Stockvestor, you wrote:
> 2 & 3 are investment funds
Actually, RCP Advisors 2 and RCP Advisors 3 are segments of the RCP Advisors investment management firm. This firm launches and maintains a couple of dozen RCP Funds, as we have delineated in the past, such as the new "flagship" RCP Fund XIII, and the various co-investment and buyout Funds.
RCP Advisors 2&3 receive mgmt fees from mega-investors on these Funds (at different percentages up to 1% according to the RCP Form ADV and Form ADV "brochure").
PIOE now owns the rights to those mgmt fees. This is the main component of their current and future revenues.
If RCP 3 acquired another investment management firm, the reason it would do so would be to acquire the claim on the mgmt fees that the firm earns as revenues. And because PIOE has rights to the RCP mgmt fees, it would show up on PIOE's financial statement.
That's my thinking about why the recent shareholder letter talked about PIOE/RCP in discussions about acquiring an investment management firm.
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