Tivoli was established to make investments in Europe. Tivoli 's initial activity in Europe has been investing in German closed-end funds. This is a nascent market which we believe will benefit from an additional participant, particularly a firm such as Tivoli that offers an institutional quality liquidity platform to prospective sellers of German closed-end fund interests.

We have established relationships with private bankers, distributors, exchange platforms and fund initiators, and intend to maintain long-lasting, mutually beneficial relationships with these market participants to help them meet their clients' liquidity needs. Tivoli's expansion into the closed-end fund market currently represents a small portion of Tivoli and its affiliate's overall investment strategy; however, Tivoli has a long-term investment horizon and expects its activity in this market to grow over time.