itly paying for the time value of money spent up front for the build out until such vehicle is ready to generate revenues. Seeders at Guggenheim and Hutchin Hill paid for these upfront expenses in addition to having to wait for the long time it took to get off the ground and start generating revenues. This is

be created. Over the past 5.5 years, there have been two substantial attempts at launching multi-strategy funds. They were Guggenheim Partners and Hutchin Hill. In the case of Guggenheim, the managing members have boasted that they spent $25 million on infrastructure build-out. I have no doubt that a substa