OUTSOURCING SERVICES FOR ALTERNATIVE INVESTMENTS

With the explosive growth of alternative investments, many managers today are dealing with increasing client sophistication and demands, risk management protocols and business management scrutiny. By outsourcing to SEI, your firm gains the necessary infrastructure to enhance your business, which allows you to focus on your core strengths: managing money and servicing your clients. Our broad industry expertise and comprehensive array of capabilities enable us to create an end-to-end operating solution that is customized to fit your products, your existing systems, and the client experience you want to deliver.

SEIs Investment Manager Services Division is a leading global provider of business operating solutions to investment management organizations worldwide. Our clients are retail and institutional investment managers with global offerings that span the investment management industry, including alternative investments, regulated investment vehicles, separately managed accounts and institutional accounts. SEI offers comprehensive alternative investment administration, accounting, investor servicing, trustee, and custody services. We service key domiciles including the U.S., Ireland, the Cayman Islands, BVI, and the Bahamas. We have the expertise to support the specific needs of hedge funds, funds of hedge funds, private equity funds, and registered alternative investment products.

Hedge Funds & Funds of Hedge Funds

Accounting
Calculate net asset values Calculate performance and management fees Reconcile and record expense accruals Verify and record income accruals for fixed income issues Monitor individual equity securities for cash dividends, corporate actions and capital changes Maintain books and records of the fund in accordance with the funds governing documents Enter all security transactions, as well as investor subscriptions and redemptions, into the accounting records Review and reconcile prime broker/custody agents statements Transmit portfolio and accounting records to the investment manager Support multi-series, equalization and partnership accounting Process underlying fund investment transactions for funds of funds Gather underlying fund valuations for funds of funds

Hedge Funds & Funds of Hedge Funds (continued)

Administration
Prepare financial statements Coordinate the completion of regulatory filings Liaise with auditors and coordinate audit timetables Review income and expenses Assist in fund exchange listing Report to rating agencies and performance tracking services Review draft offering documents and investor applications and provide recommendations regarding compliance issues and operational considerations Provide tax service support for U.S. partnerships

Treasury Services
Establish and maintain bank accounts Reconcile daily with bank Pay expense invoices Process wire transfers to investors Maintain file of wire transfers

Reporting Services
Establish reporting requirements with client Calculate performance returns at investor level Report fund and investor interests on periodic basis Prepare financial statements and footnotes for annual audit

Enhanced Front- and Middle-Office Services

Provide flexible reporting for portfolio exposure and analytics, fund liquidity and fund performance Deliver independent bank loan processing via multiple-data sources and specialized reporting Provide robust post-trade compliance testing, review and reporting Manage collateral for OTC derivatives by providing an automated, controlled, and independent method to track counterparty exposure Offer independent primary pricing from numerous third-party pricing vendors Provide a monthly administrative NAV Confirmation statement to end investors on asset/ liability reconciliation and confirmation and price analysis Offer risk measurements and reporting capabilities for multi-currency and multi-assetclass portfolios

Investor Servicing
Process subscriptions and redemptions Distribute month-end and quarterly investor reporting Process investor confirmations and statements Assist in anti-money laundering (AML) and USA PATRIOT Act compliance Facilitate investor money movement

Trustee & Custodial Services

Services provided to Irish-domiciled funds and offshore funds through one of SEIs regulated entities. Safekeeping of assets Compliance review with appropriate regulatory agencies Review of valuation process and NAV calculation Interface daily with prime brokers/sub-custodians Prepare annual trustee reports to shareholders/ unitholders

Private Equity Funds

Accounting
Maintain books and records of the fund in accordance with the funds governing documents Calculate management fee and carried interest amounts Maintain ledger of funds investor and investment transactions Review and process investment valuations Reconcile stock positions Maintain subsequent close records and calculate closing interest charges Establish investor allocation rules and maintain capital accounts Process transfers or assignments of member interests Track investor commitments, capital calls, and distributions

Treasury Services
Establish and maintain bank accounts Reconcile daily with bank Pay expense invoices Direct disbursements to investments Process wire transfers to investors Maintain file of wire transfers

Limited Partner (LP) Services

Accept subscription agreements Establish and maintain investor information on database Prepare and distribute capital call notices Track and report late or failed capital call receipts Prepare and issue distribution notices Maintain investor correspondence file Track LP documents

Administration
Review draft offering documents and investor applications and provide recommendations regarding compliance issues and operational considerations Liaise with auditors and coordinate audit timetables Maintain funds audit package Review expense budget

Assist in anti-money laundering (AML) compliance Distribute quarterly reports

Reporting Services
Establish reporting requirements with client Calculate performance returns at investor, legal entity and investment level Report fund and investor interests quarterly Prepare financial statements and footnotes for annual audit Prepare and issue monthly management reports

FOR MORE INFORMATION, contact us at 610.676.1270 or at ManagerServices@seic.com

About SEIs INVESTMENT MANAGER SERVICES

The SEI Difference
Commitment to Superior Client Service. Alfred P. West, Jr., SEIs Chairman and Chief Executive Officer, frequently reminds us, Our clients are the true measure of our success. As a company, we understand that the reason for our existence is to deliver value to our clients. All activity starts and ends with the client. We believe that the client experience that we strive to deliver separates us from other providers. Experience. SEI has experience with and provides services to some of the most complicated structures and trading strategies. Our team has extensive conversion expertise and integrates solutions for the most complex and sophisticated investment platforms in the industry. Our level of experience helps us support the products of today as well as the innovations of tomorrow. Business Process Automation Platform. Investors expect a stable, well-tested and transparent operating environment. To mitigate risk and effectively process information for our clients sophisticated and complex strategies, SEI applies automation and controls. For example, we use workflow technology to create more standardized processes and provide audit trails. A Controlled and Process-Driven Environment. In todays environment, having the right operating environment is not only a requirement for long-term success, but it can also be a competitive advantage. As your strategic partner, we seek to maintain an operating environment that upholds the highest compliance standards and follows industry best practices. For example, we undergo annual SOC 1 Type II certification examinations (formerly SAS 70 Type II) in accordance with SSAE 16 guidelines, and test our Disaster Recovery and Business Continuity Plans annually. Thought Leadership. An important component of SEIs efforts to provide clients with business and industry insights is the SEI Knowledge Partnership. The program has been created to provide our investment manager clients with expert, forward-looking analysis of critical business questions. From the challenges of targeting institutional investors to ongoing regulatory developments, our expertise allows us to deliver business insights and market intelligence to help you succeed.
SEIs Investment Manager Services division provides comprehensive operational outsourcing solutions to support investment managers globally across a range of registered and unregistered fund structures, diverse investment strategies and jurisdictions. With expertise covering traditional and alternative investment vehicles, the division applies customized operating services, industry-leading technologies, and practical business and regulatory insights to each clients business objectives. SEIs resources enable clients to meet the demands of the marketplace and sharpen business strategies by focusing on their core competencies. The division has been recently recognized by Buy-Side Technology as Best Fund Administrator, by Hedge Funds World Middle East as Best Service Provider, by Global Investor as Hedge Fund Administrator of the Year, and by HFMWeek as Best Single Manager Hedge Fund Administrator (Over $30B AUA) in the U.S. and Best Administrator Technology Provider in Europe. seic.com/IMS

ABOUT SEI
SEI (NASDAQ:SEIC) is a leading global provider of investment processing, fund processing, and investment management business outsourcing solutions that help corporations, financial institutions, financial advisors, and ultra-high-net-worth families create and manage wealth. As of June 30, 2012, through its subsidiaries and partnerships in which the company has a significant interest, SEI manages or administers $424 billion in mutual fund and pooled or separately managed assets, including $182 billion in assets under management and $242 billion in client assets under administration. Services provided by SEI Investments Distribution Co.; SEI Institutional Transfer Agent, Inc.; SEI Private Trust Company, a limited-purpose thrift; SEI Trust Company; SEI Investments Global Fund Services; SEI Global Services, Inc.; SEI Investments Global Fund Services Limited; SEI Investments Trustee and Custodial Services (Ireland) Limited; and SEI Investments Global (Cayman) Limited, which are wholly owned subsidiaries of SEI Investments Company.

2008-2012 SEI

120836 I US (09/12)