The Investment Advisory Board is comprised of knowledgeable individuals with backgrounds in industry, private equity and restructuring transactions. The members of the Advisory Board assist Sigma in sourcing and evaluating investment and exit opportunities as well as in monitoring the Fund's portfolio companies.

Michael Gray
Mr. Gray is the President and Director of The Gray Insurance Company, a Louisiana-based Property and Casualty Company founded in 1978. Over the past 19 years, Mr. Gray has held other executive and senior-management positions in the insurance industry. In 1996, Mr. Gray co-founded The Gray Casualty Company and in 1998 he co-founded The Gray Oil & Gas Company. Along with his roles at the Gray Insurance Company, Mr. Gray serves as a Director of Delta Title Corporation, the largest Title Insurance Agency in the state of Louisiana and as Director of the Louisiana Insurance Guaranty Association.

Robert Growney
Mr. Growney is a Partner at Edgewater Growth Capital Partners, a Chicago-based private equity fund. Prior to joining Edgewater, Mr. Growney was President, Chief Operating Officer, and Vice Chairman of Motorola. In addition to his responsibility for Motorola's $30 billion global operation, Mr. Growney oversaw Motorola's minority equity portfolio of 240+ companies, including those in the Motorola Ventures portfolio. After he joined Motorola in 1966, Mr. Growney held a variety of managerial positions during his long tenure with the company. At various times throughout his career, he had direct responsibility for the Radio Technologies Group; Paging and Telepoint Systems Group; Paging and Wireless Data Group; and the Messaging, Information, and Media Sector. Mr. Growney serves on the Advisory Board of Rudyard Partners, an early stage VC fund established by his son, Matthew Growney (see "Executive Advisory Panel").

Michael Littenberg
Mr. Littenberg is a Corporate Partner at New York's Schulte Roth & Zabel LLP, a full service law firm with over 350 attorneys. Michael represents clients in connection with investment transactions (including private placements in public entities and venture capital), mergers and acquisitions, public offerings, joint ventures and strategic alliances. His clients include investment funds, investment banks and boutique advisory firms, smaller high growth as well as large cap companies, special committees and shareholders.

Steve McKenna

Prior to joining Sigma’s Advisory Board, Stephen McKenna was a Managing Director of CCMP Capital, a middle market private equity firm. Mr. McKenna focuses on making investments in the industrial and consumer sectors and has been responsible for CCMP's investments in National Waterworks, Interline Brands, Generac Power Systems, Jetro Holdings, PQ Corporation, Compressed Air Energy Systems, Pliant Corporation and Western Hub Properties. Prior to joining CCMP in 2000, Mr. McKenna worked in the Consumer Investment Banking Group of Morgan Stanley. He joined Morgan Stanley from the Industrial Mergers & Acquisitions Group of JPMorgan. Mr. McKenna holds a B.A. from Dartmouth College and an M.B.A. from the University of Chicago Graduate School of Business.

Dr. Ajay Mookerjee
Dr. Mookerjee is the CEO of SunTrust Bank’s Credit Card Division and he is also an Executive Vice President of the Atlanta, Georgia based bank. Prior to SunTrust, Dr. Mookerjee built Capital One’s Global Partnership Cards Division as the Managing Director & CEO of that Group. At the end of his tenure with Capital One, Dr. Mookerjee was backed by the co-founder of Capital One, in a bank spin- off of Offshore Analytics, where, as CEO and Founder, he grew the business quickly over two-years culminating in a strategic sale to Cisco and Dun & Bradstreet. Formerly, he held senior executive positions with AIG GE Capital, having coming from the role of Practice Leader/Country Head at Booz & Company. Dr. Mookerjee, a Harvard Business School PhD, was appointed to the position of Director of Research–Asia, during which time he authored several books on Global Payments Technology and Analytical Consumer Mass Marketing.

Patrick Regan
Mr. Regan is a Senior Managing Director for a NY based hedge fund, where he was responsible for underwriting and portfolio management for over 300 Senior Secured Debt Financings to Micro-Cap Public and Private Companies. Prior, Mr. Regan was an associate at Tower Hill Capital Group (THCG), a publicly traded merchant banking and consulting firm. Prior to THCG, Mr. Regan was a financial analyst at Geller & Company, a financial services accounting firm primarily providing CFO functions to private companies and financial planning for high net worth individuals. Mr. Regan, CPA, has a B.S. in Business and Economics from Lehigh University and an M.B.A. in Finance from Fordham University.

Akiva Shmuelov
Mr. Shmuelov is an IT executive with over 18 years in the financial services industry and is the Founding Partner of Technology Advisors. Prior to founding Technology Advisors, Mr. Shmuelov was the Director of Infrastructure and Architecture for Deutsche Bank's Investment Banking Group located in New York and London. Prior to his role at Deutsche Bank, Akiva served as technology director for Merrill Lynch's International Private Banking Group and also served as Chief Information Officer for International Technology Security. He was the lead architect responsible for designing and implementing a broker workstation used by 3,000 financial consultants located in 26 countries. Mr. Shmuelov was also responsible for architecting and implementing Merrill Lynch's first client accessible web site - Merrill Lynch Online.