Initial Screening Process

Once in contact with a prospective fund, GSA's investment staff will utilize the information provided through the team's private placement memorandum, prior financial statements and road show for the preliminary review focusing on:

• The fit with the criteria and objectives of the client investment programs we manage
• The financial track record of the team, as a group and individually - first quartile performance is expected
• Overall quality of the management team
• Logic of the fund's strategy and potential for future success
• Appropriateness of the fund's terms and conditions

Grove Street respects the investment teams' time and does not use a formal questionnaire. However, in order to complete the initial screening process, GSA will often request additional specific information with respect to the management team, strategy and track record prior to scheduling a meeting. A Grove Street partner participates in reviewing every fund proposal.

If a fund is of interest based upon the material presented, GSA will usually conduct a number of independent reference checks from its own network of industry contacts to gauge the reputation, quality and stability of a team. It is virtually certain that GSA will have close ties to a number of people who have invested with the team or team members. These checks are typically transparent from the fund manager's perspective and held in strict confidence. The confidentiality of all material received by Grove Street from the fund manager is also strictly respected.