GLDUS113 Cliff IMO Section 1: Executive Summary Glendower Capital Secondary Opportunities Fund IV, LP Executive Summary Overview Glendower Capital Secondary Opportunities Fund IV, LP (*SOF IV' or the 'Fund') is being formed by Glendower Capital. LLP ("Glendower Capital', 'Glendower or the 'Manager), an independent investment firm, privately held by its partners and focused on secondary private markets. Glendower was formed by the secondary opportunities team that spun-out from Deutsche Asset Management on August 1. 2017. The Fund is seeking US$1.75 billion in aggregate commitments with the aim of generating attractive risk-adjusted investment returns. principally in the form of capital appreciation, through the acquisition, holding and disposition of a diverse portfolio of investments including large and mid-market buyout. growth capital, venture capital, special situations. turnaround, mezzanine, distressed opportunities. real estate and infrastructure assets primarily on the secondary market. The Fund will target globally. but primarily in the U.S. and Europe, (i) the acquisition of interests in established generalist and specialist private equity fund structures (including funds of funds. feeder funds and other similar structures) on the secondary market (each such fund or structure, a "Fund Secondary and. together. 'Fund Secondaries'), (i) the acquisition of investment interests in private equity fund structures or portfolios of private equity assets on the secondary market through bespoke liquidity solutions (each such investment interest, a "GP-led Secondary and, together. 'GP-led Secondaries"). and (iii) co-investments in individual portfolio companies alongside private equity kind sponsors (each such co-investment. a 'Single Asset Dear). SOF IV will be the fourth dedicated secondary fund led by Carlo Pirzio-Biroli and Charles Smith (the 'Managing Partners") and invested by Glendower Capital's team of investment professionals. As describ