Bill W. Shoptaw is the Chairman and Chief Executive Officer of TSG. Mr. Shoptaw leads TSG, sets its strategic direction, establishes company policy, and is responsible for raising equity and directing investor marketing. Mr. Shoptaw is directly involved in all aspects of underwriting and financing the investment activities of the funds sponsored by TSG. Mr. Shoptaw has considerable experience in commercial real estate investment. Mr. Shoptaw served as Chairman and Chief Executive Officer of Shoptaw-James, Inc., a commercial mortgage banking company and loan servicer that he co-founded in 1974, until he sold his interest in the company in December of 1997. Under Mr. Shoptaw's leadership, Shoptaw-James originated in excess of $12 billion of mortgage loans on behalf of financial institutions, and at the time the company was sold, it had a mortgage servicing portfolio in excess of $1.2 billion. Mr. Shoptaw was also the primary sponsor and founder of Main America Capital, L.C., a commercial mortgage lending and securitization company. Mr. Shoptaw served as Chief Executive Officer and a Director of Main America Capital, L.C. until the sale of that company in 1998 to Residential Funding Corporation, an affiliate of GMAC. Main America Capital, L.C. originated in excess of $250 million of mortgage loans. Mr. Shoptaw is a graduate of the School of Mortgage Banking sponsored by Northwestern University and the Atlanta Institute of Real Estate. Mr. Shoptaw is a licensed real estate broker in Georgia, South Carolina and North Carolina.