Legal Review and Closing

Grove Street prefers to participate in the first closing of a fund to maximize input on legal issues, to assure desired allocation to the fund and to support the general partner's fundraising efforts. We work with experienced outside counsel. The attorneys provide a comprehensive review of the documents and employ an extensive checklist of issues. In addition, legal documents are compared against the offering memorandum to confirm consistency. The attorneys provide GSA with a written memorandum that summarizes each issue and, based on the attorneys' judgment, prioritizes the issues presented. GSA reviews business issues and "deal breaker" legal issues directly with the fund managers, and instructs the attorneys as to the priority of all remaining issues for review with the fund manager's attorney.