Conflicts of Interest

Like our peers in the private equity industry, we may from time to time find that a conflict has arisen between our interests and the interests of the limited partners in one or more of our private equity funds.  Because we recognize that our long-term success requires us to resolve such conflicts appropriately, the agreements governing the relationship among us, our affiliates and the limited partners of our private equity funds include arrangements for the resolution of any such conflicts.

Furthermore, the FSA Handbook and the Markets in Financial Instruments Directive and the UK capital markets affiliate that we are currently developing must establish appropriate systems and controls to manage any potential conflicts of interest. Accordingly, we have adopted a conflicts of interest policy for these businesses.