From: Paul Barrett <██████████████████████>
Sent: Tuesday, May 8, 2018 5:57 PM
To: jeffrey E.
Subject: FW: 2 things

Jeffrey

Any thoughts on these?

Paul Barrett

Alpha Group Capital LLC

142 W 57th Street, 11th Floor,=New York, NY 10019

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From: Paul Barrett
Sent: Wednesday, May 02, 2018 11:04 PM
To: jeffrey E. <jeevacation@gmail.com>
Cc: Richard Kahn <REDACTED>
Subject: 2 things

## Hi Jeffrey

1. I would like to a=locate $5MM to a Credit hedge fund that I know well. I believe we need to =ave a manager who can earn 6-8% net if current credit conditions persist b=t then is able to play the short side and hopefully deliver 10.15% if the credit cycle turns. I negotiated favor=ble terms of 1.5%/15%. Lock up lyr. The founder is a former John Paulson P= who ran their credit book for 10 years leading into the Financial Crisis.=l would fund it with some preferreds that are about to be called.

2. A portfolio manager that I have known for many=years is looking to start a macro hedge fund. How do you feel about seedin= him in exchange for an ownership stake in the GP and Management Company? =y guess is we would need

## Hi Jeffrey (cont.)

a —$20MM-525MM commitment. I have not discussed this with=him but I do think Macro hedge funds are finally going to be able to make =ome money again as QE comes to an end.

Paul

Paul Barrett
Alpha Group Capital LLC
142 W 57th Street, 11th Floor,=New York, NY 10019
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