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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.

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> 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
>>
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