Investment Committee Memo · Waterfalls
DeMok Capital LLC
DeMok Capital MGR LLC · Real Estate Debt (Senior Debt Instruments / Third Party Notes secured by non-owner-occupied real property) · Debt · Vintage 2025
61
Waterfalls composite LP-favorability score (0–100)
89
LP take (absolute)
78
Pref quality
25
Fee drag
38
GP alignment
28
Timing risk
Key economics
- Preferred return
- 8%
- Hurdle rate
- —
- LP / GP split
- 75% / 25%
- GP catch-up
- No
- GP clawback
- No
- GP commitment
- —
Diligence findings (4)
- 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.
- lowNo clawback provision — promote paid is not trued-up to the LP at wind-downThe fund pays the GP carried interest but has no clawback. If interim distributions over-pay promote relative to lifetime results, the LP cannot recover the difference. Common in real-estate funds, but worth confirming against the distribution timing.
DDQ readiness — 79% covered
15 answered · 1 partial · 3 gaps of 19 standard questions.