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Hi Everyone,

As I've been speaking to investors regarding your upcoming trip, I'm
sensing that the changing macro backdrop in the public markets can be a
positive for us.

Many of the meetings that I'm arranging are with senior investment folks
that allocate in both public and private markets. One consistent concern
that I'm hearing regarding the overall investment landscape is the dearth
of interesting opportunities to pursue right now. Bonds are priced to
perfection, equities are at a minimum fairly valued (most would say
overvalued), emerging markets are a mess, etc… While the RSTP story is
incredibly compelling when viewed from a bottom up perspective, I also feel
strongly that the macro backdrop and concerns about public market
valuations may be starting to provide an unanticipated tailwind for us if
we chose to articulate it in such a way.

The trend of large technology & healthcare companies needing to "buy their
growth" has been undisputed in every call that I've done, and I've been
getting little to no pushback when stressing that this fund is a unique way
to position one's portfolio for that opportunity without taking on the
negative selection bias that exists in VC. Today's weak economic reports
coupled with David Tepper's cautionary comments regarding the public
markets seem to be reminding people that quality growth opportunities are
hard to come by these days, and valuations in the equity and debt markets
look rich. So the idea of having a means of continually benefitting from a
long term trend in the technology markets should attract many shops that
use some top down analysis when choosing funds.

The reason I sent this was not to state the obvious, but rather to
highlight the different mindset that we will likely encounter when we're
meeting with generalists vs. those that just focus on privates.

I look forward to seeing you all next week.

Dan

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