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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 My Racehorse CA LLC's extracted waterfall. Each is a deterministic test — the numbers shown are proven from the PPM, not estimated.
The waterfall pays the GP a promote/carry, yet none of the extracted tiers return the LP's contributed capital before that promote runs. Either the PPM omits a return-of-capital step or the extractor missed it — either way the distribution section is worth a read.
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.
“For the 'Management Performance Bonus, the Manager shall receive 10% of all Gross Proceeds from stakes races only.”
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 Use of Proceeds narrative for 'Series Margarita Friday 19' names the same offering two inconsistent ways within one sentence: 'Series Margarita Friday 19 Offering' and 'Series Margarita Friday Bay 19 Offering' — the stray 'Bay' appears nowhere else; the series is 'Margarita Friday 19' throughout the document.
“We estimate that the gross proceeds of the Series Margarita Friday 19 Offering will be $332,000.00 and assumes the full amount of the Series Margarita Friday Bay 19 Offering is sold”
In the Critical Accounting Policies cross-reference to the financial statements, the financial-statement date is mistyped as 'June 30, 20201' — a malformed five-digit year that should read '2021'.
“Please refer to 'Note 2 — Summary of Significant Accounting Policies' to our Unaudited Financial Statements for June 30, 20201 included herein for more discussion of our accounting policies and procedures.”
The series-by-series table heading reads 'Loss On Hoss', a typo for 'Loss On Horse' (the surrounding narrative consistently refers to the 'loss on horse retirement').
“Loss On Hoss”
A Series proper name is misspelled 'Ari the Adventruer 19' (transposed letters in 'Adventurer'); the correct spelling 'Ari the Adventurer 19' appears in the beneficial-ownership table and elsewhere in the document.
“Ari the Adventruer 19”
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 (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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