Quick "No"

GSA may, at any point in the process, determine not to move forward with an investment proposal. If we decide not to invest, we do our best to communicate this in a timely, open and constructive manner. A quick no is far superior to a long drawn out process with wasted effort by both parties. If a team is rejected, Grove Street encourages open communications and is usually willing to provide some details on the rationale for its decision and, where possible, constructive suggestions. GSA recognizes that often a private equity investment decision is a very close judgment call. In these cases, Grove Street will seek to stay in contact with the team, monitoring its progress and hopefully retaining an option to participate in a later fund managed by the team.