Peter Fell, Managing Director, Investment Due Diligence

Peter has more than twenty-five years of asset management experience working with institutional, family
office and high net worth clients to structure multi-manager portfolios to suit a wide variety of investment
mandates.  Prior to joining the firm in 2004, Peter was an Investment Director and Founding Partner of
Starview Capital Management, a firm that was majority-owned by an affiliate of Zurich Financial
Services and managed by senior executives who left as a team from Merrill Lynch.  At Starview Capital,
Peter led investment research and co-managed portfolios with AUM of over $500 million.  From 1996 to
2000, Peter was Vice President of Merrill Lynch Investment Partners, where he acted as a senior analyst
and investment committee member with a focus on hedge fund multi-manager products distributed
through the firm’s retail brokerage system.  Peter began his career in fixed income derivatives where he
worked at Manufacturers Hanover Trust and Deutsche Bank from 1985 through to 2004
Peter earned his BA cum laude from Columbia University and his MBA in Finance from the Columbia
Business School.

Paul Michowicz, CFA, FRM, Managing Director, Investment Analytics

With more than twenty years’ experience, Paul has extensive knowledge of hedge funds, private equity,
corporates, structured products (CDOs, CLOs, RMBS, CMBS, et al), sovereigns, and venture capital. Early
in his career, he focused on derivatives and fixed income. He has worked at Macquarie Capital, Bankers
Trust, Deutsche Bank, Lehman Brothers, Exotix Capital and Seaport Global in various capacities as
portfolio manager, analyst, advisor, and Head of Capital Markets. Paul’s held positions in London,
Madrid, New York and Sydney while traveling throughout much of the USA, Asia and Europe for client
engagements.
Paul earned his undergraduate honors degree in Finance and Accounting at the University of New South
Wales with a thesis on option pricing and his MBA in Finance and Management at the Wharton School
of the University of Pennsylvania where he was a Palmer Scholar.

ORIGINAL
Paul Michowicz, Managing Director, Investment Analytics
Paul is both a Chartered Financial Analyst (CFA) and Chartered Alternative Investment Analyst (CAIA).
With more than thirty years’ experience, Paul has extensive knowledge of hedge funds, private equity,
corporates, structured products (CDOs, CLOs, RMBS, CMBS, et al), sovereigns, and venture capital. Early
in his career, he focused on derivatives, fixed income and futures. He’s worked with the Sydney Futures
Exchange, Bankers Trust, Deutsche Bank, Lehman Brothers, Texel Fixed Income, Exotix Capital and
Seaport Global in various capacities as investment manager, analyst, advisor, corporate credit analyst,
and head of investment banking and capital markets. Paul’s held positions in London, Madrid, New York
and Sydney while traveling throughout much of the USA, Asia and Europe for client engagements.
Paul earned his undergraduate degree in Finance at the University of New South Whales and his MBA in
Finance at the Wharton School, University of Pennsylvania where he was a Palmer Scholar.

Elise Hubsher, Managing Director, Investment Strategies

Over thirty years of experience in asset management & financial services, especially alternatives such as
hedge funds, fund of funds, private credit, and private equity. Elise’s experience ranges from marketing
to structuring to evaluation of fund strategies and investment opportunities. Prior to joining Kenmar,
Elise was Managing Director at Canyon Partners in Marketing and Business Development. Before
Canyon, she spent seven years at Fortress Investment Group where, as Managing Director, she
developed, mentored and ran the consulting team domestically and internationally for the Credit,
Private Equity and Liquid Markets businesses. Earlier she ran the US operation of a Toronto based asset
manager. Elise also worked in equity and fixed income derivatives while at J.P. Morgan and Goldman
Sachs.

Elise earned her AB in mathematics (Phi Beta Kappa) at Vassar College and her MBA in Finance from The
Wharton School at the University of Pennsylvania.