EMAIL DETAILS

Bow tie of course.

--------------------
Neil Callahan
Rosemont Seneca
917-945-9516

> On Mar 20, 2014, at 10:19 PM, William Lee <will@rstp.com> wrote:
>
> Hunter, that's the right fashion statement assumption for tomorrow. Looking forward to hosting you guys on Friday. Have a safe trip over.
>
> William Lee
> Rosemont Seneca Technology Partners (RSTP)
> Sent from my iPhone
>
>> On Mar 20, 2014, at 10:11 PM, Hunter Biden <hbiden@rosemontseneca.com> wrote:
>>
>> I assume sport coat and jeans OK for tmrw- I don't need a suit in San Fran do I?
>>
>> RHB
>> 202.333.1880
>>
>>> On Mar 20, 2014, at 10:45 PM, John DeLoche <jdeloche@rosemontseneca.com> wrote:
>>>
>>> Btw there would be not cross over between the funds. Their first investment performance would be measured independently from this new deal.
>>>
>>> The trouble is in bringing in other LPs. GS knows they got a special deal. If we give this deal to others it is hard to support 2 and 20 in the fund. We need to be thoughtful and practical about how we do this.
>>>
>>> Sent from my iPhone
>>>
>>>> On Mar 20, 2014, at 7:40 PM, William Lee <wlee@rosemontseneca.com> wrote:
>>>>
>>>> Devon, nice job on the math! If GS puts $15m to Counsyl at series D under the same term as last round secondary, the carry interest could be more difficult to hurdle over, comparing to the last secondary round. GS going into our 2/20 fund is the way to go, and the benefit for RSTP far outweighs anything. I completely agree on having them in the fund and no fees on the co-investment.
>>>>
>>>> William Lee
>>>> Rosemont Seneca Technology Partners (RSTP)
>>>> Sent from my iPhone
>>>>
>>>>> On Mar 20, 2014, at 7:15 PM, John DeLoche <jdeloche@rosemontseneca.com> wrote:
>>>>>
>>>>> Yes, that's the logic. Just an idea now. We will see where it goes. Their preference may be the full $15 in a side fund. We may be able to get the full $15 plus a fund commitment.
>>>>>
>>>>> Sent from my iPhone
>>>>>
>>>>>> On Mar 20, 2014, at 7:05 PM, Devon Archer <darcher@rosemontseneca.com> wrote:
>>>>>>
>>>>>> So we would basically give up $150k annually and the carry on the $15mm in order for them to come into the fund for $2.5-$5mm type range.
>>>>>>
>>>>>> At $5mm you've already replaced $100k of annual revenue.
>>>>>>
>>>>>> The carry portion a little more to swallow because if Counsel does what we think that's several million.
>>>>>>
>>>>>> Probably a smart move still though in that the goal and real wealth creation will be a result of raising and investing the fund 2, 3, 4 and 5. Goldman as an anchor helps start that story.
>>>>>>
>>>>>>> On Mar 20, 2014, at 9:34 PM, John DeLoche <jdeloche@rosemontseneca.com> wrote:
>>>>>>>
>>>>>>> Just got off a call with GS. They gave approval to lob in the term sheet to Counsyl today. They will put in $15mm into a vehicle on same terms as our prior deal.
>>>>>>>
>>>>>>> I floated the idea of them committing to the fund directly and then investing on a no fee no carry basis the balance. It would help us a lot more if we could tell people GS is paying us 2 and 20 in our main fund, even for a nominal amount. Doing so in this deal could be economically better to them but allow us to credibly say they are in the fund.
>>>>>>>
>>>>>>> We agreed to figure it out tmw in person either before or after the Counsyl DD meeting.
>>>>>>>
>>>>>>> Let me know your thoughts.
>>>>>>>
>>>>>>> Would be great for all who are in the Bay Area tmw to join for the Counsyl meeting and lab tour (12:30-2:30).
>>>>>>>
>>>>>>> Best,
>>>>>>>
>>>>>>> John
>>>>>>>
>>>>>>> Sent from my iPhone