I think you are right about the ownership of 2 & 3. I went back an read the YE F/S’s which provide a pretty good description. I do not think that 2 & 3 will buy another fund manager. The investments in the funds are outside monies. They are not PIOE’s. When investments in PE are sold, money is liquidated to investors.
What I found interesting was below from F/S:
RCP 2 serves as investment manager and owns 100% of the voting interests of the general partners of each of the following Funds: Fund VIII, LP (Fund VIII), RCP Fund IX, LP (Fund IX), RCP Fund X, LP (Fund X), RCP Fund XI LP (Fund XI), RCP Secondary Opportunity Fund II, LP (SOF II), RCP FF Small Buyout Co-Investment Fund, LP, RCP FF Small Buyout Co-Investment Fund II, LP, and RCP Direct II, LP. Certain nonvoting interests of the general partners of these Funds, including the carried interest are owned by non-owner partners and employees, and board of managers of RCP 3.
Is the general partner interest just a voting interest or an ownership interest?
How is it valued in the FS’s? What is the fair value and liquidation value?
There are a lot of unanswered questions to this investment. Cash flows being only one.
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