In addition to sponsoring and managing leveraged buyout investments through the U.S. Equity Partners family of funds, we are also engaged in a variety of other investment activities. We manage an extensive portfolio of debt and equity securities and related investments on behalf of our shareholders and other investors, as well as a portfolio of historical investments made by a venture capital affiliate. The venture capital portfolio is in the harvest stage. In addition, we have initiated additional distinct investment efforts focusing on India and companies serving the water industry.

Turtle Mountain, LLC

We are currently the largest investor in Turtle Mountain, LLC, the leading dairy free ice cream, yogurt and beverage company. Turtle Mountain markets its products under the So Delicious (premium ice cream, yogurt and beverage) and Purely Decadent (super-premium ice cream) brand names.

India Investment Effort

We have developed an investment effort in the emerging markets -- India and the Gulf Cooperation Council in particular. We established an office in New Delhi, India with an aim towards both assisting in the strategic expansion of our existing portfolio companies and also investing directly as principal in profitable and growing concerns in India and the GCC. We have assembled a team in India that consists of Wasserstein & Co. employees from the U.S. and local executives with a long history of management and operations in the region.

Wasserstein Simonds Water Fund

We, in partnership with water industry veteran Robert Simonds, have formed the Wasserstein Simonds Water Fund, LP to make equity investments in middle market companies based in North America that provide goods and services to the water industry. The water fund intends to capitalize on a broad range of secular trends and demographic shifts that have created powerful growth catalysts for well-positioned companies in this sector. The water industry is a compelling sector for private equity investment at the current time due to the following factors:

• Acute supply shortages both in North America and globally;
• Significant increases in capital spending are starting to occur;
• Higher water prices are becoming widely accepted by consumers;
• Large and highly-fragmented industry with countless privately-owned businesses.