Administration July 2, 2002

Progress Unveils Private Equity Product

February 7, 2002 (PLANSPONSOR.com) - Progress Investment Management Company introduced a new private equity product, Discovery Fund II, designed for pension funds, endowments and foundations.
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When fully funded, Discovery Fund II will be a $200 million fund-of-funds, invested chiefly in 15-18 general partnerships that specialize in venture capital, buyouts and special situations, according to a media release from Progress.

The fund will be managed in part by small, top-quartile firms, specifically first and second time funds and partnership funds of less than $300 million.

In explaining this move, Progress cites research from Venture Economics that shows that top-quartile first-time funds and top-quartile smaller funds have outperformed the universe of all top-quartile private equity funds, over the past decade.

Progress Investment Management Company, a subsidiary of FleetBoston Financial, manages over $4 billion in public equities, fixed-income securities, private equity and hedge funds for a variety of pension funds and other institutional investors.

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