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 $875K · Fees $0 · GP $0
Gross proceeds at exit
$875K
T1Return of Capital
$500,000 · 57.1% of gross
uncapped — takes what remains→ LP $500K
T4Residual Split (100% / 0%)
$375,000 · 42.9% of gross
uncapped — takes what remains→ LP $375K · → GP $0
Where it lands · of gross proceeds
LP $875K (100.0%)Fees $0 (0.0%)GP $0 (0.0%)
Standard scenario · $500K equity · 5y hold · 1.75× exitRun your own cascade →
PPM Review
0/12 key termsWhat this PPM costs, protects, and pays — every claim links to its source page. Missing items read “not stated,” never “no.”
Load at close
none found
no upfront fees
Recurring drag
none found
no recurring fees
LP share of next $
n/a
at 1.75× base case
Key-term findability
0/12
located in the PPM
Needs attention
cautionGP commitment not stated
Where your dollar goesno fees located · GP commit n/s▶
Load at close
No upfront fees located
Recurring drag
No recurring fees located
Not stated
GP commitment
Protections & red flagsaudit n/s · 0 off-market▶
Independent controls
Off-market (0)
- GP commitment not statedGPs typically disclose their co-investment
Not stated
Audited financials
Cash flow & horizondistributions n/s · hold n/s▶
Not stated
Distribution policy · Hold / fund life
Document quality0/12 findable · 133 pp▶
Key-term findability
0 of 12 key questions answered.
- —Preferred return
- —Profit split / promote
- —Distribution waterfall
- —Fee schedule
- —GP commitment
- —Audited financials
- —Distribution policy
- —Lock-up / liquidity
- —Fund life / hold
- —Leverage cap
- —Minimum investment
- —Conflicts / related-party
Structural complexity
LP classes: 0Cash pools: 0Max tier depth: 0Conditional branches: 0
More moving parts, not necessarily worse — takes longer to understand.Document heft
133 pages
Fee-load figures are modeled estimates from extracted terms, not a guarantee. Peer context is shown to Analyst-tier members.
Deal diligence9 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: Is the fund's fee schedule disclosed (management fee, etc.)?
HighThe offering documents don't answer a standard institutional DDQ question (Fees & Expenses). 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 distribution-waterfall structure does the fund use?
MediumThe offering documents don't answer a standard institutional DDQ question (Structure). 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.
31%
Coverage
4 answered0 partial9 gaps13 questions
Economics
- Is there a GP catch-up, and at what rate?Gap
- What is the LP/GP carried-interest split above the preferred return?Gap
- What is the preferred return (hurdle) rate offered to LPs?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?Gap
- What is the fund's investment strategy / asset class?Equity · Self StorageAnswered
- What is the fund's vintage year?Vintage 2014.Answered
- What is the target offering size?Target offering of $50,000,000.Answered
- What is the minimum LP investment?Minimum investment of $25,000.Answered
Fees & Expenses
- Is the fund's fee schedule disclosed (management fee, etc.)?Gap
Governance
- Does the fund engage an independent auditor?Gap
- Does the fund use a third-party fund administrator?Gap
Fee scheduletaken before LP distributions
No fees extracted from the PPM.
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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