Fund Notes 4-1-02

Cobrafund USA LP of New York is raising $500 million through a private placement of partnership interests. A minimum investment of $1 million is required. At the time of its SEC filing, the fund had already raised $3.75 million from one accredited investor. The private investment partnership intends to use the proceeds from the offering for working capital.

ML Alternative Strategies Absolute Returns LP of Plainsboro, N.J., is raising $400 million through a private placement of common stock. A minimum investment of $250,000 is required. Pierce Fenner & Smith Inc. of Plainsboro is acting as the placement agent for undisclosed fees. At the time of its SEC filing, the fund had already raised approximately $12.03 million from 32 accredited investors. The private investment limited partnership intends to use the proceeds from the offering for investments.

Paragon Fund LP of Chicago is raising $50 million through a private placement of limited partnership interests. A minimum investment of $500,000 is required. At the time of its SEC filing, the fund had already raised approximately $21.24 million from 29 accredited and non-accredited investors. The investment fund intends to use the proceeds from the offering for working capital, salaries and fees.

Blue Rock Capital II LP of Wilmington, Del., is raising $25 million through a private placement of limited partnership interests. A minimum investment of $200,000 is required. At the time of its SEC filing, the fund had already raised $10.33 million from 15 accredited investors. The venture capital fund intends to use the proceeds from the offering for working capital and legal, accounting and insurance fees.

Ardent Asset Advisors LP of Andover, Mass., is raising $2 million through a private placement of limited partnership interests. A minimum investment of $50,000 is required. At the time of its SEC filing, the fund had already raised $7.5 million from accredited investors. The investment partnership intends to use proceeds from the offering for investments.

Versant Venture Capital II LP of Andover, Mass., raised $396 million from 46 accredited investors through a private placement of limited partnership interests.