On July 4, 2006, GMP Capital Trust announced the completion of the acquisition of EdgeStone Capital Partners, L.P., the manager of the EdgeStone group of funds, together with a portion of the carried interest entitlements in EdgeStone's funds, for $62 million in cash and 4.02 million exchangeable limited partnership units of Griffiths McBurney L.P., a subsidiary entity of GMP Capital Trust. Each of the exchangeable units is exchangeable into units of GMP Capital Trust on a one for one basis. EdgeStone is one of Canada's leading private equity firms and has managed in excess of $2 billion of private capital on behalf of institutional and high net worth clients. Based on the closing price of the units of GMP Capital Trust on June 15, 2006, the deal is valued at approximately $155.4 million. Fasken Martineau acted for GMP Capital Trust in connection with the transaction with a team led by Craig Brown and consisting of Alfred Apps, Sean Stevens, Lisa Marcuzzi, Kevin Clinton, Geoff Clarke, Karoline Kralka, Krisztian Toth, Dan Rankin, Dan Fabiano and Ben Lee (corporate/mergers and acquisitions), Mitchell Thaw (tax), Patrick Gannon (employment and benefits), May Cheng (intellectual property) and Steve Blimkie (real estate).