SOF III - 1081 Southern Financial LLC Section 5: Secondary Opportunities Fund Ill Secondary Opportunities Fund Ill, LP Investment Process Overview The Secondary Team has developed a robust and selective investment process to support its focused and disciplined investment strategy. Exhibit 15: DB Secondaries Investment Process 05 I Deal origination and sourcing • "tcp &two idereiftaben or attrarrree asset* • Focus on key eerie vertests • Prose:n*0SG efforts • Sarong throw)) ca network • L0ggn3 ce all pteerhal chars rile piperine • Preeire Screening and due diligence • 'Seeley:trots or "perm • Staff irrjand de& randialarial • 7.-etsiled teitom.ip dial: e:geire • Transaction negotalon and StruClunng • Voluatton mceel ▪ mow) Deal Origination and Sourcing Investment decision & closing • Approval td Invertnefe Crarnirettee • real rvflaterh011S • Scahng of trensactco • GP onent l °Mei treaseg oxiesirins • FX nedtarg • Ciosing Monitoring and risk mgmt ▪ isaassuons and :WOW on oectornterce bI weekly meeting • Gaping ezfusiton of stee *prior:orates • Formai owner& valuation and Pielerroarrie review Investment realisation • Re.iew feenbves from underlying funds • Evaluate and eraeure resinalors where we have °deleted • PSA erd tabaciroyot • vaiost,zei metro • .:e^° documents • °Jaded', renew • Sale deeurneth The Secondary Team will seek to purchase funds in exclusive or minimally competitive negotiated transactions by, infer ells, leveraging the network Deutsche Bank enjoys as a global financial institution — including broad-reaching relationships with corporations, financial institutions, institutional investors, family offices and high-net-worth individuals — coupled with Deutsche Bank's investment banking relationships with top-tier private equity firms. In addition, the Manager expects to generate significant proprietary deal flow through its own extensive network of industry relationships,