When evaluating the purchase of existing partnership interests from a selling limited partner, our review combines the disciplines of fund investing and direct investing. We consider among other criteria:

• Partnerships where managers meet our criteria for a primary fund investment
• Age and funding status of the partnership
• A bottom-up evaluation of the underlying portfolio companies, with consideration for their operational and financial status and any changes in the market environment since original investment,
• Ability to price and structure transactions to provide a compelling risk/return dynamic