Investment Committee Memo · Waterfalls
America360, LLC
Dahn America360 Manager, LLC · Self Storage · Equity · Vintage 2014
64
Waterfalls composite LP-favorability score (0–100)
89
LP take (absolute)
72
Pref quality
25
Fee drag
38
GP alignment
55
Timing risk
Key economics
- Preferred return
- 8%
- Hurdle rate
- —
- LP / GP split
- 75% / 25%
- GP catch-up
- No
- GP clawback
- Yes
- GP commitment
- —
Diligence findings (5 · 1 high/critical)
- highDDQ gap: Does the fund engage an independent auditor?The 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.
- mediumDDQ gap: Does the fund use a third-party fund administrator?The 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.
- mediumDDQ gap: Is there a key-person provision?The 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.
- mediumDDQ gap: What is the GP's capital commitment (skin in the game)?The 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.
- mediumDisposition Fee (0.75%) is taken above the waterfallA 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.
DDQ readiness — 68% covered
13 answered · 2 partial · 4 gaps of 19 standard questions.