We work with deal sponsors, GPs and other Institutional Investors in two primary ways:

Secondary Liquidity for Limited Partners

We will work on either a one-off or systematic basis to provide exit opportunities for Limited Partners in illiquid vehicles.

By partnering with the deal sponsor, we are able to:

1. Close more quickly due to availability of information and easier navigation of transfer approval provisions; and,

2. Provide better pricing as a result of having better data and a stronger relationship coming into the position.

Typical investments include minority LP positions in hedge funds, private equity funds, venture capital funds and private real estate partnerships.

We generally do not purchase shares of privately owned operating companies or start-ups.

Orphaned and Tail Assets

We have the ability to analyze and price a wide variety of investments, including those with complex structures and third-party operating partners. Typical transactions involve positions where:

• A natural exit is challenging within the life of the investment vehicle.

• There is a high cost of compliance and monitoring relative to expected remaining proceeds.

• Management resources are better spent elsewhere due to a change of investment focus.

In transactions involving a third party operating partner, we can also provide a “stalking horse” bid to help facilitate a resolution when buy/sell discussions have stalled out.