Alternative Investment Analysis Exhibit A

Fund Name:

GS Private Equity Partners, L.P.

General Partner:

The Goldman Sachs Group. L.P.

Investment Manager:

Goldman Sachs Asset Management (GSAM)

Fund Amount:

Initial capitalization at least $250 million.

Closing Date:

About February 24, 1997

Partnership Interest:

Limited partnership interest

Fund Objective:

Seek to realize long-term compounded returns in excess of those available through conventional
investments in the public equity markets. In general, returns in excess of 20% annually (net) to
Limited Partners will be sought. The fund seeks to construct a broad and varied private equity
portfolio consisting of both pooled investment vehicles and privately negotiated transactions.
Investments could include buyouts, venture capital, distressed securities, mezzanine financing,	oil and gas, and timber.

Investment Diversification:

Structured similar to a "fund of funds". 75% of fund to be invested in other partnership investments.

25% of fund to be invested in direct investments.

Minimum Commitment:

$2,000,000

General Partner Commitment:

$10 million by Goldman Sachs.

Expected Return:

+ 20% net of all fees

Commitment Period:

1-2 years

Investment Period:

4-5 years

Fund Terms:

Terminates no later than December 31, 2008

Present Commitments:

Various including two major pension funds.

Management Fees:

$5 million or more 1%

Less than $5 million 1.25 %

Management fee applied to total capital commitment until 85% of committed capital has been drawn

down. Thereafter, management fee applied to Partner's invested capital.

Organizational Expenses:

General partner will pay its own administrative costs. Fund will pay for all ordinary and extraordinary

expenses of operating fund including organizational and start-up expenses.

Allocation of Net Profits and Losses:

Base Return

Limited Partners

Return of contributed capital

&

Contributed capital to pay the management fee

&

Preferred return of 8% per annum compounded annually on unreturned

Invested Capital.

Catch Up

Carried interest partner will receive all subsequent Portfolio Distributions until it has

received aggregate distributions equal to the Carried Interest amount.

Remaining Distributions

Source of Profits	Limited Partners	General Partner

Other Partnership Interests	95%	5%

Direct Investments	85%	15%

Tax Exempt Institutions:

The General Partner anticipates that the majority of the Fund's investments will not generate

substantial amounts of unrelated business taxable income ("UBTI"); however, there are no

restrictions on the Partnership's ability to receive income that could be characterized as UBTI.	Limited partners will be provided annual report of income subject to UBTI.

Observations:

1. Fund will have a "fund of fund" characteristics with investments in a variety of alternative
investment categories.

2. Advantages of Goldman Sachs involvement:

a. Ability to draw upon its network to access investment oppotunities.

b. Employ extensive private equity expertise in evaluating and structuring proposed
investments.

3. Possible access to information about partnership investment opportunities for direct investment

by the Foundation.

4. Philip Cooper, lead investment manager of Fund, is new to Goldman Sachs.