Ann: Agreement to Invest in Cordillera Investment Partners, LP, page-9

Hi Guys

Thanks for taking the time to post. Great points made.

Here are some further points for consideration:
1. Cordillera also appear to be an investor in other funds, similar to Astarte. Here is a news article on one of these investment:
https://www.businesswire.com/news/home/20210727005264/en/ESG-Investor-Galway-Sustainable-Capital-Closes-New-265-Million-Funding-From-Oaktree
As far as I can tell, Cordillera has invested $USD17M in GSC with investor funds.
I don’t know how the $USD265M is reported (not expected to be reportable FUM), but if they assisted it should help them when undertaking further capital raising for themselves.
If the GSC is a partnership then I would expect FUM is reportable.
2. The investment is expected to return 6.5% and 8%. Expect 6.5% to begin with $USD2.0M. The growth to $USD2.5M implies that PAC management are expecting 25% growth in FUM over time. What is this time period?
3. Above returns exclude any performance fees. PAC management have said they expect these in most years, so may miss out this year. Something to look forward to in future years.
4. Based on PAC forecast of earnings of $USD2M implies a fee charge of just under 0.8%.
$USD2M / 0.169 of revenue
= $USD11.8M on $USD1.5B
$USD11.8M / $USD1.5B = 0.783% in management fees.

Best of Luck
Lost