Corporate Opportunities Fund
This fund started in March 1999 with $48 million in capital. Sparked by early success in life sciences investments, Corporate Opportunities Fund now focuses exclusively on opportunities in later-stage life sciences companies, both private and micro-cap. public companies. Preferred areas of interest within life sciences include specialty pharmaceutical, drug delivery companies as well as companies with specialized intellectual property. The fund will also invest in special situations where a company may need assistance to realize the potential of hidden assets. This fund is now fully invested.

Life Sciences Opportunities Fund
This fund started in August 2001 with $11 million in capital. Its focus is on earlier-stage life sciences companies with unusual promise. Of particular interest are companies with a strong intellectual property position and validation through corporate collaboration and positive clinical trial results.

Life Sciences Opportunities Fund II
This fund started in December 2003 with $107 million of committed capital. This fund will invest in companies in the life sciences and healthcare industry. It will invest $2 to $10 million per transaction in smaller life sciences companies. The sectors of greatest interest to the new fund include generic and specialty pharmaceutical companies, drug delivery businesses and companies that provide services to pharmaceutical companies. To a lesser extent, the fund, will also consider investments in medical devices, healthcare services and other companies in the healthcare sector.

Environmental Opportunities Fund I and II
The earliest of SMH's Private Equity Funds have leveraged off the firm's long strength in corporate finance for the environmental industry. Environmental Opportunities Fund, Ltd., formed in January 1996 with $38 million of capital commitments, invests in a highly selective portfolio of investments in substantially undervalued or rapidly growing companies operating primarily in the environmental sector. The tremendous success of the Fund prompted the creation of a sister investment vehicle, Environmental Opportunities Fund II, Ltd., in June 1998 with capital commitments of $75 million. Like its predecessor, this Fund provides qualified, risk-tolerant investors an opportunity to participate in potentially high-growth plays within the environmental and industrial-service industries.