Auor Capital Fund V LLC

A 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.

“The OpCo Manger is entitled to a disposition fee equal to two percent (2%) of the net proceeds provided the sale proceeds result in at least a two-times multiple on total Project equity (including investments, contributed fees, and other equity sources).”

In the compliance risk factor, the document refers to 'the Trust' (as if this were a trust vehicle) when this entity is actually an LLC; 'the Trust' is never defined and is an apparent wrong-term substitution from a prior template.

“If the Property does not comply with these requirements, the Trust may incur governmental fines or private damage awards.”

Under the Foxtail Hollow LLC interim financial statements heading, the introductory paragraph mistakenly states 'The unaudited financial statements of Auor Capital Fund V LLC as of April 30, 2024' when it should be describing Foxtail Hollow LLC financials for the period ending March 31, 2024.

“Interim Financial Statements for the Period January 1, 2024 through March 31, 2024. The unaudited financial statements of Auor Capital Fund V LLC as of April 30, 2024, have also been included in this offering circular, which are comprised of the balance sheet as of March 31, 2024”

The financial statement notes state 'The Company has authorized 1 Class A Unit and 488 Class B Units' but the offering circular body says 'We are offering up to 408.75 Class B Units' — the authorized unit count does not match the offering amount.

“We are offering up to 408.75 Class B Units, for an aggregate amount of $4,087,500 ... [vs Notes to Financial Statements] The Company has authorized 1 Class A Unit and 488 Class B Units of Membership Interest.”

The Company's membership interest percentage in OpCo is stated as '25.9246%' in multiple places (Summary, Distribution Policy) but as '25.9264%' in the Contribution Agreement section — the two figures conflict.

“constituting 25.9246% of the issued and outstanding membership interest in and to OpCo ... [vs Contribution Agreement section] The Company acquired the Interest, constituting 25.9264% of the issued and outstanding membership interest”

The ownership table contains an unfilled placeholder '[Investors TBD]' for the Class B unit holders, indicating the document was not finalized before being shipped to investors.

“[Investors TBD] Class B N/A [ ] 0 %”

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.

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.

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.