"Soft Circle, Subject To..."

If initial reference checks and the outcome of the initial meetings with the team are positive, GSA can usually give a team an indication of interest with a "soft circle", pending completion of in-depth due diligence. Grove Street will usually ensure that a reasonable allocation in the fund will be available for GSA's programs and, where necessary, can provide the fund manager a target date by which GSA will be able to complete the due diligence. The quality of GSA's early due diligence and the experience of Grove Street's partners makes it unlikely that GSA's detailed due diligence will result in a reversal of the soft circle decision.