GLDUS133 Georgetown University Endowment
GLDUS133 Georgetown University Endowment
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 at this 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
irce- Glendower eapital analysis askestin.ites betted rin theeriiill Secondary Markel & Outlook i • Cogent Perkins 5,5crinitary kiwkel "Fiords & Duni)* :2014.; Partriqr Seconds-y Market Update, March WO9". aid Dow Jones Private Equity Analyst Guide to the Secondary Market. June 2017
Glendower
Capital STRICTLY CONFIDENTIAL 32
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e)
CONFIDENTIAL DB-SDNY-0093889
SDNY_GM_00240073
EFTA01389530