MVP - Portfolio

	The Fairways Group, Inc.

	Champion Gate, FL
	Acquired: 2/1/1990
	Status: realized

	Operates public, semiprivate and private golf clubs primarily in the Southeastern United States. MVP first invested in The Fairways Group in February 1990. Its institutional co-investor was the Hillman Company, Pittsburgh, PA. In July 1993, Kohlberg, Kravis and Roberts ("KKR") invested in The Fairways Group. After acquiring The Fairways Group, KKR immediately began to add to its holdings in the golf industry through the acquisition of several properties, including Doral in Florida and PGA West, and LaQuinta both in the Palm Springs, CA area. In October 1999, The Fairways group was sold to the Apollo Group, a large real estate investor.