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EFTA01393642 | EFTA01393642 GLDUSi31 BrightGroup Glendower Capital Secondary Opportunilies Fund IV, LP Section 4. Glendower Capital Secondary Opportunities Fund IV, LP Exhibit 15: Funds marketed by vintage Exhibit 14: 2017: Seller composition breakdowno 100% +20013 P0SIsnO4 2016 Entkmmems Ircunarban General Pones 24% 410% 39% BD% Firmly Gat. arm 2036.06 Procne* 643% 40% Franoal instaatiens 12% 43% 20% Asset leIneger /Ca 11% •2006 PM-00SI' 0% 2017 2316 0.koc Penvens SW! 24% Emergence of tail-end sales There has been a recent emergence of traditional secondary buyers and funds-of-funds entering the market as sellers. While these seller types may be emerging, motivations for doing so are not new and are consistent with the broader asset management sub-segment, where sellers are looking to wind down older vehicles to either lock in gains, return capital to LPs. or both. Glendower estimates that here is a significant supply of secondary opportunities in pre-crisis bubble funds as evidenced by ca. USS600 billion of private equity assets still locked in 2003.2008 vintage funds. Exhibit 16: PE Assets by Fund Vintage Yearo USW 250 226 200 201 193 188 150 149 137 144 129 100 92 67 50 48 S 11 2003 2004 0 2005 2006 2007 2008 2009 2010 2011 iiimrtmairoain 2012 2013 2014 2015 20 2016 " Greenhill Cogent Secondary Market Trends & Oileok January 2016 f' 2017 Preps, Global Perna* Eguily 8 Verdure Cantu Report - Privet &gay and Venture Coda] Unrealized Value by Fund %Wage year as ct June 2016. Confidential Prnrate Placement Memorandum CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL 22 DB-SDNY-0099316 SDNY_GM_00245500 EFTA01393642
February 19, 2026 at 10:04 AM