All Distributions tier 1 over-allocates: shares sum to 200%, not 100%
Critical95% confidence
Cascade · All Distributions
Where each dollar goes
$875K
LP $527K · Fees $91K · GP $257K
Standard scenario · $500K equity · 5y hold · 1.75× exitRun your own cascade →
Class structure · 3 classes
How 3050 LSC, LLC divides the cap table
The cascade above models the blended LP view. Click a class below to view per-class economics.
Class A Units
Preferred Return OnlyCapital · 50.0%9% cumulative non-compounding pref; NO equity split
Class B Units
Preferred + EquityCapital · 50.0%7% cumulative non-compounding pref + equity split (70% pre-hurdle, 50% post-13% IRR)
Class C Units
Manager / SponsorCapital · 0.0%30% equity split (pre-hurdle); 50% post-13% IRR
Deal diligence5 findings · worst critical
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.
Waterfall structure
Structural checks run against 3050 LSC, LLC's extracted waterfall. Each is a deterministic test — the numbers shown are proven from the PPM, not estimated.
Disposition Fee (2%) is taken above the waterfall
MediumA performance- or transaction-linked fee paid above the waterfall reaches the GP before the LP's distribution priorities run, eroding the pool the pref + return-of-capital draw from. Routine asset-management fees above the line are normal; a disposition/promote-flavored fee there is a leak worth pricing.
85% confidence
Diligence gaps
Questions a standard diligence questionnaire would ask that the PPM leaves unanswered.
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
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: 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 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.
69%
Coverage
9 answered1 partial3 gaps13 questions
Economics
- What is the preferred return (hurdle) rate offered to LPs?Preferred return of 9%.Answered
- What is the LP/GP carried-interest split above the preferred return?70% LP / 30% GP residual split.Answered
- Is there a GP catch-up, and at what rate?No GP catch-up.Answered
- Does the fund have a GP clawback provision?Gap
- What is the GP's capital commitment (skin in the game)?GP commitment of 0%.Answered
Structure
- What distribution-waterfall structure does the fund use?4 distribution tier(s) extracted; structure type not classified.Partial
- What is the fund's investment strategy / asset class?Equity · Multifamily REAnswered
- What is the fund's vintage year?Vintage 2015.Answered
- What is the target offering size?Target offering of $17,900,000.Answered
- What is the minimum LP investment?Minimum investment of $100,000.Answered
Fees & Expenses
- Is the fund's fee schedule disclosed (management fee, etc.)?5 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 10.00%Fee
Trigger
Basis
Rate
Guaranty Fee
Acquisition Event
Gross Transaction Amount
1.50%
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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