Fund Notes 5-27-02

ASTA Finance LLC of New York is raising an undetermined amount through the private placement of limited liability company membership interests. A minimum investment of $250,000 is required on the deal. Citicorp Investment Services of New York is acting as the agent on the placement for $340,000 in sales commissions. At the time of its SEC filing, the company had raised $52 million from 78 accredited investors. The private investment fund intends to use the proceeds for investment in securities.

Morning Light Offshore Ltd. of Hamilton, Bermuda, is raising $1 billion through an offering of common shares. At the time of its SEC filing, the fund had already $760,000 from two accredited investors. The private investment partnership intends to use the proceeds from the offering for the investment program/ securities.

Vardon International Ltd. of Grand Cayman, Cayman Islands, is raising $1 billion through an offering of Class A, AA, B and BB common shares. A minimum investment of $250,000 is required on the placement. At the time of its SEC filing, the fund had already $942,636 from two accredited investors. The fund, which will invest, reinvest and trade in securities, intends to use the proceeds from the offering for investment in securities.

Ascend Partners Sapient LP of San Francisco is raising $500 million through a private placement of partnership interests. A minimum investment of $500,000 is required on the placement. At the time of its SEC filing, the company had raised $82.38 million from 23 accredited investors. The investment limited partnership intends to use the proceeds from the offering for investment purposes.

Carlyle Management Group Partners LP of Washington, D.C., is raising $500 million through a private placement of partnership interests. At the time of its SEC filing, the fund had already raised $459.4 million from 40 accredited investors. The investment fund intends to use the proceeds from the offering for working capital.

Eagle Yield LLC of Princeton, N.J., is raising $300 million through a private placement of limited liability company interests. A minimum investment of $3 million is required on the placement. At the time of its SEC filing, the fund had already raised $16.25 million from three accredited investors. The LLC, which invests in securities, intends to use the proceeds for undisclosed purposes.