EMAIL DETAILS

Hunter and Devon,

Roadmap is to stay firm and repeat the ask $50mm into the fund (which will be 20% of the fund) and we will make a $50mm direct investment into Counsyl available to them as well. They would also get access our future co-investment opportunities and there will be many.

Need to make it clear that we have super high quality LPs such as Goldman Sachs and that only LPs get access to direct investments with us.

Also let him know that this is the time to invest as future funds will have the same LP base and size there will not be room for new investors.

I will send Mohammed a follow up note thanking him for the call this week and including the Counsyl memo.

Safe travels and good luck bagging this Elephant!

Best,

John

Sent from my iPhone

> On May 7, 2014, at 10:51 AM, Hunter Biden <hbiden@rosemontseneca.com> wrote:
>
> Good job guys. Give me the roadmap and Devon and I will try to close in Doha.
>
> RHB
> 202.333.1880
>
>> On May 7, 2014, at 9:43 PM, John DeLoche <john@rstp.com> wrote:
>>
>> Guys,
>>
>> I just got off the call with Mohammed at Qatar holdings. Great intro from Hunter and great call. He is the big boss that runs the group. There is a guy who runs fund commitments below him and they are totally coordinated.
>>
>> He also told me as he told Hunter in DC that they like to do co-investments and then fund commitments. We had the same conversation we have been having with Neuberger and others about the price of admission for co-investments in our deals being a fund commitment. He gets it and it was a constructive conversation.
>>
>> He said they typically like to do $100mm fund commitments but they do not want to be more than 20% of a fund. He understands our smaller fund size strategy and agrees with it. He said they can be flexible on the fund commitment size for venture/growth strategies.
>>
>> We talked a lot about Counsyl and how attractive the deal is, the fact that we have over $50mm committed to the company already, etc.
>>
>> The deal I proposed to him is that they dual track putting $50mm into our fund and we also convince Counsyl to increase the size of this round to $100mm so they can write a $50mm direct check into Counsyl. This would accomplish their goal of a minimum $100mm commitment and accomplish our goal of having them be a meaningful fund LP who would have priority for future co-investments.
>>
>> He said we should keep the dialog going along these lines when Hunter is in Doha in the coming weeks. I think Hunter can sell him on the structure I proposed above when he is in Doha.
>>
>> Let's discuss.
>>
>> Best,
>>
>> John
>>
>> John DeLoche
>> Co-founder and Managing Director
>> Rosemont Seneca Technology Partners
>> 333 Bush Street, 21st Floor
>> San Francisco, CA 94104
>> office: 415 767 1288
>> mobile: 415 793 7070
>>
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