Exhibit 99.2
Investor Presentation | September 2021
Disclaimer This Presentation (together with oral statements made in connection herewith, the “ Presentation ”) is for informational purposes only to assist prospective purchasers in a private placement in making their own evaluation wit h respect to the proposed business combination (the “ Business Combination ”) between Cartesian Growth Corporation (“ CGC ”), Tiedemann Wealth Management Holdings, LLC, a Delaware limited liability company (“ TWMH ”), TIG Trinity GP, LLC, a Delaware limited liability company (“ TIG GP ”), TIG Trinity Management, LLC, a Delaware limited liability company (“ TIG MGMT ” and, together with TIG GP, the “ TIG Entities ”), Alvarium Investments Limited, an English private limited company (“ Alvarium ” and, together with TWMH and the TIG Entities, the “ Companies ” and each a “ Company ”), and the proposed private placement of securities of CGC in connection with the Business Combination. This Presentation does not constitute an offer to sell, a solicitation of an of fer to buy, or a recommendation to purchase any equity, debt or other financial instruments of CGC or any of the Companies. By accepting this Presentation, you acknowledge and agree that all of the information contained herein or disclosed orally du rin g this Presentation is confidential, that you will not distribute, reproduce, disclose or use such information for any purpos e o ther than for the purpose of evaluating your firm’s participation in the potential financing, that you will not distribute, reproduce, disclose or use such informati on in any way detrimental to CGC or the Companies, and that you will return to CGC, delete or destroy this Presentation upon req ues t. Further, by accepting this Presentation, the recipient agrees to maintain all such information in strict confidence, including in strict accordance with an y other contractual obligations applicable to the recipient and all applicable laws, until such information becomes publicly ava ilable not as a result of any breach of such confidentiality obligation. You are also being advised that the United States securities laws restrict persons with material non - public information about a company obtained directly or indirectly from that company from purchasing or selling securities of such company, or from comm uni cating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such se cur ities on the basis of such information. The information contained herein does not purport to be all - inclusive and none of CGC, the Companies nor any of their respective subsidiaries, stockholders, affiliates, representatives, control persons, partners, members, managers, directors, officers, e mp loyees, advisers or agents make any representation or warranty, express or implied, as to the accuracy, completeness or reliability of the information contai ned in this Presentation. Prospective investors in the proposed private placement should consult with their own counsel and tax a nd financial advisors as to legal and related matters concerning the matters described herein, and, by accepting this Presentation, you confirm that you are not re lyi ng solely upon the information contained herein to make any investment decision. The recipient shall not rely upon any statem ent , representation or warranty made by any other person, firm or corporation in making its investment decision to subscribe for securities of CGC in connection w ith the Business Combination. To the fullest extent permitted by law, in no circumstances will CGC, the Companies or any of their r espective subsidiaries, stockholders, affiliates, representatives, control persons, partners, members, managers, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this Presentat io n, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith . I n addition, this Presentation does not purport to be all - inclusive or to contain all of the information that may be required to make a full analysis of CGC, the Companies, the proposed private placement or the Business Combination. The general explanations included in this Presentation cannot add res s, and are not intended to address, your specific investment objectives, financial situations or financial needs. Forward - Looking Statements. Certain statements in this Presentation may be considered “forward - looking statements” within the meaning of the “safe harbor” p rovisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward - looking statements herein generally relate to fu ture events or the future financial or operating performance of CGC, the Companies or the combined company expected to result from th e Business Combination (the “ Combined Company ”). For example, projections of future financial performance of the Combined Company, the Business Combination, the Combined Company’s business plan, the Combined Company’s ability to continue its M&A strategy, other project ion s concerning key performance metrics, the proceeds of the Business Combination and the Combined Company’s expected cash runwa y, and the potential effects of the Business Combination on CGC and the Combined Company, are forward - looking statements. In some cases, you can iden tify forward - looking statements by terminology such as “ may,”“ should,”“ expect,”“ intend,”“ will,” “estimate,”“ anticipate,”“ believe,”“ predict,” “project,” “target,” “plan,” or “potentially” or the negatives of these terms or variations of them or similar terminology. Such forward - lo oking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially fr om those expressed or implied by such forward - looking statements. These forward - looking statements are based upon estimates and assumptions that, while considered reasonable by CGC, the Companie s and their respective management, as the case may be, are inherently uncertain and subject to material change. New risks and un certainties may emerge from time to time, and it is not possible to predict all risk and uncertainties. Factors that may cause actual results to dif fer materially from current expectations include, but are not limited to, various factors beyond management’s control, including ge neral economic conditions and other risks, uncertainties and factors set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward - Looking Statem ents” in CGC’s final prospectus relating to its initial public offering, dated February 23, 2021, and other filings with the Sec urities and Exchange Commission (“ SEC ”), as well as factors associated with companies, such as the Companies, that are engaged in the business of investment and w eal th management, including anticipated trends, growth rates, and challenges in those businesses and in the markets in which they operate, including the factors described in the summary risk factors that will accompany this Presentation. Nothing in this Presentation should be r ega rded as a representation by any person that the forward - looking statements set forth herein will be achieved or that any of the contemplated results of such forward - looking statements will be achieved. You should not place undue reliance on forward - looking statements in this Presentation, whi ch speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements here in. 2
Disclaimer (cont’d) Nothing in this Presentation should be regarded as a representation by any person that the forward - looking statements set forth herein will be achieved or that any of the contemplated results of such forward - looking statements will be achieved. You should not place undue reliance on forward - looking statements in this Presentation, which speak only as of the date they are made and are qualified in their entire ty by reference to the cautionary statements herein and the risk factors of CGC and the Companies described above. None of CG C o r any Company undertakes any duty to update these forward - looking statements. Use of Projections. This Presentation contains projected financial information with respect to the Combined Company. Such projected financial inf orm ation constitutes forward - looking information, is for illustrative purposes only and should not be relied upon as being predicti ve of future results. The assumptions and estimates underlying such financial forecast information are inherently uncertain and are subjec t t o a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual res ult s to differ materially from those contained in such prospective financial information, including without limitation, assumptions regarding CGC’s and the Compan ies ’ ability to consummate the Business Combination and the Combined Company’s ability to realize synergies from the Business Co mbi nation, the failure of any of which to materialize could cause actual results to differ materially from those contained in the prospective financial inform ati on. The Companies and CGC caution that their assumptions may not materialize and that current economic conditions render such as sumptions, although believed reasonable at the time they were made, subject to greater uncertainty. See the section above titled “Forward - Looking Statements” . The inclusion of financial forecast information in this Presentation should not be regarded as a representation by any pers on that the results reflected in such forecasts will be achieved. Neither CGC’s nor any Company’s independent auditors have audited, reviewed, compiled or performe d a ny procedures with respect to the projections for the purpose of their inclusion in this Presentation or any other purpose, a nd accordingly, none of such independent auditors has expressed any opinion or provided any other form of assurance with respect to such projections. Financial Information. The financial information and data contained in this Presentation is unaudited and does not conform to Regulation S - X promulgate d under the Securities Act of 1933, as amended (the “ Securities Act ”). Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any registration statement that may be filed in connection with any po ten tial Business Combination. No Offer or Solicitation. This Presentation shall not constitute a “solicitation” as defined in Section 14 of the Securities Exchange Act of 1934, as a men ded. This Presentation does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other specific product, or a solicitation of any vote or approval, nor shall there be any sale of securities, investment or other specific p rod uct in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification un der the securities laws of any such jurisdiction. Any private offering of securities in connection with the Business Combination (the “ Securities ”) will not be registered under the Securities Act, and will be offered as a private placement to a limited number of “qualif ied institutional buyers” (as defined in Rule 144A under the Securities Act) or institutional “accredited investors” (within the meaning of Rule 501(a) under the Securities Act). Accordingly, until registe red for resale, the Securities must continue to be held until a subsequent disposition is exempt from the registration requiremen ts of the Securities Act. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption from registrati on under the Securities Act. The transfer of the Securities may also be subject to conditions set forth in an agreement under wh ich they are to be issued. Investors should be aware that they might be required to bear the final risk of their investment for an indefinite period of time. Neither CGC no r any Company is making an offer of the Securities in any state or jurisdiction where the offer is not permitted. NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. Industry and Market Data. Certain information contained in this Presentation relates to or is based on studies, publications, surveys and the Companies ’ o wn internal estimates and research. In addition, all of the market data included in this Presentation involves a number of as sum ptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while the Comp ani es believe their internal research is reliable, such research has not been verified by any independent source and none of CGC , t he Companies or any of their respective affiliates nor any of their respective control persons, officers, directors, employees or representatives make any re presentation or warranty with respect to the accuracy of such information. Trademarks. This Presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the propert y o f their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this Presentation may be listed without the TM, SM © or ® symbols, but CGC and the Companies, as applicable, will assert, to the f ull est extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names an d copyrights. No Relationship or Joint Venture. Nothing contained in this Presentation will be deemed or construed to create the relationship of partnership, association, pr inc ipal and agent or joint venture. This Presentation does not create any obligation on the part of any Company, CGC or the recipient to enter into any further agreement or arrangement. Unless and until a definitive agreement has been fully executed an d delivered, no contract or agreement providing for a transaction will be deemed to exist and none of CGC, any Company or the re cipient will be under any legal obligation of any kind whatsoever. Accordingly, this Presentation is not intended to create for any party a right of specific pe rformance or a right to seek any payment or damages for failure, for any reason, to complete the proposed transactions contem pla ted herein. 3
Disclaimer (cont’d) Use of Non - GAAP Financial Measures. This Presentation includes non - GAAP financial measures. CGC and the Companies believe that these non - GAAP measures are useful to investors for two principal reasons. First, they believe these measures may assist investors in comparing performance over various reporting periods on a consistent basis by removing from operating results the impact of items that do not reflect core operating performance. Second, these measures are used by the Companies’ management to assess its performanc e. CGC and the Companies believe that the use of these non - GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. These non - GAAP measures should not be considered in isolation from, or as an alternative to, fina ncial measures determined in accordance with GAAP. Other companies may calculate these non - GAAP financial measures differently, and therefore, such financial measures may not be directly comparable to similarly titled measures of other companies. Assets Under Management and Assets Under Advisement. For financial presentation purposes, total assets under management and assets under advisement (“AUM / AUA”) of the Combined Com pany consists of: ( i ) assets under advisement (“AUA”) and assets under management (“AUM”) of TWMH; (ii) AUM of TIG Entities; and (iii) AUA and AUM of Alvarium. AUM / AUA of TWMH includes billable and non - billable assets. Billable assets represent the portion of assets on which TWMH charg es fees. Non - billable assets are exempt of fees. They consist of assets such as cash and cash equivalents, real estate, investme nt consulting assets and other designated assets. As of December 31, 2020, TWMH’s AUM / AUA is $24.8 billion; AUM accounts for $19.6 billion and AUA account s f or $5.2 billion. Billable assets account for $16.5 billion and non - billable assets account for $8.3 billion. AUA of Alvarium includes billable and non - billable assets. Billable assets represent the portion of assets on which Alvarium ch arges fees; these are assets in which Alvarium is acting in a fiduciary capacity as well as co - investment assets. For the purpo se of calculating co - investment assets, Alvarium includes the gross asset value of all assets managed or supervised by operating partner subsidiaries, affiliates and jo int ventures in which Alvarium holds either a majority or minority stake. Non - billable assets are exempt of fees. As of Decem ber 31, 2020, Alvarium’s AUM / AUA is $22.2 billion; AUM accounts for $8.6 billion and AUA accounts for $13.6 billion. Within Alvarium’s AUA, billable assets acco unt for $13.1 billion and non - billable assets account for $424 million. AUM of the TIG Entities includes the assets under management of each of the TIG Entities’ affiliated managers. Affiliated ma nag ers are those managers in which the TIG Entities have made an external investment, and the strategies of these managers inclu de Real Estate Bridge Lending, European Long/Short Equity and Asian Credit. As of December 31, 2020, the TIG Entities’ AUM is $7.1 billion; internal strate gie s account for $2.6 billion and affiliated managers account for a combined $4.5 billion. The AUM figures with respect to Decem ber 31, 2019 include the TIG Entities’ minority interests in its European Long / Short Equity and Asian Credit affiliate manager. The acquisition of these investme nts closed on March 10, 2020 and December 31, 2020, respectively. We included such amounts as we believe it provides a more accur at e representation of the growth of the underlying TIG businesses. Unless otherwise defined, AUM refers to assets on which a business provides continuous and regular billable supervisory or ma nag ement services. As noted, the AUM of each of the TIG Entities and the Combined Company includes the AUM of the TIG Entities’ af filiated managers as we believe including such AUM presents a more accurate depiction of the respective businesses. However, the AUM of the affiliat ed managers should not be viewed as part of the AUM of the TIG Entities or the Combined Company for regulatory and/or statutory pur poses under the U.S. Investment Advisers Act of 1940, as amended. Economic Revenue and Economic EBITDA. For financial presentation purposes, Economic Revenue and Economic EBITDA represent management’s view of the underlying econo mic earnings generated by the Company after the recognition of the minority interest’s profit - share participation in one of the affiliates of the Combined Company. Fee Type Breakdown . Advisory fees represent fees recurring in nature, primarily management fees. Incentive fees represent performance - related fee s . Other income/fees represent transaction fees primarily derived from real estate co - investment activities as well as merchant banking advisory fees. 4
5 Company Overview
Sponsor Overview Cartesian Growth Corp. (“CGC”) : SPAC sponsored by affiliate of Cartesian The Cartesian team has a demonstrated ability to create value built on strategic advice , risk management , business intelligence , & institutional systems and infrastructure 6 AlTi Alignment Value - creating sponsor & partner Experience building transnational businesses 20+ years Market - leading transactions 55+ Countries in which Cartesian’s investments operate 40+ AUM global private equity organization $3.0 billion x Earn - in : 15% of sponsor shares subject to forfeiture based on share price x Lock - up : Multi - year lock - up for remaining sponsor shares x AlTi Board : Peter Yu (CGC Chairman / CEO & Cartesian Managing Partner) to join AlTi board Select Cartesian Investments
World - class leadership 7 Alexander de Meyer Michael Tiedemann Nancy Curtin • Head of Investment Advisory and CIO of Alvarium • Former CIO for wealth business ($18B AUM) • Senior investment professional at Fortune, Schroders, & Barings • Built multiple traditional & alternative businesses Chief Executive Officer Executive Committee • CEO of Alvarium • Helped grow Alvarium to $22B AUM / AUA • Led strategy & execution of 20+ acquisitions • Led 100+ real estate co - investments • CEO of Tiedemann Advisors & TIG Advisors • Grew Tiedemann Group to $32B AUM / AUA • Led strategy, execution, & integration of 7 acquisitions • Led global expansion of Tiedemann Group Executive Committee Note: While separate operating entities, Tiedemann Advisors (“TA”) and TIG Advisors (“TIG”) together are referred to as the “ Tie demann Group”. Tiedemann Group and Alvarium AUM / AUA figures as of December 31, 2020. Please see the important disclaimers on non - GAAP measures and the calculation methodology of AUM / AUA with respect to each of TWMH, Alvarium, and the TIG Entities on page 4 of this presentation • COO of Tiedemann Advisors • Helped grow Tiedemann Advisors to $25B AUM / AUA • Drove strategy, execution, & integration of 4 acquisitions Kevin Moran Chief Operating Officer
Melbourne Auckland Hong Kong Zurich Baar Geneva Lugano Singapore Milan Paris London Lisbon Los Angeles San Francisco Miami Palm Beach Aspen Wilmington, DE Washington, DC New York Dallas Seattle Portland Toronto We serve clients in major wealth centers from 25 cities in 11 countries across 4 continents 8 20+ Years of Operating History ~400 Team Members Worldwide 25 Cities on 4 Continents $79.3M Economic EBITDA (2021P) ~$60B AUM / AUA (Year - End 2021P) Note: Please see the important disclaimers on non - GAAP measures, the calculation methodology of AUM / AUA and Economic EBITDA with respect to each of TWMH, Alvarium, and the TIG Entities on page 4 of this presentation Strategically located By the numbers
Strategically located 9 Melbourne Auckland Hong Kong Zurich Baar Geneva Lugano Singapore Milan Paris London Lisbon Los Angeles San Francisco Miami Palm Beach Aspen Wilmington, DE Washington, DC New York Dallas Seattle Portland Toronto We serve clients in major wealth centers from 25 cities in 11 countries across 4 continents Isle of Man
Co - Investments & Merchant Banking Unique global solutions 10 Global Families & Institutions Multi - Generational Entrepreneurs NextGen Global L eaders Investment Advisory Trust & Estate Planning Family Office Services Impact, Innovation, & Alternatives Supporting the Full Client Lifecycle: • Growth • Liquidity • Access to Capital • Multi - Generational • Next Generation Clients
11 A proven & powerful business model Comprehensive, global, & proprietary services tailored to global, cross - border clients Local service & global reach Proprietary direct & co - investment opportunities; JVs with leading alternative asset managers Active thought leadership in environmental, social, & governance (“ESG”) and socially responsible investing (“SRI”); with access to capital, innovation, & expertise Solutions based advice and access to network of like - minded, multi - generational entrepreneurs True client - centric practice Opportunity creation & access Nimbleness & innovation
$133 $142 $171 $200 $8 $19 $27 $28 $6 $12 $17 $19 $147 $173 $215 $247 2019A 2020A 2021P 2022P Advisory fees Incentive fees Other income/fees $33 $49 $79 $100 2019A 2020A 2021P 2022P $48 $54 $58 $65 2019A 2020A 2021P 2022P 12 Stability, profitability, & growth Note: Please see the important disclaimers on non - GAAP measures, the calculation methodology of AUM / AUA, Economic Revenue and Economic EBITDA, and fee type breakdown with respect to each of TWMH, Alvarium, and the TIG Entities on page 4 of this presentation Combined Year - End AUM / AUA (2019 - 2022P) Economic Revenue by Fee Type (2019 - 2022P) Economic EBITDA (2019 - 2022P) Track Record Growing assets organically & inorganically while retaining clients Recurring Income Advisory & incentive fees create stable & diverse revenue base Margin Expansion Operating leverage drives significant margin expansion $Billions $Millions $Millions 12 Economic EBITDA (2019 - 2022P) Margin Expansion Operating leverage drives significant margin expansion $Millions 22% 29% 37% 41% Pro Forma Economic EBITDA Margin
A resilient client base & expanding opportunity set 13 Note: Client composition reflects largest 25 AlTi clients by AUM / AUA as of December 31, 2020. Please see the important disclaimers on non - GAAP measures and the calculation methodology of AUM / AUA with respect to each of TWMH, Alvarium, and the TIG Entities on page 4 of this presentat ion 95+% Average global wealth management client asset retention (2018 - 2020) 8 years Average global wealth management client tenure >40% Top 25 Client Assets Outside U.S. U.S. 57% Non - U.S. 43% Global Exposure Top 25 24% Outside Top 25 76% Top 25 Client Asset Composition by Geography Client Composition by Assets with AlTi Diversified Client Base
Our unique vision 14 Operating Targets $100B+ AUM / AUA 40%+ EBITDA MARGIN Client Targets 50% - 50% U.S. VS. INTERNATIONAL $50M AVERAGE CLIENT AUM / AUA Impact Targets $25B COMMITTED TO IMPACT STRATEGIES 2030 YEAR OF NET ZERO EMISSION Personnel Targets 50% WOMEN IN SENIOR MANAGEMENT 50% DIVERSITY AMONG WORKFORCE *global wealth management Note: Please see the important disclaimers on non - GAAP measures and the calculation methodology of AUM / AUA with respect to eac h of TWMH, Alvarium, and the TIG Entities on page 4 of this presentation To be the trusted advisor to multi - generational founders, families, & entrepreneurs. Known for our integrity , suite of integrated capabilities , as well as access to impact and innovation.
Investment highlights 15 Global scale and favorable macro - operating environment Resilient, loyal client base and expanding opportunity set Differentiated alternative asset management platform with ample whitespace Stable, profitable, growing financial profile Balance sheet light model generating high free cash flow Attractive entry valuation positioned for margin and multiple expansion World - class leadership with proven track record
16 The Opportunity
An opportunity powered by multi - decadal trajectories 17 $102 trillion global opportunity, double digit growth, with clients demanding integrated capabilities and institutional solutions U.S. Wealth Transfer (2018 - 2042P) U.S. Independent Advisor AUM (2014 - 2024P) (2) $70 trillion wealth transfer creates opportunities for firms that deliver impact, innovation, & engagement to clients Wealth clients seek advice that is independent, customized, aligned, & integrated with needs $70 Trillion Baby Boomers & Older GenX & Millennials Charities + High - Net - Worth (“HNW”) Population (2015 - 2025P) (1) (1) Includes adults with net worth above US$1 million (2) Includes independent registered investment advisors, hybrid registered investment advisors, and multi - family offices Source: Credit Suisse, BCG, Cerulli 6 16 27 2015 2020 2025P Asia - Pacific 10 16 24 2015 2020 2025P 16 22 28 2015 2020 2025P Europe United States Millions Massive, Expanding Market Generational Wealth Transfer Shifting Client Demand $2.1 $3.5 $5.5 2014 2019 2024P $Trillions
Across Generations Serving evolving client priorities 18 Ultra - High - Net - Worth (“UNHW”) Asset Allocation Alt. Asset Exposure by Demographic (2021 - 2024P) Relevance of ESG Factors Demand for alternatives, a $17 trillion market by the end of 2025 , aligns with our expertise Next generation particularly interested in direct and co - investment in alternatives Our clients understand and want to invest responsibly and with intent, as they think about legacy Alternatives Listed Equities Cash & Fixed Income 50% UHNW allocation to alternative assets 32% 32% 81% 48% 60% 85% Global Millennial UHNW 2021 2021 2021 2024 2024 2024 93% 7% Considers ESG factors Does not consider ESG factors 93% of UHNW consider ESG factors when investing Source: KKR, Preqin, Ernst & Young Global Demand for Alternatives With Impact Priority 50% 19% 31%
We have a demonstrated track record of inorganic growth in wealth & asset management 19 Acquisition of Wealth Managers # of Transactions Minority Stake Acquisitions in Alternative Asset Managers # of Transactions 49 153 2016 2020 18 32 2016 2020 Select AlTi M&A Examples Wealth Management Integrating Acquisitions Alternative Asset Management Minority Stake / JV Transactions Source: Piper Sandler Global Asset & Wealth Management M&A Activity (2016 - 2020) A powerful platform & proven expertise RE Bridge Lending (Specialist Firm) European Long / Short (Specialist Firm) Asian Credit (Specialist Firm)
Differentiated alternative asset management platform 20 Our global network of alternative asset management capabilities is built on an end - to - end support platform for entrepreneurial managers, driving significant growth Comprehensive Support Platform Alternative Managers Infrastructure & Administration Access to Capital & Distribution Strategic Business Development Clients gain access to differentiated portfolio solutions Real Estate Proprietary real estate platform of leading real estate operators across diversified sectors and market themes Other Alternatives Private equity, hedge fund, & other alternative strategies gain access to comprehensive platform Repeatable & Scalable Growth Opportunities AlTi has a history of seeding and investing in mid - sized managers across real estate and other alternative strategies
Actuals Projections CAGR $Millions, unless otherwise stated 2019A 2020A 2021P 2022P '19 - '22P Year - End AUM / AUA ($Billions) $ 48 $ 54 $ 58 $ 65 10% Pro Forma Economic Revenue Advisory Fees $ 133 $ 142 $ 171 $ 200 Incentive Fees 8 19 27 28 Other Income 6 12 17 19 Total Pro Forma Economic Revenue $ 147 $ 173 $ 215 $ 247 19% Pro Forma Economic EBITDA $ 33 $ 49 $ 79 $ 100 45% Pro Forma Economic EBITDA Margin 22% 29% 37% 41% Advisory Fees as a % of Total Pro Forma Economic Revenue 90% 82% 79% 81% Stability, profitability, growth 21 Note: Please see the important disclaimers on non - GAAP measures, the calculation methodology of AUM / AUA, Economic Revenue and Economic EBITDA, and fee type breakdown with respect to each of TWMH, Alvarium, and the TIG Entities on page 4 of this presentation
22 Transaction Overview
Transaction summary 23 Valuation • The transaction implies a pro forma equity value of $1.388 billion for Alvarium Tiedemann Holdings, Inc. Permanence, Commitment, & Alignment • Over 96% of equity held by operating partners is being rolled into the post - closing company • Multi - year lock - up for active partners and sponsor: one - third released after the 1 st year, one - third released after the 2 nd year, & one - third released after the 3 rd year Transaction Structure • TWMH, TIG Entities, & Alvarium will combine and become a publicly listed company through a business combination with Cartesian Growth Corporation (NASDAQ: GLBL) • The transaction is expected to close in 1Q 2022 • Post - closing, the company will be named Alvarium Tiedemann Holdings, Inc. and its common stock will be listed on Nasdaq under the ticker GLBL • The transaction, inclusive of the PIPE investment, will provide capital to support the company’s continued growth and for future acquisitions, & to provide liquidity primarily for certain inactive shareholders of the predecessor companies
Rollover Equity 800$ 57.8% Cash Used for Secondary Share Purchases 100 7.2% Transaction Expenses (Est.) 47 3.4% Cash to Balance Sheet 363 26.2% Sponsor 73 5.3% Total Uses 1,384$ 100.0% Estimated Sources: $ % Stock Consideration (Equity Rollover) 800$ 57.8% SPAC Cash in Trust 345 24.9% Cash Raised from PIPE 165 11.9% Sponsor 73 5.3% Total Sources 1,384$ 100.0% Share Price 10.00$ (x) Pro Forma Shares Outstanding 138.8 Pro Forma Equity Value 1,388$ Less: Assumed Pro Forma Net Cash 301 Pro Forma Enterprise Value 1,087$ PF Enterprise Value as a Multiple of 2022P Economic EBITDA 10.9x 58% 25% 12% 5% Existing Partners & Families SPAC Shareholders PIPE Investors Sponsor Transaction overview 24 $1.4B PF Equity Value $Millions; unless otherwise stated Estimated Sources and Uses Illustrative Pro Forma Valuation Illustrative Pro Forma Ownership Notes: • Excludes shares subject to 5 - year earnout - 13.5 million shares subject to be issued to Existing Partners & Families upon achieving a share price of $12.50 (50%) and $15.00 (50 %) - 1.3 million Sponsor shares subject to forfeiture. Such forfeiture to be canceled at a share price of $12.50 (50%) and $15.00 (50%) • Excludes the impact of warrants and future management equity compensation • Assumes no public shareholder redemptions • Assumes $100 million of secondary share sales and $47 million of transaction expenses • The Pro Forma Enterprise Value of $1,087 million presented here differs from the term Companies Enterprise Value of $1,080 mil lion used in the Business Combination Agreement. Companies Enterprise Value reflects the adjustment for approximately $7 million of ce rta in transaction expenses, which were removed in connection with the determination of the amount of the equity rollover
30.4x 26.5x 25.3x 24.4x 22.5x 20.0x 19.1x 18.4x 18.3x 16.8x 13.8x 13.1x 11.4x 11.0x 10.7x 10.3x 10.3x 9.6x 42.4x 29.4x 29.2x 28.3x 26.6x 23.7x 18.6x 17.9x 17.7x 17.6x 17.2x 14.6x 13.7x 13.0x 12.5x 12.0x 11.9x 11.6x 25 Wealth Management Platform Alternative Asset Manager 2021P EV/EBITDA Note: Market data as of September 15, 2021; Enterprise value includes corporate level debt and cash and excludes debt and cas h h eld in investment vehicles Source: FactSet, S&P Global, Company filings 2022P EV/EBITDA AlTi: 13.7x Mean: 19.9x Median: 17.6x AlTi: 10.9x Median: 17.6x Mean: 17.3x High - quality growth & an attractive entry valuation
26 Additional Information
Alvarium Tiedemann e cosystem 27 • Holistic wealth and investment partner delivering customized client solutions through globally integrated teams of professional advisors • Repeatable, disciplined investment process to compound wealth across traditional and alternative asset classes • Alternative, innovation, & impact investing solutions that can be fully integrated into a client’s portfolio • Global partnerships with alternative asset managers, providing them distribution and value - add operational services • Proprietary real asset direct and co - investment program with long track record of investment success • Strategic advisory services, growth capital, & access to direct and co - investment opportunities in media, technology, & innovation Global Wealth Management Robust platform delivering tailored investment and wealth solutions to sophisticated clients Powerful global investment and advice ecosystem to serve discerning: Large global families and institutions Multi - generational entrepreneurs Next generation global leaders Private Markets Group Access to uncorrelated investment strategies and co - investment opportunities
Established foundation poised to accelerate growth 28 Quality Foundation Distinctive, Global, & Growing Long - Tenured Client Relationships Robust, Flexible, & Scaled Independent Advisory Institutionalization Impact and Innovation Leveraging Synergies Partnerships Consolidation Growing AUM / AUA to $100+ billion by 2026 by executing on our plan for quality growth Organic Growth M&A
Our commitment to DEI & ESG best practices 29 Culture at the Core Diversity, Equity, & Inclusion is a matter of principle for us and is fundamental to how we operate. Our commitment is reflected in our inclusive culture, hiring practices, educational programs, community involvement, & environmental programs. Our clients benefit from the diversity of thoughts, ideas and perspectives we deliver, especially important with an increasingly global, connected and diverse client base. Responsible I nvesting We offer multi - asset class portfolios that generate quantifiable social and environmental outcomes by embedding an evaluation of ESG factors throughout our investment process. We utilize a proprietary values - based survey to tailor portfolios to a client’s impact and value objectives and to provide ESG and impact reporting that is fully integrated into client portfolio reporting. Strong Governance is at the Foundation of our Organization Board of Directors, Executive Committee, Partner - Led Organization , Senior Global ESG Leader and Executive - led DEI Committees Signatories to the UN Principles of Responsible Investing and an active member of the Global Impact Investing Network Impact reporting aligns with UN Sustainability Development Goals, Impact Management Project, verified carbon metrics and DEI mea sures
Executive committee Alexander de Meyer 15+ years experience Executive Committee Michael Tiedemann 25+ years experience Chief Executive Officer Spiros Maliagros 20+ years experience Executive Committee Kevin Moran 15+ years experience Chief Operating Officer TBA 20+ years experience Chief Financial Officer Nancy Curtin 20+ years experience Executive Committee Craig Smith 25+ years experience Executive Committee Andrew Williams 20+ years experience Executive Committee Robert Weeber 15+ years experience Executive Committee Sophie Rowney 10+ years experience General Counsel Jonathan Goodwin 15+ years experience Executive Committee 30
Risk factors The risk factors below have been prepared solely for purposes of the proposed private placement (the “Private Placement”) of com mon equity of Cartesian Growth Corporation in connection with the proposed business combination (the “Business Combination”) amo ng Cartesian Growth Corporation (“CGC”), Rook MS LLC, a Delaware limited liability company, Tiedemann Wealth Management Holdings, LLC, a Delaware li mited liability company (“Tiedemann”), TIG Trinity GP, LLC, a Delaware limited liability company (“TIG GP”), TIG Trinity Mana gem ent, LLC (“TIG MGMT”), a Delaware limited liability company, Alvarium Investments Limited, an English private limited company (“Alvarium” and, colle cti vely with Tiedemann, TIG GP and TIG MGMT, the “Targets”), and Alvarium Tiedemann Capital, LLC, a Delaware limited liability c omp any (collectively the “Parties”). All references to “the Company” refer to the business of Alvarium Tiedemann Holdings, Inc., and its consolidated subsidiaries; a combined entity resulting from the Business Combination. The risks presented below are c ert ain of the general risks related to the business of the Company, the Private Placement and the Business Combination, and are not exhaustive. The risks described below are qualified in their enti ret y by disclosures contained in future documents filed or furnished by the Company, CGC or their respective affiliates, with th e U .S. Securities and Exchange Commission (“SEC”), including the documents filed or furnished in connection with the Business Combination. The risks present ed in such filings will be consistent with those that would be required for a public company in its SEC filings, including with res pect to the business and securities of the Company and the Business Combination, and may differ significantly from, and be more extensive than, those presented belo w. Investing in CGC’s securities (the “Securities”) being offered in this Private Placement involves a high degree of risk. You sho uld carefully consider these risks and uncertainties, together with the information in the Company’s consolidated financial statements and related notes, and sh oul d carry out your own due diligence and consult with your own financial and legal advisors concerning the risks and suitabilit y o f an investment in the Private Placement, before making an investment decision. There are many risks that could affect the business and results of operation s o f the Company, many of which are beyond its control. If any of these risks or uncertainties occurs, the Company’s business, f ina ncial condition, and/or operating results could be materially and adversely harmed. Additional risks and uncertainties not currently known or those currently v iew ed to be immaterial may also materially and adversely affect the Company’s business, financial condition and/or operating res ult s. If any of these risks or uncertainties actually occurs, the value of the Company’s Securities may decline, and any investor in the Private Placement m ay lose all or part of its investment: Risks Related to the Company The Company’s revenues are derived from fees correlated to the amount of assets under management and assets under advisement that it has and the performance of its investment strategies and/or products (collectively, “Investments”). Poor performance of th e C ompany’s Investments in the future, terminations of significant client relationships, or the exercise of any rights that affiliated managers may have to repurchase their interests, could have a materially adverse impact on its revenues, and, consequently, the returns of the Sec ur ities. The Company’s investment management activities may involve investments in relatively high - risk, illiquid assets, and it may fail to realize any profits from these activities for a considerable period of time. In addition, valuation methodologies for thes e and other assets may be significantly subjective, and the values of assets established pursuant to such methodologies may never be realized, which could result in red uced revenue to the Company. The forecasts of market growth and other projections included in this presentation may prove to be inaccurate, and even if th e m arkets in which the Company competes achieve the forecasted growth, it cannot be assured that the Company’s business will gro w a t a similar rate, if at all. If the Company does not compete effectively, its business could be adversely impacted. The Company is subject to extensive government regulation, and the Company’s failure or inability to comply with these regula tio ns or regulatory action against it could adversely affect the Company’s results of operations, financial condition, or busine ss. Changes to the laws or regulations applicable to the Company could adversely affect the Company’s results of operations, fina nci al condition, or business. The Company is subject to litigation and regulatory examinations and investigations. Failure to properly disclose conflicts of interest could harm the Company’s reputation, results of operations, financial cond iti on, or business. The Company may expand its business and may enter into new lines of business or geographic markets, which may result in addit ion al risks and uncertainties and place significant demands on its administrative, operational and financial resources. There ca n b e no assurance that the Company will be able to successfully manage this growth. The Company may be subject to increasing scrutiny from its clients with respect to the societal and environmental impact of i nve stments it makes, which may adversely impact its ability to retain clients or to grow its client base and assets under manage men t or assets under advisement, and also may cause the Company to more likely invest client capital based on societal and environmental factors instead of invest ing client capital in the most compelling investment opportunities (i.e., those with the highest return potential for a particula r level of risk). 31
Risk factors (cont’d) The Company’s information and technology systems may be vulnerable to damage or interruption from computer viruses, network f ail ures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches, usage errors by it s p rofessionals, power outages, and catastrophic events such as fires, tornadoes, floods, hurricanes, and earthquakes, which in each instance may disrupt the Co mpany’s business, damage its reputation, result in financial losses or limit its growth. The Company may be unable to remain in compliance with the financial or other covenants contained in its credit facilities. A ny breach of the Company’s credit facilities could have a material adverse effect on its business and financial condition. The Company relies on its management team to grow its business, and the loss of key management members, or an inability to hi re key personnel, could harm its business. The failure to attract and retain additional qualified personnel and any restrictions on the movement of personnel could prev ent the Company from executing its business strategy and growth plans. Due to the Company’s partially remote workforce, the Company may face increased business continuity and cyber risks that coul d s ignificantly harm its business and operations. Employee misconduct, which can be difficult to detect and deter, could harm the Company’s reputation and subject the Company to significant legal liability. Confidentiality agreements with employees, consultants, and others may not adequately prevent disclosure of trade secrets and ot her proprietary information. If the Company is not able to satisfy data protection, security, privacy, and other government - and industry - specific requiremen ts or regulations, its results of operations, financial condition, or business could be harmed. The Company is exposed to data and cybersecurity risks that could result in data breaches, service interruptions, harm to its re putation, protracted and costly litigation, or significant liability. The Company’s reported financial results may be adversely affected by changes in accounting principles generally accepted in the United States. If the Company’s estimates or judgments relating to its critical accounting policies prove to be incorrect, the Company’s ope rat ing results could be adversely affected. If the Company experiences material weaknesses or otherwise fail to maintain an effective system of internal controls, the Co mpa ny may not be able to accurately or timely report its financial condition or results of operations, which may adversely affec t i nvestor confidence in the Company and, as a result, the value of the Securities. The Company’s controls and procedures may fail or be circumvented, its risk management policies and procedures may be inadequ ate , and operational risks could adversely affect its reputation and financial condition. The Company may not have control over the day - to - day operations of many of the underlying funds included in its Investments or o ver the business of its affiliated managers. The Company may be materially adversely affected by the recent COVID - 19 outbreak. The requirements of being a public company, including maintaining adequate internal control over the Company’s financial and man agement systems, may strain its resources, divert management’s attention, and affect its ability to attract and retain execut ive management and qualified board members. An active market for the Securities may not be sustained, which may inhibit the ability of the Company’s stockholders to sell sh ares of the Company’s common stock. 32
Risk factors (cont’d) The Company’s management team has limited experience managing a public company. If securities or industry analysts do not publish research or reports about the Company’s business, if they adversely change the ir recommendations regarding its shares or if its results of operations do not meet their expectations, the Company’s share p ric e and trading volume could decline. Risks Related to the Private Placement, CGC and the Business Combination There can be no assurance that CGC will be able to raise sufficient capital in the Private Placement to consummate the Busine ss Combination. CGC and the Targets will incur significant transaction costs in connection with the Business Combination. The consummation of the Business Combination is subject to a number of conditions, including regulatory approvals and third - part y consents, and if those conditions are not satisfied or waived, the Business Combination may not be completed. The ability to successfully effect the Business Combination and the Company’s ability to successfully operate the business th ere after will be largely dependent upon the efforts of certain of its key personnel, and it cannot be assured that all of those key personnel will stay with the Company following the Business Combination. If the Business Combination’s benefits do not meet the expectations of investors or securities analysts, the market price or val ue of the Securities may decline. There is a possibility that legal proceedings could be brought in connection with the Business Combination and the outcome of su ch proceedings, if initiated, could delay or prevent the completion of the Business Combination. Changes in laws or regulations, or a failure to comply with any laws and regulations, may adversely affect the Company’s and/ or the Targets’ business and results of operations and the Parties’ ability to consummate the Business Combination. The Company will be a holding company and its only material asset after completion of the Business Combination will be its in ter est in its subsidiaries, and it is accordingly dependent upon distributions made by its subsidiaries to pay taxes, expenses, and dividends. GCG is an emerging growth company within the meaning of the Securities Act of 1933, as amended, and has taken advantage of ce rta in exemptions from disclosure requirements available to emerging growth companies; this could make the Company’s securities l ess attractive to investors and may make it more difficult to compare the Company’s performance with other public companies. 33