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The cascade above models the blended LP view. Click a class below to view per-class economics.
“the Class A Units will be entitled to a fixed per annum, non-compounding, cumulative preferred return”— PPM p. 11
“The portion of the operating cash flow available for distribution allocated to the Class B Units will be distributed to the holders of Class B Units monthly”— PPM p. 12
“The net proceeds to the Company from the sale of Class C Units will be held by the Company in the Special Reserve.”— PPM p. 13
“25% of the operating cash flow available for distribution... will be distributed to the Manager monthly”— PPM p. 10
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.
Structural checks run against Elevation Vero Beach SA, LLC's extracted waterfall. Each is a deterministic test — the numbers shown are proven from the PPM, not estimated.
“First, to the holders of Class A Units pro rata in proportion to their respective unpaid Class A Unit Preferred Returns, until they have received their full unpaid Class A Unit Preferred Returns”
“Second, to the holders of Class A Units and Class C Units pro rata in proportion to, and to the extent of, in the case of the Class A Unit holders, their unreturned capital contributions”
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.
“Upon the sale of the Property, the Manager or an Affiliate of the Manager may receive a disposition fee equal to 1% of the sale price of the Property.”
The 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.
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