Mr. Donald Spencer is a Co-Founder and serves as Partner, Managing Director at Siguler Guff. He has primary responsibility for strategic issues and special projects. He has extensive legal experience in investment and partnership structure issues, as well as diverse experience in the areas of client reporting, financial controls, and data processing. Before 1995, Mr. Spencer was a Senior Vice President and portfolio manager in the Private Equity Group of PaineWebber, with responsibility for the evaluation, due diligence, and monitoring of private equity investments and the administration of private equity funds managed by the Group.