SOF III - 1081 Southern Financial LLC Section 5: Secondary Opportunities Fund Ill Secondary Opportunities Fund Ill, LP Investment Process Overview The Secondary Team has developed a robust and selective investment process to support its focused and disciplined investment strategy. Exhibit 15: DB Secondaries Investment Process 05 I Deal origination and sourcing • "tcp &two idereiftaben or attrarrree asset* • Focus on key eerie vertests • Prose:n*0SG efforts • Sarong throw)) ca network • L0ggn3 ce all pteerhal chars rile piperine • Preeire Screening and due diligence • 'Seeley:trots or "perm • Staff irrjand de& randialarial • 7.-etsiled teitom.ip dial: e:geire • Transaction negotalon and StruClunng • Voluatton mceel ▪ mow) Deal Origination and Sourcing Investment decision & closing • Approval td Invertnefe Crarnirettee • real rvflaterh011S • Scahng of trensactco • GP onent / °Mei treaseg oxiesirins • FX nedtarg • Ciosing Monitoring and risk mgmt ▪ isaassuons and :WOW on oectornterce bI weekly meeting • Gaping ezfusiton of stee *prior:orates • Formai owner& valuation and Pielerroarrie review Investment realisation • Re.iew feenbves from underlying funds • Evaluate and eraeure resinalors where we have °deleted • PSA erd tabaciroyot • vaiost,zei metro • .:e^° drawmerts • °Jaded', renew • Sale deeurneth The Secondary Team will seek to purchase funds in exclusive or minimally competitive negotiated transactions by, infer ells, leveraging the network Deutsche Bank enjoys as a global financial institution — including broad-reaching relationships with corporations, financial institutions, institutional investors, family offices and high-net-worth individuals — coupled with Deutsche Bank's investment banking relationships with top-tier private equity firms. In addition, the Manager expects to generate significant proprietary deal flow through its own extensive network of industry relationships, which includes financial sponsors, Fund Sponsors, portfolio companies, intermediaries/placement agents and investment banks, including Deutsche Bank's own industry and financial sponsors coverage group. The Secondary Team will seek to proactively identify private equity funds through a combination of top-down and bottomup analysis. Top-down identification of assets: an extensive private equity database listing certain funds is maintained with recent pricing that is expected to enable the Secondary Team to pro-actively source these opportunities in the market and respond quickly to any potential seller. Top-down asset selection and approach utilises the following principles: • Majority of value in identifiable, attractive assets • Leverage Global Deutsche Bank network through Deutsche Bank/DB PE resources` • Focus on quality assets 42 Sued to applicable rules and regulations, Deutsche Bank's internal policies arid procedures, and contractual linlealiOn$3. Subjed to applicable rules and regulations, Deutsche Bank's inlemal policies and procedures, and contradual lineations. Confidential Private Placement Memorandum 37 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0108832 SDNY_GM_00255016 EFTA01451965