LPL Financial ("LPL") is a leading provider of brokerage, investment advisory and infrastructure services to its network of over 6,400 independent financial advisors. LPL provides these independent financial advisors access to a platform of financial products (including mutual funds, separate accounts, variable annuities, etc.) to support them in offering their clients financial advice and brokerage services. In addition, LPL provides a robust technology and service platform to enable its advisors to more efficiently operate their independent practices. In December 2005, HFCP V partnered equally with Texas Pacific Group to acquire a majority stake in LPL in a transaction valued at approximately $2.5 billion.