Mr. Schubauer, has 20 years of experience in the investment banking and venture capital industries and has served as the President and Chief Operating Officer of Westbury since 1998. Prior to joining Westbury, Mr. Schubauer was a partner and senior member of First Atlantic Capital, Ltd. a private equity fund dedicated to growth capital investments. At First Atlantic, Mr. Schubauer was primarily responsible for the origination, structuring, negotiation and monitoring of the firm's middle-market transactions.

Previously, Mr. Schubauer was a senior officer and partner of the private equity investment firm Rosecliff, Inc. Rosecliff managed a capital pool of approximately $150 million targeted for middle-market growth capital financings and management buyouts. In addition to his role as one of the firm's senior investment partners, Mr. Schubauer served as Rosecliff's sole representative on the Board of Directors of a leveraged buyout firm in which Rosecliff held a significant equity interest. This firm's mandate was to invest in the closely held and privately owned business market.

Mr. Schubauer began his private equity investment career as a principal of Wand Partners, L.P. Founded in 1987 as the private equity investment affiliate of S.G. Warburg & Co., Wand has built a recognized presence in middle-market growth capital financings and management buyouts, and is an established investor in specific industry areas including specialty finance, information services and direct marketing. Previously, Mr. Schubauer was a member of CS First Boston's Mergers and Acquisitions Groups in London as well as New York, and a member of Morgan Stanley's Financial Institutions Mergers and Acquisitions Group in New York.

Mr. Schubauer, as President and Chief Operating Officer of Westbury, has direct responsibility for structuring and negotiating the Fund's equity investments and leads the sourcing of investment opportunities. As he has been since 1998, Mr. Schubauer is responsible for managing the day-to-day operations of the investment initiative of Westbury III. He currently serves as a Director of Advanced Interactive Systems, Aurora Flight Sciences, Cryptek, Partsearch Technologies and Top Layer Networks.

Mr. Schubauer earned his BS in Applied Economics and Business Administration from Cornell University and his MBA from INSEAD in Fontainebleau, France.