EMAIL DETAILS

Eric D. Schwerin
Rosemont Seneca Partners, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
eschwerin@rosemontseneca.com
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Begin forwarded message:

From: Dan McHale <dmchale@rspinv.com>
Subject: BBR on hold for now
Date: June 16, 2014 at 11:32:19 AM EDT
To: Devon Archer <devon@rstp.com>, John DeLoche <john@rstp.com>, Neil Callahan <neil@rstp.com>, William Lee <will@rstp.com>
Cc: Eric Schwerin <eschwerin@rspinv.com>

I spoke to Todd. Brett is leaving this week for a 6 week sabbatical and he wasn't sold on the opportunity set so this will be on hold until he returns. They were under the impression that the fund had around $200mm committed as opposed to soft circled, which changes their sense of urgency. This is not a result of wanting be a herd follower, but they'd like to see more money deployed outside of Counsyl to get comfortable. While they appreciate the attractiveness of the company, they don't want that much exposure to a single name. And Brett felt that the limited combined track record of the team calls for more monitoring.

Todd was adamant that this is not a "no". This would have been an incredibly fast turnaround for them with a group that they have no history with, and they simply don't do anywhere near as much in PE as more liquid strategies. So they want to watch it and see how it progresses and revisit post summer.

Bottom line, I think we're very much alive but we're going to have to get Brett over some of these humps.

Have you spoken to Frank Baker? I know he talked to them.

Dan


Daniel P. McHale
Managing Director
RSP Investments, LLC
New York / Washington D.C.
(917)887-6699
dmchale@rspinv.com
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