In the past decade, regulatory, technological and competitive developments have created an enormous number and variety of investment opportunities in the media and communications industries. As with the 1997 Fund, WallerSutton seeks to leverage the extensive relationships and industry experience of its Partners and other investment professionals to help management teams build successful companies in these industries. The Fund's relationships include owners, directors, managers, investors and entrepreneurs as well as institutional lenders and investors that are actively involved in the cable television, broadcasting, publishing, marketing services and software, information services, outdoor advertising, network programming, new media, wireless and wireline communications services and other information and communications technology businesses.            Within our media and communications focus, we employ a multi-stage investment strategy. WallerSutton considers everything from expansion capital for early to mid-stage companies with superior growth potential to leveraged acquisitions of well-established, profitable companies. Our target investment size in a portfolio company is $5 to $15MM; however, where appropriate, larger amounts of capital are available through the co-investment capabilities of our limited partners.