something has gotta give here..., page-20

What the investor presentation doesn't say though is that in the case of banking covenant breaches of assets within the funds, the banks are likely to withhold management fee income.

Which is a real risk right now in Europe.

Being able to augment (or most likely) replace lost management fee income will be depenent on VPG being able to close the current fund that they have in the market and being able to continue their new product platform in a difficult equity raising environment.