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John-

Looking forward to our lunch tomorrow. In advance of that I wanted to put forward some ideas for you to think about.

First, it goes without saying that there has been a huge misunderstanding amongst all of us as to how RSTP fits in with the other Rosemont Seneca entities and how much time partners of RSTP should be committing to it. This has particularly come to a head as you have attempted to message my stepping down from the GP of RSTP II. From my point of view, RSTP was never envisioned to be the sole entity all seven of us were exclusively focusing our time on but instead one of the primary entities within a few different business lines all falling under the Rosemont Seneca brand. I believe all of the documents and agreements we have executed reflect this but again there has clearly been a disagreement amongst all of us both on that fact and on how this is being portrayed particularly to current and prospective LPs.

Regardless, I get that other entities and questions of partners’ time commitment and involvement have caused those of you focused solely on RSTP great difficulty as you work to explain them all - particularly in the fundraising stage. So, I want to propose the following fixes which I think can make things easier going forward:


Eric D. Schwerin
Rosemont Seneca Partners, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
eschwerin@rosemontseneca.com <x-msg://59/eschwerin@obblaw.com>
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