DDQ gap: Does the fund engage an independent auditor?
HighThe 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.
90% confidence
Cascade · Distributions
Where each dollar goes
$875K
LP $475K · Fees $400K · GP $0
Standard scenario · $500K equity · 5y hold · 1.75× exitRun your own cascade →
Class structure · 4 classes· viewing as Class B Membership Interests
How MHPI I, LLC divides the cap table
The cascade above is filtered to Class B Membership Interests. Reset to blended view.
Class A
Manager/GP“MHP Portfolio, LLC ... Profits Interest 17% ... MHP Investing & Leasing, LLC ... Profits Interest 19.5% ... Academy Fund, LP ... Profits Interest 13.5%”— PPM p. 59
Class A Membership Interests
Manager/GP (Profits Interest)“The principals of the Managers, along with Academy Fund, LP ... will hold 100% of the Company's Class A Interests.”— PPM p. 8
Class B
LP“members holding the Class B Interests purchased in this offering will hold collectively 50% of the total membership interests of the Company”— PPM p. 8
Class B Membership Interests● active
LP (Investor)“members holding the Class B Interests purchased in this offering will hold collectively 50% of the total membership interests of the Company”— PPM p. 8
Deal diligence2 findings · worst high
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.
Diligence gaps
Questions a standard diligence questionnaire would ask that the PPM leaves unanswered.
DDQ gap: Does the fund use a third-party fund administrator?
MediumThe 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.
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.
85%
Coverage
11 answered0 partial2 gaps13 questions
Economics
- What is the preferred return (hurdle) rate offered to LPs?Preferred return of 8%.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?No clawback provision disclosed.Answered
- What is the GP's capital commitment (skin in the game)?GP commitment of 0%.Answered
Structure
- What distribution-waterfall structure does the fund use?Waterfall type: European-style with 8% pref, ROC, then 50/50 split.Answered
- What is the fund's investment strategy / asset class?Equity · Mobile Home ParksAnswered
- What is the fund's vintage year?Vintage 2010.Answered
- What is the target offering size?Target offering of $2,000,000.Answered
- What is the minimum LP investment?Minimum investment of $25,000.Answered
Fees & Expenses
- Is the fund's fee schedule disclosed (management fee, etc.)?4 fee line item(s) extracted from the offering documents.Answered
Governance
- Does the fund engage an independent auditor?Gap
- Does the fund use a third-party fund administrator?Gap
What changed: v1 → v2
Material economic terms that moved between the two most recent PPM versions.
- Waterfall structurePreferred Return with 50/50 residual split (no catch-up)→European-style with 8% pref, ROC, then 50/50 split
Fee scheduletaken before LP distributions
Total load 48.00%Fee
Trigger
Basis
Rate
Acquisition Fee (Administrative Fee)
At acquisition of each property
Total Acquisition Cost (purchase price inclusive of financing)
5.00%
Guaranty Fee
Upon guarantee by Member/Affiliate
Total amount of obligations guaranteed
2.50%
Placement Agent Commission
At closing of subscription
Offering Proceeds (up to 10%)
10.00%
At acquisition of each property
Purchase Price (total acquisition costs inclusive of financing)
5.00%
Guaranty Fee
When Member/Affiliate guarantees Company debt
Total amount of Company obligations guaranteed
2.50%
Placement Agent Commission
On capital raised via broker-dealers
Offering proceeds (up to)
10.00%
Service providers2 gaps
Legal Counsel
Dean Mead Services, LLC
The name of the Company's registered agent at that address is Dean Mead Services, LLC.
Auditor
Not disclosed
Audit intent not stated in PPM. Ask the sponsor: will the fund be audited, by whom, and on what frequency?
Fund Administrator
Not disclosed
No third-party fund administrator referenced. Manager likely handles admin internally — common for <$10M raises but reduces independence.
Placement Agent
No placement agent engaged
No placement agent engaged. Direct placement by Manager — no placement fees eat your invested capital.
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