Investment Committee Memo · Waterfalls
MHPI IV, LLC
MHP Portfolio, LLC and RV Horizons, Inc. · Mobile Home Parks (Manufactured Housing) · Equity · Vintage 2015
49
Waterfalls composite LP-favorability score (0–100)
76
LP take (absolute)
82
Pref quality
0
Fee drag
18
GP alignment
22
Timing risk
Key economics
- Preferred return
- 8%
- Hurdle rate
- —
- LP / GP split
- 20% / 80% (derived from waterfall tiers)
- GP catch-up
- No
- GP clawback
- No
- GP commitment
- 0%
Diligence findings (4 · 2 high/critical)
- highDDQ 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.
- highDDQ 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.
- mediumDDQ 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.
- mediumDDQ gap: Is there a key-person provision?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.
DDQ readiness — 79% covered
15 answered · 0 partial · 4 gaps of 19 standard questions.