Rhode Island State Investment Commission
FUND VIII PRINCIPAL TERMS
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Fund size
Preferred return
Management fee
Fee offset
GP commitment
Carried interest
Investment period
Fund life
Clawback provision
Suspension provision
Early termination provision
Closing
$800 million, with an $850 million hard cap
8%
2% of committed capital during the investment period
100% for transaction fees paid to the General Partner. 100% for all board
and other advisory-type fees. 100% for all break-up fees.
Greater than 3.0%
80/20 with 120% test for carried interest distributions
6 years
10 years; up to two (2) one year extensions as determined by GP, and up
to two (2) additional one year terms, the first with the consent of a majority in
interest of the Limited Partners and the second with the consent of 66-2/3%
in interest of the Limited Partners.
Yes
Yes
Yes
"Dry" close (no fees, capital calls) expected, prior to Fund VII being fully
committed/reserved
Note: This information is presented as a preliminary summary of certain of the Fund's key terms only and is qualified in its entirety by reference to the "Summary of Terms" in the Fund's Confidential Private
Placement Memorandum and the Limited Partnership Agreement of the Fund.
ENDEAVOUR
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