GL0US142 Ironsides Asset Mgmt Section 4. Glendower Capital Secondary Opportunities Fund N. LP Glendower Capital Secondary Opportunities Fund IV. LP The Competitive Environment The secondary market is made up of a range of funds targeting secondary opportunities varying in size from under US$100 million up to the largest, at US$10.8 billion, that closed in 2016.67 Secondaries funds are further differentiated by their geographic focus and increasingly by their sourcing and investment strategy. The Fund will be positioned in the mid-sized segment of the market, which the Manager estimates currently comprises secondaries funds between USS1 billion and US$3 billion in size. The Manager believes this is a particularly attractive segment of the market because funds in this size bracket are able to build diversified portfolios while also being extremely selective over which transactions to pursue. In contrast, funds below USS1 billion are forced to compete in the very competitive market for small fund interests. and are often focused on particular geographies or strategies, reducing such a fund's ability to mitigate risk through diversification. Conversely, funds with sizes of greater than US$3 billion inevitably build extremely diversified portfolios which act as private equity indices and therefore have difficulty in generating out performance. Exhibit 19: Glendower Competitive Landscape: Well Positioned to Pursue its Strategy's hunt Si. NSW) Wend bolo ploy Monona< L Meant; • Octal sourang . %tame -cirm• M - Apha Dior • tatn.n>osing • Camel sourarl • Sefecte swrong . S nal BMWS S • LOON sP•ong . %%Iv ounpaThe Sourcing strategies lox 1 OW O0 g 0 ICO 11001 1c44 It% An (-) . , ,,,xo Frzi b O 62,8 6 O Pi o O c - S. BeeOgvuor SOF FI 0 0 0 00 2° Dig i°0 s • g e s ° . • X0:1 2002 700* 2,30 2003 2010 2012 2014 2:1141 3310 Fu-<w/tam 0411n II•33n • >S3en . Can0.44er Cal -10 players -10 players >S0