ILS Fixed Horizon LLC

Key economics

Preferred return

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Hurdle rate

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LP / GP split

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GP catch-up

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GP clawback

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GP commitment

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Diligence findings (15 · 5 high/critical)

• high
  DDQ 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.
• high
  DDQ 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.
• high
  DDQ 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.
• high
  DDQ 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.
• high
  Numeric inconsistency — Net Proceeds to Company at 100% soldUse-of-Proceeds 100%-sold table states net proceeds to Company of $70,445,000 (93.918%) but footnote (4) on the same page allocates 94.918% ($71,189,000) of net proceeds to purchasing notes, contradicting both the dollar figure and the percentage.
• medium
  DDQ 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.
• medium
  DDQ 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.
• medium
  DDQ 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.
• medium
  Document-quality defect — Liquidation Distributions priority listThe liquidation-priority list under Liquidation Rights is mis-numbered: it runs items 1-5 ('First','Second','Third','Interest Payments...','Fourth') but represents only four priority tiers, with item 3's sentence broken across items 3 and 4, creating ambiguity in the distribution waterfall.
• medium
  Unfilled placeholder text — (confirm with client)An internal drafting note instructing the preparer to verify legal-proceedings disclosure was left in the investor-facing document.
• low
  Broken cross-reference — Exhibit BThe Subscription Agreement is referenced as 'attached hereto as Exhibit B,' but it is identified as Exhibit 1A-4 on the cover-page disclosures and in the Index to Exhibits, which uses a 1A-X numbering scheme with no 'Exhibit B.'
• info
  Spelling / typo — FINACNIALTable of Contents heading misspells 'FINANCIAL' as 'FINACNIAL'.
• info
  Spelling / typo — our activities i be restrictedBroken sentence with a missing/garbled word ('i') in a substantive regulatory risk statement.
• info
  Spelling / typo — SUBSRIPTIONIndex to Exhibits misspells 'SUBSCRIPTION' as 'SUBSRIPTION' in the description of Exhibit 1A-4.
• info
  Spelling / typo — the Manager the additional financial informationBroken sentence missing a verb ('the Manager [provides/discloses] the additional financial information') in the prior-performance disclosure.

DDQ readiness — 38% covered

5 answered · 1 partial · 7 gaps of 13 standard questions.