Subject: Re: GS agreement thoughts
From: "Devon Archer" <[email-masked]>
To: "John DeLoche" <[email-masked]>
Cc: "Hunter Biden" <[email-masked]>, "Neil Callahan" <[email-masked]>, "Will Lee" <[email-masked]>, "Rob Walker" <[email-masked]>, "Eric Schwerin" <[email-masked]>
Date: Thu, 20 Mar 2014 22:05:15 -0400

So we would basically give up $150k annually and the carry on the $15mm in order for them to come into the fund for $2.5-$5mm type range.

At $5mm you've already replaced $100k of annual revenue.

The carry portion a little more to swallow because if Counsel does what we think that's several million.

Probably a smart move still though in that the goal and real wealth creation will be a result of raising and investing the fund 2, 3, 4 and 5.  Goldman as an anchor helps start that story.

> On Mar 20, 2014, at 9:34 PM, John DeLoche <[email-masked]> wrote:
> 
> Just got off a call with GS. They gave approval to lob in the term sheet to Counsyl today.  They will put in $15mm into a vehicle on same terms as our prior deal. 
> 
> I floated the idea of them committing to the fund directly and then investing on a no fee no carry basis the balance. It would help us a lot more if we could tell people GS is paying us 2 and 20 in our main fund, even for a nominal amount. Doing so in this deal could be economically better to them but allow us to credibly say they are in the fund. 
> 
> We agreed to figure it out tmw in person either before or after the Counsyl DD meeting. 
> 
> Let me know your thoughts. 
> 
> Would be great for all who are in the Bay Area tmw to join for the Counsyl meeting and lab tour (12:30-2:30). 
> 
> Best,
> 
> John 
> 
> Sent from my iPhone
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