While Siguler Guff's client base is overwhelmingly institutional in dollar terms, we have established relationships over the years with a broad array of individual investors. These include individual investors in our funds, members of the management from our institutional clients, general partners of funds in which we invested and other friends of the firm.

To better serve this diverse group of inventors, we established Siguler Guff Capital Partners, a unique program in which Siguler Guff will co-invest with its individual investors in top quality, best of breed private equity funds - both domestically and internationally - across the range of opportunities in buyouts, venture capital, distressed, mezzanine financing, and special situation/turnarounds. Siguler Guff will identify, evaluate, and access these unique private equity opportunities and allow each investor in Siguler Guff Capital Partners to decide on a case-by-case basis whether to participate. Siguler Guff Capital Partners forms a separate special purpose limited liability company for the investment in each fund and provides our investors with consolidated reports of all the funds in which they choose to participate.

Siguler Guff is known in the private equity community as both a principal investor and a private equity manager. Our investment experience on "both sides of the table" sets us apart from the "gatekeeper" organizations, and the diverse and global nature of our direct investment activities gives us an inside view of the day to day challenges in the private equity community. This makes our firm a desirable investor to many private equity partnerships in high demand.

Our investors find Siguler Guff Capital Partners a convenient and efficient way to leverage Siguler Guff's resources, relationships and intellectual capital to invest alongside Siguler Guff's own capital in private equity funds that might not otherwise be available to them due to high investment minimums and/or accessibility.

We have produced impressive results from our direct investment activities over the past ten years. We bring this investment expertise to the advisory relationship. We have produced these results, at times, by advocating investment opportunities that were not part of the mainstream consensus view in the marketplace. Throughout our history, we have demonstrated a willingness to be patient and have invested only when we could identify a clear and reasonable understanding of why high absolute rates of return were available to that specific strategy, and assured that we had adequate downside protection to secure our clients' capital. Furthermore, we have avoided, in most instances, deploying our clients assets in areas defined by momentum or unreasonable investment assumptions. As institutions ponder new commitments to this asset class, we offer greater accessibility, education and comfort that the judgments that have served our clients well in the past will serve them well in the future.

The attributes our clients value most include: our long-term experience in the business; our ability to bring an investor's perspective to the advisory relationship; our willingness to fully embrace the issues and responsibilities of the fiduciary relationship; our history of aggressive intervention on behalf of limited partners' interests; our relatively small number of accounts under management - which fosters a close personal relationship between our clients and our key investment professionals; our risk averse, value-oriented style and our ability to access the leading investment management teams in the industry. Quite simply, we build our client's portfolios as we would build our own.