Part of Grove Street's mandate from CalPERS includes the start-up or sponsorship of first time funds managed by truly exceptional teams - Grove Street's Turn-Key programs.

These programs leverage GSA's extraordinary "people flow" which results from Grove Street's contacts and relationships from the private equity executive search business and unique access to private equity professionals. GSA works closely with the Turn-Key team in the design of the investment strategy, completion of the management team and assistance with additional fundraising. With CalPERS' concurrence, GSA is in the position to commit in the range of $50 to $250 million to put such teams in business. To date, Grove Street has initiated and closed 5 Turn-Key transactions, including:

Audax Group (www.audaxgroup.com) - The first spinout from Bain Capital, the Audax Group is a broad-based alternative asset investment management group with buyout and mezzanine investing teams.

Solera Capital (www.soleracapital.com) - Strong NYC based team focused on later stage venture capital and growth equity

New Mountain Capital (www.newmountaincapital.com) - A buyout firm founded by a former senior partner from Forstmann Little

MPM BioEquities (www.mpmcapital.com) - The industry's first premiere healthcare "crossover" vehicle investing in small public companies and late stage private deals, MPM BioEquities was launched in cooperation with MPM Capital, the largest biotechnology-focused healthcare venture capital group in the world.

Falconhead Capital (www.falconheadcapital.com) - A joint venture with IMG, the world's leading sports, entertainment and lifestyle management and marketing company, Falconhead  Capital is a $215 million fund that focuses on private equity investments where Falconhead's exclusive, contractual relationship with IMG can deliver proprietary investment opportunities, access to key employees for due diligence, and significant value to portfolio companies.