DDQ gap: Does the fund engage an independent auditor?
HighThe offering documents don't answer a standard institutional DDQ question (Governance). An allocator will ask this directly — the GP should be ready with an answer.
90% confidence
Cascade · Distributions
Where each dollar goes
$875K
LP $858K · Fees $18K · GP $0
Standard scenario · $500K equity · 5y hold · 1.75× exitRun your own cascade →
Deal diligence7 findings · worst high
Automated checks across the fund's extracted PPM. Every finding is shown with the evidence it's based on — proven numbers or a verbatim quote and page.
Diligence gaps
Questions a standard diligence questionnaire would ask that the PPM leaves unanswered.
DDQ gap: Does the fund have a GP clawback provision?
HighThe offering documents don't answer a standard institutional DDQ question (Economics). An allocator will ask this directly — the GP should be ready with an answer.
90% confidence
DDQ gap: What is the LP/GP carried-interest split above the preferred return?
HighThe offering documents don't answer a standard institutional DDQ question (Economics). An allocator will ask this directly — the GP should be ready with an answer.
90% confidence
DDQ gap: What is the preferred return (hurdle) rate offered to LPs?
HighThe offering documents don't answer a standard institutional DDQ question (Economics). An allocator will ask this directly — the GP should be ready with an answer.
90% confidence
DDQ gap: Does the fund use a third-party fund administrator?
MediumThe offering documents don't answer a standard institutional DDQ question (Governance). An allocator will ask this directly — the GP should be ready with an answer.
90% confidence
DDQ gap: Is there a GP catch-up, and at what rate?
MediumThe offering documents don't answer a standard institutional DDQ question (Economics). An allocator will ask this directly — the GP should be ready with an answer.
90% confidence
DDQ gap: What is the GP's capital commitment (skin in the game)?
MediumThe offering documents don't answer a standard institutional DDQ question (Economics). An allocator will ask this directly — the GP should be ready with an answer.
90% confidence
DDQ readiness
How much of a standard institutional due-diligence questionnaire this fund's offering documents answer out of the box. Gaps are questions an allocator will ask directly.
38%
Coverage
5 answered1 partial7 gaps13 questions
Economics
- What is the preferred return (hurdle) rate offered to LPs?Gap
- What is the LP/GP carried-interest split above the preferred return?Gap
- Is there a GP catch-up, and at what rate?Gap
- Does the fund have a GP clawback provision?Gap
- What is the GP's capital commitment (skin in the game)?Gap
Structure
- What distribution-waterfall structure does the fund use?1 distribution tier(s) extracted; structure type not classified.Partial
- What is the fund's investment strategy / asset class?Debt · UnknownAnswered
- What is the fund's vintage year?Vintage 2021.Answered
- What is the target offering size?Target offering of $2,150,000.Answered
- What is the minimum LP investment?Minimum investment of $250.Answered
Fees & Expenses
- Is the fund's fee schedule disclosed (management fee, etc.)?6 fee line item(s) extracted from the offering documents.Answered
Governance
- Does the fund engage an independent auditor?Gap
- Does the fund use a third-party fund administrator?Gap
Fee scheduletaken before LP distributions
Total load 9.15%Fee
Trigger
Basis
Rate
Placement Fee
At closing / upon sale of Units
Gross Proceeds
3.00%
Platform Fee
Annual
Value of Public Float of Units
1.00%
Issuer Servicing Fee (Largo)
Annual
Value of Public Float of Units
0.15%
Due Diligence Fee
At engagement
Fixed amount
0.00%
Service providers3 gaps
Legal Counsel
Not disclosed
No independent counsel named for investors. Common in small syndications where Manager and Fund share counsel — reduces independence. Verify during diligence.
Auditor
Not disclosed
Audit intent not stated in PPM. Ask the sponsor: will the fund be audited, by whom, and on what frequency?
Fund Administrator
Not disclosed
No third-party fund administrator referenced. Manager likely handles admin internally — common for <$10M raises but reduces independence.
Placement Agent
No placement agent engaged
No placement agent engaged. Direct placement by Manager — no placement fees eat your invested capital.
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