number (TIN) and certification from individuals or entities required to file an information return with the IRS. It includes sections for providing personal or business information, tax classification, and TIN. The form also includes a certification section under penalties of perjury.

title: Form W-9 (Rev. November 2017)

document_subtype: tax form


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

title: Form W-9 Instructions

key_organizations: IRS SSA

reference_numbers:
Form W-9
Form 1099-MISC
Form SS-5
Form W-7
Form SS-4


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

title: Form W-9 Instructions

document_subtype: tax form instructions

key_organizations:
IRS
Taxpayer Advocate Service


document_description: This document is a Form ADV Part 2A brochure for iCapital Advisors, LLC, providing information about the firm's qualifications and business practices. It includes a disclaimer about the SEC's non-endorsement of registered investment advisers.

title: iCapital Advisors, LLC Form ADV Part 2A

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

document_subtype: Form ADV Part 2A

key_organizations: United States Securities and Exchange Commission


document_description: The document outlines iCapital Advisors, LLC's due diligence process for evaluating investment opportunities, including hedge funds. It describes the stages of diligence, from market opportunity assessment to final approval by the Investment Committee. The process involves both internal evaluations and external assistance from Castle Hall Alternatives Inc. for hedge fund due diligence.

document_subtype: investment advisory document

key_organizations:
iCapital Advisors, LLC
Castle Hall Alternatives Inc.


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

title: iCapital Advisors, LLC Form ADV Part 2A


document_description: The document outlines the terms and conditions related to capital contributions, default scenarios, and the legal structure of series limited partnerships for iCapital Advisors, LLC. It discusses the implications of investor defaults, the legal protections under the Delaware Act for series limited partnerships, and the reliance on sub-advisers for fund management.


document_description: The document discusses various financial risks associated with investment in derivatives, warrants, stock purchase rights, and debt securities. It highlights the potential for high volatility, illiquidity, and loss in derivatives, the speculative nature of warrants, and the risks associated with high yield, high risk bonds, commonly known as 'junk bonds'.

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


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


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

title: iCapital Advisors, LLC Form ADV Part 2A

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


document_description: The document outlines the Code of Ethics for iCapital Advisors, LLC, detailing employee investment restrictions, conflicts of interest, and compensation structures. Employees must obtain authorization for personal investments and are discouraged from frequent trading. iCapital may waive fees for employees and affiliates. The document also discusses potential conflicts of interest due to compensation from fund placements.

title: iCapital Advisors, LLC Form ADV Part 2A

key_organizations:
iCapital Advisors, LLC
iCapital Securities, LLC


document_description: The document outlines iCapital Advisors, LLC's Form ADV Part 2A, detailing the firm's compensation arrangements, custody rules, and investment discretion policies. It discusses the allocation of management fees to broker-dealers or registered investment advisors, collaboration with Fidelity Brokerage Services LLC, and the custody of client funds. It also covers the firm's discretionary authority in making investment decisions for funds.

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


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


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

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

document_subtype: Limited Partnership Agreement


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

title: Amended and Restated Limited Partnership Agreement


document_description: This document outlines the terms of the partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes details about the partnership's name, offices, purpose, powers, and the roles and responsibilities of the partners. The partnership is primarily focused on making, holding, and disposing of investments in an underlying fund. The document also specifies the limited liability of the partners and the conditions under which they are required to contribute capital.

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

document_subtype: Partnership Agreement


document_description: This document is an excerpt from a Limited Partnership Agreement, detailing the obligations and rights of Limited Partners in the event of death, dissolution, or bankruptcy, as well as the conditions for admitting additional Limited Partners before the final closing date. It outlines the financial contributions required from new or existing Limited Partners and the limitations on their control over the partnership.

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


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


document_description: This document outlines the powers and responsibilities of the General Partner in managing the Partnership, including executing agreements, handling securities, and disclosing nonpublic information. It also clarifies that the General Partner and its affiliates can engage in outside business activities without restrictions from the Partnership.

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


document_description: This document outlines the terms and conditions of the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It covers allocations, distributions, and the relationship between the Partnership and Alternative Investment Vehicles, including management fees, transfer of interests, defaulting partners, and the establishment of Investment Subsidiaries.


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


document_description: This document outlines the procedures and conditions under which the General Partner can call for capital contributions from Limited Partners, including initial drawdowns, additional contributions, deficiency drawdowns, and the return of unused contributions. It also details the authority of the General Partner to reduce subscriptions and the procedure for notice of capital calls.

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


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


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


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


document_description: This document outlines the rights and remedies available to the General Partner in the event of a default by a Limited Partner. It includes provisions for limiting the Defaulting Partner's rights, reallocating their interest, and enforcing penalties. The General Partner has discretion to exercise remedies and allocate income or gains to non-defaulting partners.


document_description: The document outlines the terms related to default provisions and assignment of partner contributions within the partnership. It details the procedures and consequences if the partnership or its limited partners fail to meet capital call obligations, including the treatment of defaulting partners and the assignment of rights to third parties.


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


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines the allocation of net gain, net loss, and other financial items among partners, compliance with Treasury Regulations, and the maintenance of capital accounts. The document specifies how allocations should be made at the end of each fiscal year and provides guidelines for adjustments by the General Partner.


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

key_people:
General Partner
Limited Partners

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


document_description: This document outlines the terms for the distribution of assets during the liquidation of the partnership, the expenses and compensation of the liquidator, the duration of the liquidation process, and the liability for returns. It also details the limitations on transfers and withdrawals of limited partnership interests.


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


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines the conditions under which transfers of partnership interests are permitted or prohibited. Key provisions include the requirement for transferring partners to comply with Section 1446(f) of the Code, the joint and several liability for taxes, and the prohibition of transfers that would result in certain legal or regulatory consequences, such as the partnership's assets becoming 'plan assets' under ERISA or requiring registration under the Securities Act.


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

document_date: unknown


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines the indemnification provisions for Covered Persons and other related parties. The agreement specifies the conditions under which indemnification is provided, limitations on indemnification, and the advance payment of expenses. Indemnification is not provided for actions involving bad faith, gross negligence, willful misconduct, or unlawful conduct. The document also details the process for advance payment of expenses and the conditions under which such payments must be repaid.


document_description: This document outlines the indemnification provisions for the partnership, including insurance options, rights to indemnification from other sources, and the priority of indemnity obligations. It specifies the conditions under which the partnership may purchase insurance for indemnitees and the order of liability for indemnification payments.


document_description: This document outlines the indemnification and liability provisions of the Glendower Access Secondary Opportunities IV (U.S.), L.P. Amended and Restated Limited Partnership Agreement. It details the conditions under which the Partnership may provide indemnification payments to an Indemnitee and the limitations imposed by the General Partner. It also addresses the return of certain distributions by Partners in case of liabilities or obligations incurred by the Partnership.


document_description: This document outlines the procedures and requirements for amending the partnership agreement, including the consent needed from partners, the conditions under which the General Partner can amend the agreement without consent, and the notification process for amendments.

title: ARTICLE 13 - AMENDMENTS, VOTING AND CONSENTS

document_subtype: Amended and Restated Limited Partnership Agreement


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


document_description: The document outlines the responsibilities and obligations of the General Partner and the Partners in relation to tax compliance and partnership representation under the BBA. It specifies the designation of the General Partner as the 'partnership representative' and the actions required for compliance with tax laws, including the provision of information by Partners to avoid adverse tax consequences.


document_description: This document is an excerpt from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines various legal provisions including confidentiality, binding on successors, governing law, waiver of partition, and securities law matters. The agreement is governed by the laws of the State of Delaware and includes clauses on the confidentiality of partnership information and restrictions on the transfer of partnership interests.


document_description: This document is an Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines the terms and conditions of the partnership, including arbitration procedures, the use of side letters, and provisions for bad actor disqualification. The agreement specifies that any controversies will be settled through binding arbitration in New York City and allows for side letters to amend terms for specific limited partners. It also includes a clause for bad actor disqualification, requiring certain partners to provide information to ensure compliance with Rule 506 of Regulation D under the Securities Act.


document_description: This document is an appendix from the Amended and Restated Limited Partnership Agreement for Glendower Access Secondary Opportunities W (U.S.), L.P. It contains definitions of terms used in the agreement, such as '20% Holder', 'Access Fund Default', 'Administrator', and others. These definitions are crucial for understanding the terms and conditions outlined in the partnership agreement.

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


document_description: This document is an amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes definitions and terms related to business days, capital accounts, carrying value, contributions, and covered company partners and persons. It also references specific sections of the agreement for detailed terms.

title: Glendower Access Secondary Opportunities IV (U.S.), L.P. 1-2 Amended and Restated Limited Partnership Agreement


document_description: This document is an amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines definitions and terms related to the partnership, including the roles of General Partner, Limited Partners, and Investment Manager. It also defines Freely Tradable Securities and conditions under which they can be distributed or sold.

key_people:
Greg Martin
Michael Stanton


document_description: This document is an amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It outlines definitions and terms related to the partnership, including organizational expenses, partner interests, and partnership minimum gain. The agreement specifies the roles and responsibilities of partners and the general partner, as well as financial and operational guidelines.

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


document_description: This document is an amended and restated limited partnership agreement for Glendower Access Secondary Opportunities IV (U.S.), L.P. It includes definitions and terms related to capital calls, management fees, and various legal and financial terms relevant to the partnership.


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

title: Appendix II: Regulatory and Tax Allocations

document_subtype: Partnership Agreement Appendix


document_description: Proprietary and Confidential Private Placement Memorandum for Glendower Access Secondary Opportunities IV (U.S.), L.P., an 'Access Fund' into Glendower Capital Secondary Opportunities Fund IV, LP, offering Limited Partner Interests.

document_date: January 2018

document_subtype: Private Placement Memorandum


document_description: This document is a confidential private placement memorandum provided by iCapital Advisors, LLC to sophisticated investors for investment in Glendower Access Secondary Opportunities IV (U.S.), L.P. The fund aims to invest in Glendower Capital Secondary Opportunities Fund IV, LP. The memorandum includes details about the investment structure, legal disclaimers, and regulatory compliance.

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

key_locations:
Delaware
United States
England


document_description: This document is a memorandum discussing the indirect interests in funds managed by Glendower, the rights and limitations of the Access Fund and its Limited Partners, and the potential risks and uncertainties involved in investing in the Underlying Fund. It includes disclaimers about forward-looking statements and the potential for changes in the terms of the Underlying Fund.

document_subtype: memorandum

key_organizations:
Glendower
Access Fund
Underlying Fund


document_description: This document is an investment memorandum for prospective investors in the Access Fund. It provides a summary of the Partnership Agreement, Subscription Agreement, and other related documents. It advises investors to consult their own advisors for legal, tax, regulatory, financial, and accounting advice. The memorandum is not a prospectus and does not contain all necessary information for an investment decision. It outlines the rights and obligations of investors and the terms of the offering, which can be modified by the General Partner. The document also includes a disclaimer about the use of the information for tax purposes and encourages investors to seek independent tax advice.

document_subtype: Investment Memorandum

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


document_description: This document is a confidential memorandum related to the offer and sale of interests in a fund. It outlines the minimum subscription amount, legal restrictions on distribution, and confidentiality obligations of the recipient.

document_subtype: Memorandum

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


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

document_subtype: exemption notice


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

document_subtype: legal notice

key_organizations: CFTC NFA


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

title: Table of Contents for Glendower Capital Document


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

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

key_locations: Delaware England

document_subtype: investment memorandum


document_description: This document provides a summary of the principal terms of the Glendower Access Secondary Opportunities IV (U.S.), L.P. (the 'Access Fund'), including details about the General Partner, Investment Manager, and relevant agreements. It is intended for prospective investors and is qualified by the Access Fund's Amended and Restated Limited Partnership Agreement and the Subscription Agreement.

title: Summary of Principal Terms of the Access Fund

document_date: October 2017

document_subtype: Investment Summary

key_organizations: Glendower Capital Secondary Opportunities Fund IV, LP

key_organizations: Glendower Access Secondary Opportunities IV GP LLC


document_description: This document is an investment memorandum for the Access Fund, detailing the management fee, investment management agreement, and the purpose of the fund. The Access Fund aims to invest in Glendower Capital Secondary Opportunities Fund IV, LP, focusing on generating risk-adjusted returns through various investment strategies. The memorandum outlines the discretion of the General Partner in managing subscriptions and investments.