The 12/08 presentation claims that 37% of the balance sheet...

The 12/08 presentation claims that 37% of the balance sheet assets are UK assets - which doesn't quite reconcile with the $250m number.

VPG co-invests in its managed funds as well of course and there is UK exposure through Tap, Osprey, IIP, the Industrial Trust, VOF UK etc. This is a concern that receives little focus. We can get our minds around the debt position of balance sheet assets, but know comparatively little about the debt and covenant position within the funds.

Why should it matter when it's recourse to the funds only? Firstly because VPG is an investor in these funds. Secondly, because in the case of breaches, the banks are likely to lock up fund management fees. Not to mention any possible refinancing issue, putting AUM, the investment in these funds and fees at risk.