Grove Street® offers our clients an individual account that is essentially a dedicated fund of funds where GSA and the client are the only investors. The investment strategy for each program is custom tailored to meet the client's specific needs. The client can modify the charter and objectives, allow exceptions on a case by case basis and, if necessary, stop the commitment phase of the program at any time. In order to achieve reasonable diversification, there is a minimum recommended scale for a dedicated fund of funds. Grove Street provides coverage across the full range of private equity, from early stage venture capital to buyouts and special situations, in both the U.S. and internationally.

GSA believes that a strong alignment of interest with our clients is paramount for success. To achieve this alignment: (1) GSA's compensation is in part performance driven; (2) Grove Street invests alongside its clients in every investment; and (3) investments are allocated across all applicable clients on a mutually pre-agreed formula with full disclosure and transparency to all clients.

Customized Programs
Grove Street's dedicated programs can be tailored to meet a broad range of objectives in order to achieve superior financial returns. Examples include:

• Assisting relatively new players in private equity to accelerate their participation in the asset class by helping them to very quickly identify and gain access to high quality, proven funds, as well as by supporting the development of the client's internal staff
• Building a portfolio of major potential core relationships that can over time be transferred to the internal staff and managed directly by the client
• Building a portfolio of new and emerging funds to complement a core portfolio of established teams
• Creating targeted portfolios in order to balance and diversify the overall investment portfolio of a major client. Potential examples of these targeted strategies include geographic/location based (e.g. international or emerging market), segment specific (e.g. buyout) or fund size (e.g. smaller teams)
• Building customized co-investment or direct investment programs

Additional Support Beyond GSA's Program
As a part of an overall relationship, Grove Street also provides its clients full access to its industry expertise and relationships to support client activities that are outside the scope of GSA's specific investment programs. Examples include:

• Support for the client's internal staff with respect to the due diligence processes and leveraging of Grove Street's proprietary access to industry information and intelligence
• Access to GSA's professionals for support and training of internal staff
• Assisting clients to build direct relationships with fund management teams
• The evaluation of individual transactions that fall outside the program's investment charter
• The ability to include complementary activities as part of an overall private equity program, including co-investments in private companies, purchases of secondary positions, and hedge fund investments
• Advice and assistance with respect to performance analysis and reporting