Fund Manager
The Fund is managed by Donnelly Penman & Partners (“DP&P”).  DP&P has extensive experience in the financial services sector.
Investment Professionals
 
John C. Donnelly is the managing member of Donnelly Penman Capital, LLC and a Managing Director and founding shareholder of DP&P. Mr. Donnelly is head of the DP&P financial institutions group and has nearly 25 years of investment banking experience in the financial services sector with a focus on mergers and acquisitions, capital raising and valuation of community and regional banks. Prior to forming DP&P in 2000 with his partners, Mr. Donnelly was a Managing Director in the investment banking department of Raymond James & Associates, Inc. where he focused on the financial services and utilities industries. Mr. Donnelly joined Raymond James in 1999 at the time of its acquisition of Roney & Co. Mr. Donnelly joined Roney in 1993, and was made a General Partner in 1994. While at Roney, he held the positions of Managing Director of Corporate Finance, Co-Head of Corporate Finance, and head of the Financial Institutions Group. He also served on the nine member Executive Committee of Roney from 1995 to 1996. From 1983 to 1993, Mr. Donnelly held the positions of Senior Vice President and Director of Corporate Finance at First of Michigan Corporation (now Oppenheimer & Co. Inc.). Prior to that, he was employed in various positions at both Manufacturers National Bank of Detroit (now Comerica Bank) and Michigan National Bank (now LaSalle Bank, N.A.). Mr. Donnelly received a B.A. degree in Economics from Georgetown University in 1975 and an M.B.A. degree from the University of Detroit in 1978.

Mr. Donnelly has participated in over 40 financial institution capital raises, including 15 successful bank de novo start-ups, since 1997. During that time, Mr. Donnelly has also advised on some of the more important community bank mergers in the Midwest.
 
Sean M. O’Donnell, CFA, Portfolio Manager. Mr. O'Donnell has worked in the financial industry for six years, and joined DP&P in July 2002. While employed by DP&P, Mr. O’Donnell specialized in advising on merger and acquisition transactions, corporate finance, and business valuations for private and public companies, primarily in the banking, automotive and manufacturing industries. In addition, he authored the Midwest Banking Journal, a research and marketing publication produced by DP&P that relates to the investment performance of Midwest de novo and other community banks. Prior to joining DP&P, Mr. O’Donnell was employed from January 2001 to June 2002 as an Associate with Deloitte & Touche Corporate Finance LLC, the investment banking subsidiary of Deloitte & Touche LLP. Mr. O’Donnell has earned the Chartered Financial Analyst (CFA) designation, is enrolled in the M.B.A. program at the University of Michigan Ross School of Business and graduated with high honors from Michigan State University in 2000 with a B.A. degree in Finance.
Advisory Board
To augment the experience of the investment professionals, the Fund seeks counsel of an advisory board in identifying and screening private investment for the portfolio. The Advisory Board consists of established business leaders in banking, real estate and business.

The following are select Advisory Board members:
 
Robert J. King, Jr. is a member of the Fund’s Advisory Board. Mr. King has over 30 years of banking experience covering a broad spectrum of financing activities. Through 2005, Mr. King was President and Chief Executive Officer of Fifth Third Bank (Northeastern Ohio). He also served as a Fifth Third Regional President, managing the Northeastern Ohio, Central Ohio, Western Ohio and Ohio Valley affiliate banks of Fifth Third Bancorp.

Mr. King joined Fifth Third Bank (Cincinnati) in April 1975 as a management trainee. During his tenure with Fifth Third Bank, Mr. King served as Vice President of Institutional Asset Administration, Director of Marketing, Commercial Lending Officer, Customer Service Manager and Marketing Research Specialist. In 1989 Mr. King served as Senior Vice President, Affiliate Administration in Cincinnati. In November 1989 Mr. King joined Fifth Third Bank (Northeastern Ohio) as an Executive Vice President and was promoted to President and Chief Executive Officer in 1990. In 1997 Fifth Third’s Board of Directors appointed Mr. King Chairman of Fifth Third Bank (Northeastern Ohio), in 2002 he was also appointed a Fifth Third Regional President.

Mr. King currently serves on the following Boards: The Greater Cleveland Partnership (Chair, Finance Committee), Achievement Centers for Children, United Way Services, Ursuline College (Co-Chair Capital Campaign), The Catholic Diocese of Cleveland Foundation, The National Conference For Community and Justice, The Cleveland Orchestra and Leadership Cleveland. Mr. King is also a Board Member of The Andersons, Inc., MTD Holdings, Inc. and Shiloh Industries, Inc., and an Advisory Director of Austin Powder and Findley Davies. Mr. King will also be one of the Co-Chairs for the United Way Campaign in 2006.

Mr. King received his undergraduate degree in finance from the University of Cincinnati in 1978 and an M.B.A. from Xavier University in 1981. He is also a graduate of the Stonier Graduate School of Banking.
 
 
John D. Lewis is a member of the Fund’s Advisory Board. After a 36-year career with Comerica, Mr. Lewis retired as vice chairman in 2006. During his tenure, Mr. Lewis served as a director of Comerica Incorporated and Comerica Bank, and a member of Comerica’s Management Policy Committee and Management Council.

Mr. Lewis was instrumental in building and expanding Comerica’s presence in Michigan, Florida, California and Texas. As Director of Corporate Planning and Development in the early 1980s, he led the corporate development efforts to identify and successfully negotiate five acquisitions in Michigan, expanding Comerica’s presence beyond the Detroit metropolitan area. Later, through the mid-1990s, as Director of Affiliate Banking, he led the team that completed more than 30 mergers and acquisitions, establishing Comerica’s footprint in the high growth markets of Florida, Texas and California. Mr. Lewis also had extensive experience managing staff divisions within the Comerica family, including Corporate Human Resources; Corporate Legal; Corporate Marketing and Product Management; Corporate Communications; Corporate Compliance; Government Relations; Public Affairs; Financial Intelligence; Quality Process; and Corporate Contributions.

Mr. Lewis has served on many professional and community organizations. Currently, he serves as chairman of Oakwood Healthcare Incorporated and the Greater Detroit Area Health Council, and is a director and past chairman of New Detroit, Inc. He also is a trustee of the Detroit Institute of Arts Founders Society and the Community Foundation for Southeastern Michigan. In addition, Mr. Lewis serves as a member of the Detroit 300 Conservancy Board, the Downtown Detroit Partnership Board and the University of Detroit Mercy Board. He also is a member of the Sacred Heart Major Seminary Foundation and The Economic Club of Detroit. He has served as chairman and trustee of the Grosse Pointe Academy and Grosse Pointe War Memorial. Among his professional affiliations, Mr. Lewis recently was the chairman of the Bank Administration Institute and a member of The Financial Services Roundtable.

Mr. Lewis holds a Bachelor of Science degree from the University of Dayton, and a M.B.A. from the University of Detroit. He also attended the University of Michigan Graduate School of Banking.
 
 
The information on this website does not constitute an offer to sell or a solicitation of an offer to buy interests in the Fund. Partnership interests in the Fund are only being offered privately to accredited investors by means of the Fund's Private Placement Memorandum, and only to residents of those states in which the Fund has filed or will file a notice of sale.