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The Directors are
responsible for the determination of GSDO's investment policy and have overall
responsibility for GSDO's day to day activities. GSDO has, however, entered into
an Investment Management Agreement with Goldman Sachs Hedge Fund Strategies LLC
("HFS") under which HFS has been appointed with overall responsibility for the
management of the GSDO's portfolio and the provision of various other management
services to GSDO, subject to the overriding supervision of the Directors.
HFS, a Delaware limited liability company, is an affiliate of Goldman
Sachs Asset Management (GSAM) and a wholly owned subsidiary of The Goldman Sachs
Group, Inc. Goldman Sachs, one of the world's oldest and largest investment
banking and securities firms, was founded in 1869. The Investment Management
Division of Goldman Sachs currently serves a wide range of US and non-US clients
including mutual funds, private and public pension funds, governmental entities,
endowments, foundations, banks, insurance companies, corporations, and private
investors and family groups. As of 31 December 2006, GSAM and its advisory
affiliates acted as investment adviser in respect of approximately $627.6
billion in assets under management.
HFS has considerable experience in
constructing and managing fund of hedge fund portfolios and has been in the
business of finding, evaluating and investing with leading hedge fund managers
since 1969, following the creation of our predecessor company, Commodities
Corporation ("CC").
As of March 2007, HFS managed approximately US$19
billion in fund of hedge fund products and allocates capital to 170 Advisors.
HFS comprises a team of 63 people including 33 investment professionals based in
London, New York, Princeton and Tokyo.
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