GLDUS124 BBR Partners Glendower Capital Secondary Cpportunites Fund III, LP Section 9: Certain Legal, ERISA and Tax Considerations Confidential Private Placement Memorandum 70 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0096364 SDNY_GM_00242548 EFTA01391446