DEVELOPMENTS IN SEEDING ARRANGEMENTS – OVERVIEW -

- Seeding Arrangements Fall Along a Spectrum, with Features Including:

- Making a Significant Capital Commitment to a Fund Manager at the Initial Closing of the Fund

- Assisting with Fund Structuring Issues and Proposing Market Terms and Conditions

- Assisting with Fundraising and LP Introductions

- Providing Financing to the Manager for Startup Costs or Working Capital

- Receiving Certain Economic Benefits in the Initial Fund and in Certain Subsequent Funds