Represented investment manager Morgan Creek Capital Management, LLC, an equity owner of Endowment Advisers, L.P. (“EA”, which is the manager of The Endowment Fund) in connection with EA’s $86,000,000 acquisition of the 23% EA ownership interest of Sanders Morris Harris Group Inc. (NASDAQ: SMHG).

Morgan Creek Capital Management, LLC is an investment manager that holds an equity ownership interest in Endowment Advisers, L.P., the manager of The Endowment Fund mutual fund. In May 2008, Sanders Morris Harris Group Inc. (NASDAQ: SMHG) and the other holders of interests in Endowment Advisers began an appraisal process relating to the exercise of an option to acquire SMHG’s 23% interest in Endowment Advisers. In September 2008, the parties announced a definitive agreement whereby Endowment Advisers will pay SMHG annually the greater of $12,000,000 in priority to other distributions, or 23% of total distributions, until SMHG has received $86,000,000 plus 6% per annum in retirement of the SMHG interest in Endowment Advisers.

A Seward & Kissel team led by partners James Abbott, Jack Rigney, Peter Pront, Paul Miller and Craig Sklar represented Morgan Creek in connection with this transaction.a