4700 Province Line Road
Princeton, NJ 08540
609-924-8005 (phone)
609-924-8007 (fax)

Capstone Capital, LLC was founded in 2003 by Randall A. Hack to invest in private companies, with a special focus on wireless telecommunications. Capstone invests both for its own account and in partnership with Berkshire Partners, a Boston-based private equity firm with over $8 billion under management. Mr. Hack was appointed an Advisory Director of Berkshire in 2002. In that capacity he assists Berkshire in identifying and assessing private companies seeking to raise capital, invests in those opportunities through Capstone Capital, and serves on the boards of selected Berkshire portfolio companies.

Background:

Mr. Hack began his career in 1972 with Corporate Property Investors, a private REIT which invested in commercial real estate throughout the U.S. In 1979 he founded RH Development Company to acquire and develop properties in Connecticut and New Jersey. RH Development’s principal activity was the development of a major industrial and office park at Exit 8A of the New Jersey Turnpike. Mr. Hack sold his interest in RH Development in 1988, and it operates today as Matrix Development Company.

From 1990 through 1994 Mr. Hack served as the President of The Princeton University Investment Company, which oversees the management of Princeton University’s endowment, which currently has $15 billion of assets under management . In that role Mr. Hack headed a team of two dozen professionals who conceived and implemented a series of global investment initiatives in such areas as domestic and international equities, hedge funds, private equity, venture capital, and other private market assets such as real estate, oil and gas holdings, and timber.

In 1995, with the support of Princeton University’s Board of Trustees, Mr. Hack founded Nassau Capital, LLC, a private investment firm which he served as Senior Managing Director. Nassau Capital and its principals invested in privately held companies and assets solely on behalf of Princeton University’s endowment. Over a period of six years Nassau invested in one hundred and fifty specialized limited partnerships, both domestically and internationally, in such areas as private equity, venture capital, real estate, timber and energy assets. The market value of Nassau’s aggregate positions in these investment funds exceeded $2 billion at the peak of this investment program. During this same period, Nassau also invested over $500 million directly in three dozen private companies and assets in these same specialized asset classes, producing a gross IRR of 31% over the twelve years since inception of this direct investment program.

Mr. Hack is a 1969 summa cum laude graduate of Princeton University. In 1972 he received his MBA from Harvard University’s Graduate School of Business Administration. He has served on numerous corporate boards, both private and publicly traded, including: Crown Castle International [NYSE: CCI], Vector Technologies, Affordable Residential Communities, FiberTower [NASDAQ: FTWR] and OPEX, Inc., an oil and gas concern in Houston. Mr. Hack serves on several non-profit boards, including Deerfield Academy and The Quebec Labrador Foundation.

Current Investment Activities:

Capstone actively invests in wireless telecommunications companies. FiberTower, which Mr. Hack has served as a Director since 2002, is the leading national provider of cellular backhaul services to major wireless carriers such as AT&T and Verizon Wireless. FiberTower uses both microwave and fiber optic cable to provide backhaul services from the towers on which wireless carriers locate to nearby mobile switching centers. FiberTower has over 3,000 active sites in thirteen markets.

Capstone is also active in the cellular tower business. Mr. Hack currently serves as a Director of Tower Development Corp (“TDC”), a private company created in 2008 with backing from Berkshire Partners. TDC operates jointly with the National Site Development Division of Crown Castle International, the second largest owner and operator of cellular towers in the United States. TDC has developed over 200 sites to date in multiple markets.

Most recently, Capstone Capital has launched a new cellular tower development subsidiary, Capstone Towers, Inc., which will actively develop towers and related wireless infrastructure with a special focus on high value sites in the New England region. Capstone Towers will operate as a Crown Castle “affiliate” with proprietary access to Crown’s extended technical, operating and marketing capabilities. Capstone Towers expects to be fully operational early in 2012.