Investment Committee Memo · Waterfalls
Bridge Private Lending, LP
BridgeInvest · Unknown · Vintage 2015
29
Waterfalls composite LP-favorability score (0–100)
—
LP take (absolute)
0
Pref quality
100
Fee drag
10
GP alignment
5
Timing risk
Key economics
- Preferred return
- —
- Hurdle rate
- —
- LP / GP split
- —
- GP catch-up
- —
- GP clawback
- —
- GP commitment
- —
Diligence findings (19 · 5 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.
- highDDQ gap: Does the fund have a GP clawback provision?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.
- highDDQ gap: What is the LP/GP carried-interest split above the preferred return?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.
- highDDQ gap: What is the preferred return (hurdle) rate offered to LPs?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.
- highSpelling / typo — AMOUTN / ATTORENYS / O FTHE / BEP ROPER / STAET / HOMESTAEDMultiple egregious spelling errors in the all-caps Confession of Judgment clause: 'AMOUTN' (AMOUNT), 'ATTORENYS' (ATTORNEYS), 'O FTHE' (OF THE), 'BEP ROPER' (BE PROPER), 'STAET' (STATE), 'HOMESTAED' (HOMESTEAD).
- 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 GP catch-up, and at what rate?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.
- mediumDDQ gap: What distribution-waterfall structure does the fund use?The 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.
- 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.
- mediumDDQ gap: What is the target offering size?The 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.
- mediumSpelling / typo — LICEntity name misspelled as 'LIC' instead of 'LLC' on the borrower signature block.
- mediumSpelling / typo — S1,000,000.00Dollar sign rendered as 'S' in the loan amount parenthetical, making the figure unreadable as a currency amount.
- mediumSpelling / typo — TRAIL BY JURY'TRAIL' appears instead of 'TRIAL' in the Waiver of Jury Trial clause heading and body.
- lowDDQ gap: What is the minimum LP investment?The 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.
- lowSpelling / typo — Bride Loan'Bride Loan' is used instead of 'Bridge Loan' in the Loan Advances section.
- lowSpelling / typo — Harrowing Base'Harrowing Base' appears in place of 'Borrowing Base' in the Proceeds Disbursement section.
- infoSpelling / typo — he materially incorrect'he' appears instead of 'be' in the Cancellation clause.
- infoSpelling / typo — he used'he' appears instead of 'be' in the RE section description of how the loan proceeds will be used.
- infoSpelling / typo — will he provided'he' appears instead of 'be' in the Evidence of Good Standing section.
DDQ readiness — 23% covered
3 answered · 0 partial · 10 gaps of 13 standard questions.