Delta  Capital  Myanmar  Limited

INVESTOR PRESENTATION

January  2017
 DISCLAIMER

The material presented herein is for your general information only and nothing herein shall be
considered to be an investment, tax or legal advice by us or any of our directors, officers,
employees or agents. No representation, warranty or recommendation, express or implied,
whatsoever as to the merits of investing in any company, entity or financial instrument is to be read
or inferred from any material presented herein. This presentation does not constitute or forms part
of any offer to sell any shares or securities of any kind. Prospective investors should consult his or
her own independent professional or other advisor for investment, tax or legal advice and should
rely on their own investigation and analysis of the financial condition and affairs of any company or
entity as well as the terms and conditions of any financial instrument to make their own appraisal
and determination of the merits of investing in any company, entity or financial instrument and shall
be deemed to have done so. We accept no liability whatsoever for any use of the information and
materials presented herein or any action taken based on or arising from the information and
materials presented herein.

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 AGENDA

1. Delta Capital Myanmar 4

2. Investment Thesis 8

3. Strategy 11

4. MOF I Review 15

5. Pipeline Activities 22

6. Business Outlook 23

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 1. DELTA CAPITAL MYANMAR
THE PARTNERSHIP
Two  entrepreneurial,  business-­builders  committed  to  establishing  
Myanmar’s  leading  private  equity  platform  for  the  long-­term

■ Over  20  years  of  in-­country  track  record   ■ 18  year  track  record  of  successfully  investing  
across  a  wide  range  of  industries in  emerging  market  asset  class  
■ Partner  of  choice,  highly  reputable  and   ■ Experienced  fund  manager  with  Asia  focus  
internationally  acknowledged and  over  USD  1.5  B  assets  under  
■ Business  operations  in  key  sectors  (incl.  real   management
estate,  financial  services,  food  &  beverages,   ■ Rigorous  investment  process
and  healthcare)  with  ~8,000  employees ■ Strong  international  corporate  network
■ Invaluable  access  to  proprietary  deal  flow
■ Extensive  local  network
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 1. DELTA CAPITAL MYANMAR
THE PARTNERSHIP
Important  milestones  have  been  achieved

Strategic   Opened   Team   Team   Team  

1st meeting  
Cooperation   YGN  Office Expansion Expansion Expansion
SPA-­SMC
SPA-­SMC (Headcount:  2) (Headcount:  5) (Headcount:  7) (Headcount:  8)

2011 Apr-­12 May-­13 Sep-­13 Mar-­14 May-­14 Nov-­15 Feb-­16 Jun-­16 Aug-­16 Nov-­16

Closed   Partial  Exit   Launched  

Launched   First  Return
MOF  I  with   Project   MOF  II  with  
MOF  I to  LPs
USD  50  M+ Conglomerate USD  30  M

STRATEGICALLY  WELL  POSITIONED  to  take   CONTINUED  FOCUS  on  building  the  leading  asset  
advantage  of  investment  opportunities  in  Myanmar management  platform  in  Myanmar
■ Most  active  &  leading  PE  investor ■ Launch  of  second  fund  (MOF  II)  in  Nov  2016
■ In-­country  investment  team ■ Committed  to  invest  in  human  capital  base
■ Strong  track  record  &  first  mover  advantage ■ Unique  access  to  parent  companies’  resources
■ Active  deal  pipeline

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 1. DELTA CAPITAL MYANMAR
THE TEAM
Dedicated  investment  management  team  including  experienced  
professionals  with  Myanmar  and  international  backgrounds
FUND  MANAGEMENT  TEAM
Managing  Partner   Joined  Delta   Joined  Delta   Joined  Delta  
of  Delta  Capital   Capital  in  2013  as   Capital  in  2014  as   Capital  in  2014  as  
and  Director  of   Executive  Director Senior  Associate Senior  Associate
SMC More  than  8  years   More  than  6  years  
Nearly  a  decade  of  
Head  of  our  Fund   combined     of  experience  incl.   of  experience  in  
Management   investment   as  a  senior  trader   equity  research  
Team banking  and   at  Kellogg  Capital   and  business  
Nick   Dominik   private  equity   Phyo  Phyu   Group  in  New  York   Alexandra   consulting.  
Over  20  years   Noe Vanderschelden Previously  with  
Powell Burckgard experience.   and    as  a  senior  
experience  of  Pan-­
Managing   Executive   Previously  with   Senior   consultant  at  Bain   Senior   CLSA  in  
Asian  private  
Director Goldman  Sachs  in   Associate &  Company  in   Associate Singapore  and  
Partner equity  and  
London  and  Hong   Singapore Bangkok
investment  
Kong
banking

Joined  Delta   Joined  Delta   Joined  Delta   Joined  Delta  

Capital  in  2016  as   Capital  in  2015  as   Capital  in  2015  as   Capital  in  2016  as  
Associate Analyst Analyst Executive  
Assistant
More  than  3  years   Graduated  from   Graduated  from  
of  corporate   Duke  University Cornell  College Graduated  from  
finance  and  private   Prior  experience  in   Myanmar  Institute  
Prior  experience  in  
equity  experience   of  Theology  with      
Candy   Minn  Htet   Myanmar  with  for   Aung  Ye   Myanmar  and  US   Naw  Sheba
with  KPMG  in   profit  and  non   a  major  in          
Phyu  Phyu Singapore  and  a  
Khine Kyaw with  consumer  and   Executive   English                  
Khin Analyst profit  organizations Analyst insurance   Assistant
PE  fund  in   studies
Associate companies
Myanmar
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 1. DELTA CAPITAL MYANMAR
THE TEAM
IC  comprises  seasoned  investment  professionals

INVESTMENT  COMMITTEE

Managing  Partner  of  Delta  Capital  and   CEO  of  Yoma  Strategic  Holdings  (YSH)
Director  of  SMC Previously,  Managing  Director  and  Head  of  
Prior  to  SMC,  worked  at  Jardine  Matheson,   Asia  Ex-­Japan  Corporate  Solutions  Group  at  
Robert  Fleming  and  Nomura Goldman  Sachs  in  Hong  Kong
Over  20  years  experience  in  Pan-­Asian   Over  14  years  of  investment  banking  and  
Nick  Powell private  equity  and  investment  banking Melvyn  Pun senior  corporate  management  experience
Managing  Partner   CEO  
Delta  Capital Yoma  Strategic  
Holdings

Managing  Partner  of  SMC  China  Capital CFO  of  First  Myanmar  Investment  (FMI)
Previously,  CEO  of  a  Pan-­Asian  media  and   More  than  17  years  of  operating  and  
entertainment  firm  and  a  Vice  President  at   management  experience  with  SPA  in  
Morgan  Stanley  in  New  York  and  Hong  Kong Myanmar  focusing  on  areas  including  
corporate  development,  finance  and  
More  than  20  years  of  private  equity,  
accounting,  corporate  secretarial  and  
Hamilton  Tang investment  banking  and  entrepreneurial  
U  Tun  Tun operations  management
Managing  Partner   experience
CFO  
SMC  China  
FMI
Capital

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 2. INVESTMENT THESIS
MACRO BACKDROP
Myanmar  shows  real  change  and  progress

POLITICAL,  ECONOMIC  AND  BUSINESS  KEY  EVENTS

2011 2012 2013 2014 2015 2016

Mar Apr Jan Jan Mar Mar  

Thein  Sein  became   MMK  allowed  to  float.   International  creditors   Myanmar  chaired   Draft  nationwide   New  government  with  
President,  transfer  of   NLD  swept  by-­ forgave/refinanced   ASEAN  for  the  first   ceasefire  agreement   5-­year  mandate
power  to  new   elections  and  Aung   sovereign  debt time signed
government San  Suu  Kyi  entered   Apr
Parliament Feb-­Dec Mar Jun   Mobile  phone  
Oct   MNCs  entered   20  offshore  oil  &  gas   Mobile  penetration   penetration  reached  
First  round  of  political   Aug Myanmar  (e.g.  Coke,   licenses  awarded   reached  50%  (10%   65%  (over  35  M  sim  
prisoners  released   Media  censorship   Heineken,  Novotel) in  2013) cards)
(200+),  general   abolished Sep
amnesty Apr   Ooredoo  and  Telenor   Aug Jul
Nov   US/EU  sanctions   commenced   Kirin  acquired  55%  of   New  12-­point  
New  Foreign   lifted/suspended operations,  SIM  card   Myanmar  Brewery  for   economic  policy
Investment  Law   prices  dropped  to   USD  560  M
Passed. Jul USD  1.5  (from  >  USD   Aug  
US  President  Obama   Accession  to  New   500  in  2012) Sep 2nd Panglong Peace  
visited  Myanmar  (1st York  Convention;; Minimum  Wage  Law   Conference
time) New  telco  licenses   Oct   passed
awarded  to  Ooredoo 9  foreign  bank   Oct
and  Telenor licenses  awarded;; 8th  Nov   US  sanctions  lifted;;
Colgate  acquired   General  elections   New  Myanmar  
Oct local  toothpaste   held  peacefully Investment  Law  
16  onshore  oil  &  gas   brand  for  USD  100  M passed
licenses  awarded Dec
Yangon  Stock  
Exchange  launched 8
 2. INVESTMENT THESIS
MACRO BACKDROP
Growth  prospects  and  macro  picture  are  attractive  for  investments

ECONOMIC  POTENTIAL POLITICAL  &  SOCIO-­ TECHNOLOGY

■ 70%  of  population  below  age  of  40 ECONOMIC  REFORMS ■ Catalyst  for  economic  growth
■ 35  M  labor  force,  40%  below  30 ■ Removal/suspension  of  US  and   ■ Mobile  phone  penetration  ~3%  in  
EU  sanctions 2012;;  planned  to  reach  80%          
■ Low  urbanization  rate  (<30%)
■ 5-­year  mandate  for  new  NLD   (~45  M  sim  cards)  by  end  of    2016  
■ GDP  projected  to  quadruple  by   government
2030  (to  USD  3,600  per  capita) ■ Huge  potential  in  conjunction  with  
■ Reform  momentum  will  continue growing  consumer  class
■ Consumer  market  to  triple  by  2030  
(to  USD  100  B) ■ Further  deregulation  and  
liberalization  expected

FOREIGN  INVESTMENT NATURAL  RESOURCES FINANCIAL  SECTOR

■ Early  stage  of  liberalization ■ Oil & Gas (proven reserves of ■ Only  ~5%  of  population  has  a  bank  
10 T ft3 of gas and 50 M barrels of account
■ Significant  inflows  (USD  9.4  B  in  
FY  2015-­16),  driven  by  energy,   oil) ■ Recently  re-­opened  to  foreign  
telco  and  manufacturing ■ Mining banks
■ Global  brands  arriving  (Carlsberg,   ■ Related  services ■ Early  stage  of  deregulation
Mitsubishi,  KFC,  Coke) ■ Energy ■ Access  to  capital  improving
■ Local  manufacturing  increasing  in   ■ New  stock  exchange  launched
importance

Source:  McKinsey,  World  Bank,  ADB 9

 2. INVESTMENT THESIS
MACRO BACKDROP
Delta  Capital’s  investment  thesis  has  been  supported  by  real  progress

■ ORIGINAL THESIS: Real political change expected to lead to long-­term high economic growth and improving
investment environment

■ TODAY’S THESIS: Fundamentally the same, supported by four years of real progress
— Process of change expected to continue and accelerate under the new NLD-­controlled government
— Economic growth and continued reforms will improve the investment climate
— Growing investment eco-­system and expanding investment universe
— Improving operating environment

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 3. STRATEGY

A  diversified  portfolio  of  direct  investments  in  leading  high  growth  

companies
TARGET    PROFILE FORMAT  &  SIZE
■ Established  businesses  with  proven  track  record,   ■ Meaningful  minority  stakes
or  new  businesses  with  visible  near  term  path  to   ■ Bespoke  transaction  structures
positive  cash  flow
■ Active  co-­investment  program
■ Strong  growth  potential
■ Seed  capital  or  larger  investments  considered  on  
■ Qualified  and  reputable  management ad  hoc  basis
■ Clear  industry  focus
■ High  barriers  to  entry

CONSUMER   TECHNOLOGY  &   BANKING  &  

OPPORTUNISTIC
PRODUCTS  &   TELECOMMUNI-­ FINANCIAL  
INVESTMENTS
SERVICES CATIONS SERVICES

11
 3. STRATEGY
SECTOR FOCUS
Trends  suggest  focusing  investments  on  specific  growth  sectors

CONSUMER   TECHNOLOGY  &  

PRODUCTS  &   ü Adoption  of  modern   TELECOMMUNI
ü Increased  consumer  
technology
SERVICES spending -­CATIONS
ü Increase  in  data  
ü Change  in  consumer  
consumption
behavior
ü Access  to  global  markets
ü Supply  growth  &  
diversification
ü Regulatory  liberalization

ü Resurgence  of  retail  banking HOSPITALITY  &  TOURISM

HEALTHCARE
ü SME  banking
CONSTRUCTION  MATERIAL
ü Mobile  banking EDUCATION

BANKING  &   ü Micro-­finance ENERGY  &  RESOURCES

OPPORTUNISTIC
FINANCIAL   ETC.
INVESTMENTS
SERVICES

12
 3. STRATEGY
VALUE PROPOSITION
We  actively  engage  with  portfolio  companies  and  create  value  by  
improving  their  underlying  operations

STRATEGY  &  OPERATIONS

■ Strategic  and  operational  
management  advice
■ Access  to  international  
strategic  partners

GOVERNANCE  &  HR VALUE FINANCE  &  REPORTING  

■ Establish  high  standard   CREATION ■ Establish  effective  financial  
corporate  governance  and   controls,  reporting  and  
management  control   budgeting  process
systems ■ Develop  capital  optimization  
■ Identify  local  and   and  exit  strategies
international  talent  for  key  
management  positions
■ Implement  effective  HR  
policies  and  incentive  
13
systems
 3. STRATEGY
LESSONS LEARNED
We  learned  valuable  lessons  from  investing  in  Myanmar
ü Market  intelligence  and  knowledge
Lack  of  PE  ‘eco-­system’  requires  proactive  
1 ü Networking  and  relationships
approach  to  sourcing  and  deal  making
ü Clear  value  proposition  and  educating  targets

ü Effective  government  relations  &  local  partners

Timelines  often  slow;;  approach  deals  with   ü Pursue  ‘government  light’  deals
2
patience  and  plan  for  delays ü Control  deal-­making  timelines
ü Realistic  execution  and  exit  timelines

ü Back  targets  with  capital  and  expertise

ü Dedicate  resources  to  financial  &  strategic  planning
Potential  targets  often  lack  strategic  planning  
3 and  have  limited  management  resources ü Introduce  professional  management  processes  and  
governance
ü Focus  on  human  capital  development

ü Entrepreneurial  and  business  development  mentality

Hands-­on  investment  approach  can  be  expected   ü Build  close  relationships  with  investee  companies
4
to  lead  to  superior  investment  results ü Active  monitoring
ü Focus  on  gradual  change

Show  willingness  to  bridge  price  expectation   ü Bespoke/Structured  investments

5
gaps  in  a  high  growth  market ü Long-­term  incentive  schemes

ü Transaction  experience
Investments  often  complicated  by  complex  and   ü Restructuring/Reorganization  part  of  investment  
6
evolving  legal  rules process
ü Flexible  investment  structures 14
 4. MOF I REVIEW
PORTFOLIO OVERVIEW
Portfolio  well  diversified  across  four  sectors

TOTAL  FUND  SIZE:  USD  51.4  M DIVERSIFIED  INVESTMENT  PORTFOLIO

Available  
Funds   Technology
3% 17%
Future  
Mgt  Fee  &  Admin Consumer
35%
Energy  &  
Resources
21%

Allocated  Capital Diversified

97% 27%

Note: Future  management  fee  &  admin  expenses  for  remaining  life  of  fund  estimated  at  approx.  USD  2.5  M.
Investment  portfolio  sector  split  chart  includes  anticipated  investment  in  Project  Paris  or  Aurora  (with  allocated  capital  of USD  3  M). 15
15
 4. MOF I REVIEW
PORTFOLIO OVERVIEW
Over  90%  of  capital  committed  has  been  allocated  to  date

Investment   Core   Allocated  Capital Drawn  Capital

Project Sector Stake Stage
Date Business (USD  M) (USD  M)

Energy  &   Enhanced  Oil   Growth

Apr-­13 Melbourne 7.2 7.2   23.0%
Resources Recovery (Restructuring)

Jun-­13 Conglomerate Diversified Conglomerate 9.3 9.3 4.35% Growth

1
Jan-­14 Paddy Consumer FMCG 8.9 8.9 20.0% Growth

May-­16 Plasticus Consumer Packaging 4.5 3.5   23.0% Growth

May-­16 Fuji Technology Internet 10.0 10.0 22.6% Growth

Subtotal 40.0 39.0

Reserve  for  Project  Paris  or  Aurora [3.0] TBC

Management  Fees  &  Expenses   4.6 4.6

Total 47.5 44.52

%  of  total  Committed  Capital 92% 87%

1 This  includes  a  short-­term  working  capital  facility  of  ~USD  1.3  M.
2 Assumes  USD  2  M  of  drawn  capital  day  1  for  Project  Paris  or  Aurora.
16
16
 4. MOF I REVIEW
PROJECT FUJI

INVESTMENT  DESCRIPTION INVESTMENT  THESIS

■ Liberalization  of  telecom  sector  leads  to  

exponential  growth  in  data  usage
■ Management  are  leading  experts  in  WiFi
technology  with  international  experience
Investment  into  Myanmar’s  fastest  growing   ■ Bespoke  product  solution  for  Myanmar  
internet  service  provider,  that  offers  wireless   market
broadband  internet  access  services  to  
businesses  and  end  users ■ Growth  opportunities  through  value-­
added  services

FINANCIALS VALUE  ADD

Revenue  (USD  M) ■ Provide  growth  capital  to  finance  fast  
140 growing  rollout  plans  and  to  build  
120
120 CAGR:  183% backbone  infrastructure
100 ■ Develop  finance  strategy  and  assist  in  
80 resource  planning
60 ■ Co-­develop  best  in  class  customer  
40
35
service  platform
20
2 4 8 ■ Develop  exit  strategies  (e.g.  IPO)
0
FY  2014 FY  2015 FY  2016(F) FY  2017(F) FY  2018(F)
17
Note:  Financial  projections  based  on  revised  management  case.
 4. MOF I REVIEW
PROJECT PLASTICUS

INVESTMENT  DESCRIPTION INVESTMENT  THESIS

■ Diversified  exposure  to  fast  growing  

FMCG  sector
■ First  mover  advantage  &  barriers  to  entry
■ Scalability  and  business  development  
Investment  into  leading  PET  bottle   opportunities
manufacturer  and  associated  recycling  
business  (first  of  its  kind  in  Myanmar) ■ Strong  management  team  with  track  
record  and  clear  strategic  vision
■ Active  international  M&A  market

FINANCIALS VALUE  ADD

Revenue  (USD  M) ■ Provide  growth  capital  to  expand  
20 production  capacity  and  seed  capital  for  
set  up  of  recycling  business
CAGR:  123%
14
15 ■ Optimize  capital  strategy  and  diversify  
12
sources  of  funding
9
10
■ Co-­develop  reporting  and  financial  
4 control  systems  &  processes
5

1
■ Identify  new  audit  firm
0 ■ Leverage  networks  for  business  
FY  2015 FY  2016(F) FY  2017(F) FY  2018(F) FY  2019(F)
development  and  contract  sourcing 18
Note:  Financial  projections  based  on  management  case.
 4. MOF I REVIEW
PROJECT CONGLOMERATE

INVESTMENT  DESCRIPTION INVESTMENT  THESIS

■ Proxy  for  Myanmar’s  growth  story

■ Successful  track  record  of  operating  in  
country  for  over  20  years
■ Reputable  management  and  strong  
Investment  into  one  of  Myanmar’s  best-­
governance  structure
known  conglomerates  with  main  operations  
in  real  estate,  financial  services    and   ■ Insights  into  different  sectors
healthcare ■ Exit  option  through  IPO

FINANCIALS VALUE  ADD

Revenue  (MMK  B) ■ Strategic  anchor  investor
120 110 ■ Evaluate  investment  performance  and  
100 liquidity  options
80 ■ Active  follow  of  IPO  process  and  post-­
IPO  activities
60

40 33

20 11
2 2
0
1
FY  2011 FY  2012 FY  2013 FY  2014 FY  2015
1 Prior  to  2014,  company  recognized  dividends  as  only  income.  With  FY  2015  the  company  started  to  apply  consolidation  accounting 19
 4. MOF I REVIEW
PROJECT PADDY

INVESTMENT  DESCRIPTION INVESTMENT  THESIS

■ Management  with  strong  track  record  

and  in-­depth  sector  knowledge
■ Nationwide  distribution  platform
■ Potential  to  expand  into  other  FMCG  
categories
Acquisition  of  a  strategic  stake  in  one  of   ■ Attractive  ratchet-­based  deal  structure
Myanmar’s  leading  alcoholic  beverage   ■ Active  international  M&A  market
manufacturers  and  distributors

FINANCIALS VALUE  ADD

Revenue  (MMK  B) ■ Develop  5  year  business  plan  to  guide  

60
strategic  decisions  
CAGR:  32% 53
51
■ Establish  new  financial  controls,  
41 reporting  and  budget  process
40
■ Recruit  expert  advisors  and  key  
25 management  positions  for  long  term  
20
17 success
■ Advise  on  discussions  with  international  
strategic  partners
0
CY2012 CY2013 FY2014 FY2015 FY2016(F)
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 4. MOF I REVIEW
PROJECT MELBOURNE

INVESTMENT  DESCRIPTION INVESTMENT  THESIS

■ Attractive  profit  sharing  contract

■ Offshore  payment  structure,  no  capital  
repatriation  risk
■ Preferred  return  of  up  to  1.4x  cost
■ Potential  to  scale  through  vertical  
Enhanced  onshore  oil  recovery  project  in   integration  or  expansion
Myanmar  focused  on  existing  producing  
oil  wells

PROJECT  CHALLENGES VALUE  ADD

■ Slow  and  complex  approval  process   ■ Controlled  process  for  project review,  
from  relevant  authorities budgeting  and  financial  management
■ Limited  collaboration  and  support  from   ■ Established  new  task-­based  funding  
MOGE structure
■ Complex  reservoir  dynamics ■ Lead  efforts  to  restructure  project
■ Lack  of  high  quality  reservoir  data ■ Source  deployment  opportunities  for  
■ Global  O&G  environment  slowdown asset  base

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 5. PIPELINE ACTIVITIES

OVERVIEW  OF  SELECTED  PIPELINE  DEALS

Project  Name Sector Stage Deal  Description

Aurora Technology Growth Opportunity  to  invest  in  leading IT services  company

Barley Consumer  Products Early Opportunity  to  build  a  brewery  in  Upper  Myanmar  

Paris Agriculture Growth Opportunity  to  invest  in  pearl  farming business

Rome Financial  Services Growth Opportunity  to  invest  in  motorbike  leasing  business

Opportunity to  invest  in  Myanmar’s  first  regional  internet  

Colombo Technology Growth
infrastructure  company  for  international  connectivity

Opportunity  to  invest  in  beans &  pulses  processing  and  

Porto Agriculture Growth
trading  business
Opportunity to  invest  in  privately  owned  K-­12  
Yuma Education Growth
international  school  in  Yangon

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 6. BUSINESS OUTLOOK
MOF II
Launch  of  second  Myanmar  fund  (MOF  II)  in  Nov  2016  with  USD  30  M  in  
capital  commitments
KEY  MILESTONES  HAVE  BEEN  ACHIEVED
n Over 90% of MOF I committed
n Partial exit realized: successfully sold ~7% of MOF I’s interest in Project Conglomerate (à return of >3x)
n Distribution to LPs: First distribution to LPs for a total of USD 2.8 M
n Leading PE platform: Delta Capital Myanmar established as the most active PE fund in Myanmar with a
dedicated in country team comprising of 8 investment professionals with extensive experience

LAUNCH  &  FUNDRAISING  TIMELINE

Nov-­2016 Oct/Nov-­2016 Mar-­2017 Jun-­2017 Oct-­2017

Seed  Round Roadshow 1st Close 2 Close  up  
nd Final  Close
USD  30  M USD  50  M+ to  USD  75  M USD  100  M+

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 6. BUSINESS OUTLOOK
MOF II

KEY TERMS  OF  MOF  II

Fund  Name Myanmar  Opportunities  Fund  II,  L.P.  a  Cayman  Islands  exempted  limited  partnership
Delta  Capital  Myanmar  GP  II  Limited,  a  Cayman  Islands  exempted  limited  liability  
General  Partner
company
Sponsors Serge  Pun  &  Associates  (Myanmar)  and  Simon  Murray  &  Company  (Hong  Kong)

Delta  Capital  Myanmar  Limited,  a  Cayman  Islands  limited  liability  company  owned  by  
Manager
the  sponsors  in  equal  shares

Fund  Size USD  100  M+

GP  Commitment Each  Sponsor  will  commit  minimum  USD  5  M

LP  Commitment Each  LP  minimum  USD  2  M

Term 10  year,  subject  to  2x  one  year  extensions

Management  Fee 2%  of  committed  capital  (per  annum)

Carried  Interest 20%  of  total  profits  with  8%  hurdle

24