Epstein Files Search

EFTA00643674Dataset 9

2016-03-022p303w

Subject: Fwd: Secondaries at Wells Fargo

From: Richard KahnTo: "Jeffrey E." [email protected]>

From: Richard Kahn To: "Jeffrey E." [email protected]> Subject: Fwd: Secondaries at Wells Fargo Date: Wed, 02 Mar 2016 22:33:00 +0000 I) BANC - Banc of California stock closed at 15.77 and indication is 14.50-15.00 http://finance.yahoo.com/q;_ylt=AvJEzTZkfkalM3qADCZVQX3eAohG;_ylu=X3oDMTBxdGVyNzJxBHNIY wNVSCAzIER1c2t0b3AgU2VhcmNoIDEx;_ylrX3oDMTBzOTkyZWtoBGxhbmcDZW4tVVMEcHQDc2Vjd GlvbnMEdGVzdAM-;_ylv=3?uhb=uhb2&fr=uh3_finance_vert_gs&type=2button&s=banc 2) TSLX - TPG Specialty Lending stock closed at 16.84 and indication is 15.50-16.00 http://finance.yahoo.comiqiylt=AvbNPNIvHAhgYX…

https://www.justice.gov/epstein/files/DataSet%209/EFTA00643674.pdf

EFTA00832692Dataset 9

2016-03-022p405w

Subject: Re: Secondaries at Wells Fargo

From: "Jeffrey E." <[email protected]>To: Richard Kahn

From: "Jeffrey E." <[email protected]> To: Richard Kahn Subject: Re: Secondaries at Wells Fargo Date: Wed, 02 Mar 2016 23:24:51 +0000 yes get l0000 each and sell them in them on monday On Wed, Mar 2, 2016 at 5:33 PM, Richard Kahn' > wrote: I) BANC - Banc of California stock closed at 15.77 and indication is 14.50-15.00 http://finance.yahoo.com/q;_ylt=AvJEzTZkfkOJM3qADCZVQX3eAohG;_ylu=X3oDMTBxdGVyNzixBHN I YwNVSCAzIERIc2t0b3AgU2VhcmNol DEx;_ylg=X3oDMTBzOTkyZWtoBGxhbmcDZW4tVVMEcHQDc2 VjcIGIvbnMEdGVzdAM-;_ylv=3?uhb=uhb2&fr=uh3…

https://www.justice.gov/epstein/files/DataSet%209/EFTA00832692.pdf

EFTA00832725Dataset 9

2016-03-033p438w

Subject: Re: Secondaries at Wells Fargo

From: Richard KahnTo: "jeffrey E." <[email protected]>

From: Richard Kahn To: "jeffrey E." <[email protected]> Subject: Re: Secondaries at Wells Fargo Date: Thu, 03 Mar 2016 16:17:13 +0000 only were allocated 5300 TSLX at 16.42 and 0 of BANC TSLX trading at 15.92 Richard Kahn HBRK Associates Inc. tel fa cel On Mar 2, 2016, at 6:24 PM, Jeffrey E. [email protected]> wrote: yes get 10000 each and sell them in them on monday On Wed, Mar 2, 2016 at…

https://www.justice.gov/epstein/files/DataSet%209/EFTA00832725.pdf

EFTA01391752Dataset 10

1p368w

…Capital Secondary Opportunities Fund IV. LP curiosities. Glendower observes that GP-led Secondaries have quickly grown to be an important aspect of the market. one that Glendower expects to continue to actively drive volumes in the future. Glendower believes that it is only a matter of time before large brand name GPs utilize the Secondary market to achieve liquidity solutions for their older funds. While there has been a large influx of GP-led opportunities. Glendower has not observed that…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01391752.pdf

EFTA01355212Dataset 10

1p366w

…Capital Secondary Opportunities Fund IV. LP curiosities. Glendower observes that GP-led Secondaries have quickly grown to be an important aspect of the market. one that Glendower expects to continue to actively drive volumes in the future. Glendower believes that it is only a matter of time before large brand name GPs utilize the Secondary market to achieve liquidity solutions for their older funds. While there has been a large influx of GP-led opportunities. Glendower has not observed that…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01355212.pdf

EFTA01389347Dataset 10

1p562w

…of volumes over the last few years, such as the growth of GP4ed Secondaries and active portfolio management by investors, will continue to underpin the secondary market and represent mainstay sources of supply in this dynamic market. Glendower believes that the fundamental drivers of supply remain intact and future market activity will be driven by a number of factors, including a stable pricing environment, continued prominence of GP-led Secondaries and healthy buyer demand. Active portfolio management via LP portfolio…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01389347.pdf

EFTA01383031Dataset 10

1p371w

…Capital Secondary Opportunities Fund IV. LP curiosities. Glendower observes that GP-led Secondaries have quickly grown to be an important aspect of the market. one that Glendower expects to continue to actively drive volumes in the future. Glendower believes that it is only a matter of time before large brand name GPs utilize the Secondary market to achieve liquidity solutions for their older funds. While there has been a large influx of GP-led opportunities. Glendower has not observed that…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01383031.pdf

EFTA01354259Dataset 10

1p378w

…energy and venture. Exhibit 17: GP-led Secondaries Transaction Volume (2006 - 2017)" % of Secondary USSbn market deal valume 15 30% 140 14 13 25% 12 18% 11 GASP 10 90 20% 9 8 71 15% 7 6 5 10% 4 3 2.4 27 1.9 9 5% 2 6 1 1 0.6 0 0% 2C06 2007 2038 2009 2010 2011 2012 2013 2014 2015 2016 2017 GP.led sceondates —GP4ed secondaries as % of foul A number of factors…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01354259.pdf

EFTA01392424Dataset 10

1p367w

…Capital Secondary Opportunities Fund IV. LP curiosities. Glendower observes that GP-led Secondaries have quickly grown to be an important aspect of the market. one that Glendower expects to continue to actively drive volumes in the future. Glendower believes that it is only a matter of time before large brand name GPs utilize the Secondary market to achieve liquidity solutions for their older funds. While there has been a large influx of GP-led opportunities. Glendower has not observed that…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01392424.pdf

EFTA01354260Dataset 10

1p363w

…Capital Secondary Opportunities Fund IV. LP curiosities. Glendower observes that GP-led Secondaries have quickly grown to be an important aspect of the market. one that Glendower expects to continue to actively drive volumes in the future. Glendower believes that it is only a matter of time before large brand name GPs utilize the Secondary market to achieve liquidity solutions for their older funds. While there has been a large influx of GP-led opportunities. Glendower has not observed that…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01354260.pdf

EFTA01354689Dataset 10

1p378w

…energy and venture. Exhibit 17: GP-led Secondaries Transaction Volume (2006 — 2017)" % of Secondary USSOn market deal nalume 15 30% 14.0 14 13 25% 12 18% 11 CAGR 10 90 20% 9 8 71 15% 7 6 5 10% 4 3 2.4 27 1.9 9 5% 2 6 i 0.6 0 0% 2C06 2007 2038 2C09 2010 2011 2012 2013 2014 2015 2016 2017 GP-led secondaries —GP•led secondaries as % of total A number of…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01354689.pdf

EFTA01394593Dataset 10

1p631w

…The Manager believes it will be one of few Managers who have the capabilities to execute such transactions at this size range - most Managers target larger transactions to justify the higher level of resources necessary to execute GP-led Secondaries. The Fund will opportunistically invest into Single Asset Deals where the Manager believes it has identified a situation where its capital can add value to the transaction or help unlock a situation. In addition to the three strategies described above…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01394593.pdf

EFTA01394375Dataset 10

1p138w

…Strong secondary capital supply'... ... but dry powder/deal volume remains balanced2 US$bn US$bn 140 700 125 Dry Powder 3.7x • Deal volume 120 600 <1- Cry Fbw der Deal Volurre 100 - 500 GlendowerCapital estimates that 2.2x annualdeal volume is 80 available to deployin Secondaries 400 60 58 300 40 • 200 20 100 0 0 Dry Powder Annual Deal Volume Secondaries Buyout it) Source: Glendower Capital estim:i a sed on Greenhil Secondary Pricing Trends & Analysis. January 2018. (2? $ource…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01394375.pdf

EFTA01391130Dataset 10

1p366w

…Capital Secondary Opportunities Fund IV. LP curiosities. Glendower observes that GP-led Secondaries have quickly grown to be an important aspect of the market. one that Glendower expects to continue to actively drive volumes in the future. Glendower believes that it is only a matter of time before large brand name GPs utilize the Secondary market to achieve liquidity solutions for their older funds. While there has been a large influx of GP-led opportunities. Glendower has not observed that…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01391130.pdf

EFTA01394601Dataset 10

1p362w

…Capital Secondary Opportunities Fund IV. LP curiosities. Glendower observes that GP-led Secondaries have quickly grown to be an important aspect of the market. one that Glendower expects to continue to actively drive volumes in the future. Glendower believes that it is only a matter of time before large brand name GPs utilize the Secondary market to achieve liquidity solutions for their older funds. While there has been a large influx of GP-led opportunities. Glendower has not observed that…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01394601.pdf

EFTA01389508Dataset 10

1p175w

GLOUSI 33 Georgetown University Endowment Benefits of secondary private equity investing Attractiveness of secondary opportunities' Secondaries can result in earlier cash flows' In 'WO Timeframe of secondary investment 1.400 Pricing - Re-price existing funded assets 1,200 Flexibility — Capitalise on pricing inefficiencies 1,000 800 Hypothetical — Knowledge of existing underlying companies timing of Mitigate Blind secondary 600 Pool Risk — Mature assets typically yield more predictable cash flows transaction 400 \`I 200 Mitigate J- - Shorter duration of investments Curve — Earlier…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01389508.pdf

EFTA01389776Dataset 10

1p376w

…energy and venture. Exhibit 17: GP-led Secondaries Transaction Volume (2006 — 2017)" % of Secondary USS0n market deal %glum° 15 30% 14.0 14 13 25% 12 18% 11 CAGR 10 90 20% 9 8 71 15% 7 6 5 10% 4 3 2.4 27 1.9 9 5% 2 6 i 0.6 0 0% 2C06 2007 2038 2C09 2010 2011 2012 2013 2014 2015 2016 2017 GP-led sccondanes —GP-led secondaries as % of lotl A number of…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01389776.pdf

EFTA01389769Dataset 10

1p630w

…The Manager believes it will be one of few Managers who have the capabilities to execute such transactions at this size range - most Managers target larger transactions to justify the higher level of resources necessary to execute GP-led Secondaries. The Fund will opportunistically invest into Single Asset Deals where the Manager believes it has identified a situation where its capital can add value to the transaction or help unlock a situation. In addition to the three strategies described above…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01389769.pdf

EFTA01355416Dataset 10

1p695w

…liquidations, and LP tenders. Distinctive investment strategy The Manager intends to replicate the consistent, distinctive investment strategy" pursued by the SOF Team (while at Deutsche Asset Management") in each of the SOF Funds. This strategy is built around five main pillars: ■ A focus on less competitive transactions such as smaller US$5-100 million Fund Secondaries, US$100-250 million GP-led Secondaries and larger, more complex deals where the Glendower SOF Team has an angle. As of September 3O. 2017…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01355416.pdf

EFTA01393360Dataset 10

1p368w

…Capital Secondary Opportunities Fund IV. LP curiosities. Glendower observes that GP-led Secondaries have quickly grown to be an important aspect of the market. one that Glendower expects to continue to actively drive volumes in the future. Glendower believes that it is only a matter of time before large brand name GPs utilize the Secondary market to achieve liquidity solutions for their older funds. While there has been a large influx of GP-led opportunities. Glendower has not observed that…

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01393360.pdf