EMAIL DETAILS

Your point is well taken.


I think there's a potential sweet spot and perhaps a niche area where we
collectively can create a viable offering. If we only provided small to
mid-size ($25-$200m) deal flow to the sencondaries buyers (i.e., Landmark,
Signal, Devon Value Partners) we'd have a sizable business.


It's a huge fragmented market in crisis - the big guys (CALPERS, Illinois)
may have all the help they need, but there are dozens of more who may not.


But we need to spend time discussing and try to find out if there is
something here.


----------------------------------------------------------------------------
--------------

Neil Callahan

Rosemont Seneca

401 Greenwich Street, Suite 400 | New York NY 10013 | 212-933-9965 |
212-796-4037

1010 Wisconsin Avenue, Suite 705 | Washington DC 20007 | 202-333-1880

917-945-9516 (mobile)

866-749-8879 (fax)


From: Hunter Biden [mailto:hbiden@rosemontseneca.com]
Sent: Thursday, January 13, 2011 11:05 AM
To: ncallahan@rosemontseneca.com
Cc: 'Alexandra Stanton'; 'Marc X. LoPresti'
Subject: Re: Illinois governor expected to OK $4.1 billion pension bond sale


My question to all is what do you see as the Governors and this groups roll
in issues such as the one outlined in the article below. Being a thought
leader and making speeches on the subject is one thing-- competing to become
a consultant to the state of Illinois' pension funds or any other
multi-billion dollar fund seems unlikely to me unless I am missing a piece
of the puzzle. look forward to discussing some more.


Rosemont Seneca Partners

R. Hunter Biden

1010 Wisconsin Av., NW

Suite 705

Washington, D.C. 20007

202-333-1880


On Jan 13, 2011, at 9:15 AM, Neil Callahan wrote:


Illinois governor expected to OK $4.1 billion pension bond sale


Read more:
http://www.pionline.com/article/20110112/DAILYREG/110119968#ixzz1AvOWDhy8


Illinois Gov. Pat Quinn was expected to sign a bill approved by the Illinois
Senate early Wednesday to sell up to $4.1 billion in pension obligation
bonds to help the state pay for required contributions to its statewide
pension plans.

The legislation passed by a 42-16 vote. The bill had been approved by the
state House on May 25.

John Patterson, a spokesman for state Sen. John Cullerton, who sponsored the
Senate bill, said in a telephone interview that actuaries for the pension
plans - the $33.2 billion Illinois Teachers' Retirement System, $12.9
billion Illinois State Universities Retirement System
<http://www.pionline.com/section/researchcenter-profiles&dir=plan-sponsors&p
age=db&R=429733> and $10.2 billion Illinois State Board of Investment
<http://www.pionline.com/section/researchcenter-profiles&dir=plan-sponsors&p
age=db&R=429732> - will have to recertify the amounts needed to cover their
2010 contribution before a final number is determined.

Early estimates put the contributions at $2.358 billion for the teachers'
plan, $960 million to ISBI and $777 million to ISURS.

"The Senate president acknowledges that borrowing to make the pension
contributions is not an ideal move. But it was the best of the difficult
choices," Mr. Patterson said in an e-mailed response to questions. "That,
combined with the revenue moves that were approved, will put the state back
on track to restoring sound financial footing for our pension systems, our
budget and all those who do business with Illinois."

Kelly Kraft, Mr. Quinn's budget spokeswoman, said: "The governor proposed
pension borrowing (as) the least costly option for taxpayers to make their
required pension payments. We are pleased with the action of the legislators
on this bill. The governor is committed to paying the pensions. We continue
to look at the pension systems to see what can be done to make them work
better."


Read more:
http://www.pionline.com/article/20110112/DAILYREG/110119968#ixzz1AvOS2KAi


----------------------------------------------------------------------------
--------------

Neil Callahan

Rosemont Seneca

401 Greenwich Street, Suite 400 | New York NY 10013 | 212-933-9965 |
212-796-4037

1010 Wisconsin Avenue, Suite 705 | Washington DC 20007 | 202-333-1880

917-945-9516 (mobile)

866-749-8879 (fax)