First Meeting With a Fund Manager

GSA engages a partner early in the process to meet with teams, identify critical issues for each opportunity, and focus the due diligence in a timely fashion on those groups in which we are most likely to invest. A Grove Street partner is always present at these meetings, which usually take place in GSA's offices but may also be held at another location if mutually convenient. The purpose of the first meeting will be to:

• More fully understand the qualifications and dynamics of the management team, including deal sourcing capability
• Explore further the investment strategy of the group and its decision making process
• Understand the organizational structure of the team and the group's relationships with limited partners and sponsors, if any
• Begin detailed analysis of prior realized and unrealized investment performance
• Discuss proposed terms and conditions, alignment of interest factors, and any potential conflicts of interest
• Identify and discuss any potential deal-breaking issues such as key business terms

GSA will endeavor to provide immediate feedback at the meeting and timely communication of those issues viewed as critical to reaching a decision. Information gathering and due diligence efforts focus on the critical issues first.