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Sponsored by LegacyHub Capital·
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“The Company has authorized 500,000 shares of $0.00001 par value Class A Voting Common Stock and 10,000,000 shares of $0.00001 par value Class B Non-Voting Common Stock. 10,000 Class A Voting Common Stock has been issued at par value to Legacyhub Capital, LLC effective on the inception date. Class A Common Stock are only available to the Company's sponsor and its affiliates.”— PPM p. 45
“We are offering up to five million (5,000,000) Class B shares at $10.00 per share with a minimum investment amount of $2,500 for individual or $25,000 for an entity.”— PPM p. 8
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.
Drafting defects found in the PPM prose — numeric inconsistencies, broken cross-references, unfilled placeholders, and defined-term problems. Each is shown with the offending quote and its page.
The cover fee table states 'Proceeds to the Company' of only $100,000.00 against a $1,000,000.00 Minimum Dollar Amount with zero commissions, an internally impossible figure that also contradicts the Use of Proceeds table (page 33) showing $950,000 net for the same $1,000,000 minimum.
“Minimum Dollar Amount $ 1,000,000.00 (2) $ - $ 100,000.00”
The pricing description says the per-share price will be adjusted 'semi-annually' yet then lists four re-pricing dates (January 1st, April 1st, July 1st and October 1st), which is a quarterly schedule and contradicts the 'every fiscal quarter' language used on the cover and in the Q&A.
“Our Manager has initially determinate to adjust the per-share purchase price in this offering semi-annually, as of January 1st, April 1st, July 1st and October 1st of each year”
The Summary of Redemption Plan table requires submitting an Introductory-Period redemption request 'At least 60 days before the effective redemption date' and a 'minimum 60 day waiting period', contradicting the body text that sets the lead time at thirty (30) days.
“At least 60 days before the effective redemption date (but in no event 90 or more days after first acquiring the shares)”
The subscription agreement is pointed to under three different labels across the document - 'Appendix B' (pages 13 and 28), 'Exhibit III' (this page), and item '4.1 Subscription Agreement' in the Part III exhibit index - so no single pointer reliably resolves.
“A specimen copy of the subscription agreement, including instructions for completing it, is included in this offering circular as Exhibit III.”
LegacyHub Partners, LLC is defined as 'the Manager' throughout the body, but the audited financial-statement notes redefine the same entity as 'the Investment Manager', using the new term for fee and economic-dependency disclosures without reconciling it to the body's defined term.
“Substantially all the Company’s business will be externally managed by LegacyHub Partners, LLC (the 'Investment Manager'), a Texas limited liability company.”
In a fund whose entire strategy is hospitality (hotel) real estate, the Use of Proceeds boilerplate references investing 'for the purchase of Multifamily real estate', an uncorrected wrong-asset-class template leftover (the same section also markets 'our residential spaces').
“We may not be able to promptly invest the net proceeds of this offering in property for the purchase of Multifamily real estate and other select real estate-related assets”
Questions a standard diligence questionnaire would ask that the PPM leaves unanswered.
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.
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.
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.
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.
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.
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.
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.
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.
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.
What allocators are saying. Diligence notes, open questions, attached scenarios.
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