Objection to Drawings :
A substitute drawing is attached that addresses the Examiner's concern. In addition, the
specification has been amended to remove references to "Figure 1 ."
It is Applicants 1 belief that the objections to the drawing and specification have been
overcome and Applicants respectfully request withdrawal of the objections.
Rejections Under 35 USC SI 12
It is Applicants 1 belief that all rejections under §112, 2nd have been addressed by the
For example, "private market portfolio" has been amended to "private investment
portfolio" thus removing an inconsistency in the claim language. It is Applicants' intent that the
terms are equivalent, and thus this amendment does not affect the scope of the claims.
All instances of lack of antecedent basis for claim terms has been addressed, again
without affecting the scope of the pending claims.
Regarding the definitions of x and y, Applicants submit that x and y are universally
understood to indicate the variables as displayed on a Cartesian graph in which x, the
independent variable, is on the horizontal axis and y, the dependent variable, is on the vertical
axis. The values of x and y are undefined in the equation because they are variables. Applicants
submit that those of skill in the art would clearly understand what is meant by x and y in the
equation of a line as recited in the claims, and respectfully request that this rejection be
The amendment addresses the Examiner's concern regarding the determination of a value
for R in step (c). This amendment is for clarity only, and does not affect the scope of the claims
in any way.
Applicants submit that a "fund of funds" is a term of art and is well understood by those
of skill A fund of funds is an investment fund that invests in a plurality of individual investment
funds. Its structure is well known, and can be summarized as follows:
Individual investors invest in a single fund (the fund of funds), the manager of which
invests the investors' money in a plurality of funds, each of which contains a portfolio of
companies in which they are invested.
The structure can be visualized as follows:
The latest issue of "Private Equity Funds-of-Funds, State of the Market, " published
annually by Asset Alternatives, Inc., publisher of the private investment industry's premier news
periodical, the "Private Equity Analyst," estimates the total capital managed by private market
funds of funds to be $60 billion. It is apparent, therefore, that this is a term of art understood by
those of skill, and does not render the claim indefinite. Withdrawal of the rejection is respectfully
It is Applicants* belief that all the rejections under §112 have been addressed and
Applicants respectfully request withdrawal of these rejections.
Rejections Under 35 USC $101
All rejections under §101 are overcome by the amendment as all pending claims recite
technology within the body of the claim as suggested by the Examiner.
In light of the foregoing amendments and remarks, Applicants respectfully submit that all
claims are in condition for allowance, and solicit an early indication to that effect. Should the
Examiner have any questions regarding this response, she is invited to contact the undersigned
representative at (512) 542-8446.
VINSON & ELKINS L.L.P.
2300 First City Tower
1001 Fannin Street
Houston, Texas 77002-6760
Date: December 21, 2004
Timothy S. Corner
Registration. No. 38,414
Agent for Applicant