The Lynde and Harry Bradley Foundation, Inc.

Alternative Investment Opportunities

Name of Fund:

General Partners:

Sponsor Organization:

Offering Size:

Minimum Investment:

First Close:

Second Close:

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Objective:

Comment:

TCW/Crescent Mezzanine Partners III, L.P.

TCW/Crescent Mezzanine III, L.P.

TCW Leveraged Finance Group

$850 million

$5 million but subject to negotiation

$500 million about March 1, 2000

Rolling closes until Fund achieves $850 million target level

1.75% per annum during investment periods; reduced thereafter

Return of capital plus 8% preferred return. 80/20 split thereafter

Focus on "value" companies with strong fundamentals. Leveraged buyouts, acquisitions, refinancings, recapitalizations or later stage growth capital. Securities or loans in the $15 million range.

Bradley Foundation has $5,000,000 investment in TCW/Crescent Mezzanine Partners I, L.P. This fund had a 6.64% IRR through January 31, 2001.