GLDUS18.3 Dimension Capri& Management
GLDUS18.3 Dimension Capri& Management
Stable secondary pricing driven by rational participants n 2017 average pricing of 93% of NAV as of record dates
Secondary market pricing of private equity fund interests remains stable
Pricing
110
100
90 Overheated marketin 2006 and 2007
Premiums paid for over-levered companies
marked to the top of the market
% of NAV 108
104 Few transactions dosed atthis pricing
Mostly unfunded LP interests
83 82 80 87 Pricing back to normalized historical levels
- Stable for 7 years at 80-90ca
Annual volume USSbn
60
55
92 .93 50 90 89
45
40
80 70 35
70 63 30
25 60
20
50 15
10 40
5
30 0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Secondary market volume .•iiiiiiii..Secondary market pricing
Bubble Crisis Normalized
Smirce- Glendower eapital analysis askestinatos hexed Un Gicieriall Secondary Market Trends & Outlook a=n;: • 'Ail& Ccjent Part:atis Secondary Mihket "Fiords & Crib* :2014.; Cove Partner Secondwy Market Update, March 2CO9". aid Dow Jones Private Equky Analyst Guide to the Secondary Market. June 2017
Glendower
Capital STRICTLY CONFIDENTIAL
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e)
CONFIDENTIAL DB-SDNY-0038603
SDNY_GM_00184787
EFTA01354011