Re: Greg Hersch/Renaissance
fine
--- DKIESQ@aol.com wrote:
I reviewed the Renaissance fund Subscription Docs
and Offering Docs which
Greg sent to me on Friday. I note that there are a
few points of which you may
not be aware:
- There is a 1% placement fee, which Greg cannot
get waived. That is,
$10,000 on the $1MM subscription
- Greg Hersch's firm get's 60% of that Placement
Fee and Citigroup
Alternative Investments ("CAI") gets 40% of the
placement fee.
- Hersch/CAI also get 1% per annum management
fee payable monthly. The
split for that fee is: Hersch's Firm - 40%/CAI -
60%
- In addition to that management fee, a 0.5%
management fee is paid to
the Portfolio Manager.
- In addition to the portfolio manager's fixed
fee, the Portfolio
Manager also receives a 10% incentive allocation.
- Withdrawals are permitted quarterly, but only
after a one-time 6-month
lock-up. All withdrawals require notice of at
least "65 calendar days plus
3 business days prior to quarter-end"Greg did not inform us of the 6-month lock-up, the
placement fee or the
remaining fee structure (that is, 1%. 0.5% and 10%)
until after he sent me the
documents, but Greg did volunteer "in full and fair
disclosure", without being
asked, that Greg's firm was going to get 60% of the
placement fee and 40% of
the 1% management feeDarren K. Indyke
Attorney-At-Law
457 Madison Avenue
4th Floor
New York, New York 10022
Tel: 212-750-1176
Fax: 212-750-0381
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