This excerpt taken from the COWN 10-Q filed Aug 6, 2008.
Closing of Cowen Healthcare Royalty Partners, L.P.
On July 21, 2008, the CHRP Fund was closed with capital commitments in excess of $500.0 million, the maximum size permitted under the CHRP Fund's limited partnership agreement. The CHRP Fund is managed by Cowen Healthcare Royalty Management, LLC ("CHRP Management"), an indirect wholly-owned subsidiary of the Company. CHRP Management makes long-term investments in commercial and near-commercial stage healthcare products and companies worldwide through the purchase and monetization of passive royalties, the creation of Synthetic Royalties(SM), and investments in royalties combined with equity or debt securities.