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Elevation Fund 8, LLC

Self-storage facilities and manufactured/mobile home parks· Equity· LLC · 6 classes· ● High· PPM v2· Updated 12d ago
1 data note
Unusual structure
Run the numbers
Composite
65.1
median 47 +18
Pref Return
10%
median 10.0% +0.0%
LP Take (Base)
88.5%
median 100.0% 11.5%
GP Commit
0.0%
median 0.0% +0.0%
Min Investment
$50K
ticket size
Offering Size
$50M
target raise
Cascade · Distributions

Where each dollar goes

$875K
LP $693K · Fees $153K · GP $29K
GROSS PROCEEDS$875KGPFFees to Manager$152,500 · 17.4% of grossBT1Return of Invested Capital C…$180,625 · 20.6% of grossBT2Residual split — LP side of …$4,233 · 0.5% of grossBT3Return of Invested Capital (…$1,588 · 0.2% of grossBT4Residual split — LP side (Ne…$74 · 0.0% of grossBT5Refinancing Proceeds — LP si…$2 · 0.0% of grossresidual $536K
Standard scenario · $500K equity · 5y hold · 1.75× exitRun your own cascade →
Class structure · 6 classes· viewing as Class B

How Elevation Fund 8, LLC divides the cap table

The cascade above is filtered to Class B. Reset to blended view.

Deal diligence2 findings · worst medium

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.

Waterfall structure

Structural checks run against Elevation Fund 8, LLC's extracted waterfall. Each is a deterministic test — the numbers shown are proven from the PPM, not estimated.

Disposition Fee (1%) is taken above the waterfall

Medium

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.

Up to 1% of the sale price of a Property
PPM p.8085% confidence

Diligence gaps

Questions a standard diligence questionnaire would ask that the PPM leaves unanswered.

DDQ gap: What is the GP's capital commitment (skin in the game)?

Medium

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.

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.

92%
Coverage
12 answered0 partial1 gap13 questions
Economics
  • What is the preferred return (hurdle) rate offered to LPs?Preferred return of 10%.Answered
  • What is the LP/GP carried-interest split above the preferred return?50% LP / 50% GP residual split.Answered
  • Is there a GP catch-up, and at what rate?No GP catch-up.Answered
  • Does the fund have a GP clawback provision?Yes — GP clawback present.Answered
  • What is the GP's capital commitment (skin in the game)?Gap
Structure
  • What distribution-waterfall structure does the fund use?Waterfall type: Return of Capital then 50/50 split with early-adopter promote subordination.Answered
  • What is the fund's investment strategy / asset class?Equity · Self-storage facilities and manufactured/mobile home parksAnswered
  • What is the fund's vintage year?Vintage 2020.Answered
  • What is the target offering size?Target offering of $50,000,000.Answered
  • What is the minimum LP investment?Minimum investment of $50,000.Answered
Fees & Expenses
  • Is the fund's fee schedule disclosed (management fee, etc.)?6 fee line item(s) extracted from the offering documents.Answered
Governance
  • Does the fund use a third-party fund administrator?Third-party fund administrator disclosed.Answered
  • Does the fund engage an independent auditor?Audited financial statements committed (auditor firm not yet named).Answered

What changed: v1 → v2

Material economic terms that moved between the two most recent PPM versions.

  • Waterfall structureReturn of capital then 50/50 split with Class C subordination to make up pref shortfallReturn of Capital then 50/50 split with early-adopter promote subordination

Fee scheduletaken before LP distributions

Total load 36.00%
Fee
Trigger
Basis
Rate
During Property operations; monthly
Real Estate Asset Value (or greater of Real Estate Asset Value or Appraised Property Value), minimum $240,000/yr
1.00%
Upon acquisition of a Property
Total capitalized acquisition costs
1.00%
Monthly during Property operations
Gross revenues of each Property
5.00%
On new construction projects
Amount expended on new construction projects
5.00%
Upon sale of a Property
Sale price of Property
1.00%
Organizational & Offering / Selling Commissions / Back-office
Offering
Gross Proceeds
5.00%
Monthly during operations
Real Estate Asset Value (or Appraised Property Value if available); minimum $240,000/year
1.00%
Upon acquisition of a Property
Total capitalized acquisition costs
1.00%
Recurring monthly during operations
Gross revenues of each Property
5.00%
Per construction project
Amount expended for new construction projects
5.00%
Upon sale of a Property
Sale price of a Property
1.00%
Organizational & Offering Expenses (incl. Selling Commissions)
At offering
Gross Proceeds
5.00%

Service providers2 gaps

Legal Counsel
OK
Kaplan Voekler Cunningham & Frank PLC
the Manager has retained Kaplan Voekler Cunningham & Frank PLC as its corporate securities counsel
Auditor
Gap
Not disclosed
Audit intent not stated in PPM. Ask the sponsor: will the fund be audited, by whom, and on what frequency?
Fund Administrator
Gap
Not disclosed
No third-party fund administrator referenced. Manager likely handles admin internally — common for <$10M raises but reduces independence.
Placement Agent
OK
No placement agent engaged
No placement agent engaged. Direct placement by Manager — no placement fees eat your invested capital.

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