RAYVEN PROPERTIES, 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 (18 · 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 — Fund Management Fee / Asset Management Fee ratesThe Manager's fee rates stated in the 'Compensation of Our Manager' section conflict with the same fees disclosed in the audited financial-statement related-party note (fund mgmt 0.175% vs .50% of capital; asset mgmt 2% vs 1.0% of gross revenue).
• 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 distribution-waterfall structure does the fund use?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.
• 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
  Defined-term defect — Investor Purchase Agreement / 'shares'The arbitration provision references 'Section 13 of our Investor Purchase Agreement' and 'purchasing shares', but this is a Notes (not share) offering and the governing document is elsewhere called the 'Promissory Note Investor Agreement' / 'Note Purchase Agreement', creating ambiguity about which agreement binds investors.
• medium
  Disposition Fee (2%) is taken above the waterfallA 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.
• medium
  Numeric inconsistency — $ 3.250,000 ) — Working Capital, 100% columnIn the Use of Proceeds table the 100%-sold working-capital figure is malformed: it prints a decimal point instead of a thousands comma and carries a stray close-paren ('$ 3.250,000 )'); the intended value is $3,250,000 (5% of $65,000,000 net proceeds).
• medium
  Unfilled placeholder text — Offering Circular dateThe date of the Offering Circular is shipped unfilled — the day and month are blank, leaving only the year.
• low
  Defined-term defect — Sharmaleau Holdings / Shamerleau HoldingsThe entity is named 'Sharmaleau Holdings, LLC' but is immediately given the defined-term shorthand 'Shamerleau Holdings' (transposed spelling), and the misspelled short form is then used throughout.
• low
  Document-quality defect — Amber Bouge / Amber BarrettOwen Barrett's spouse is named inconsistently within the same sentence — first 'Amber Bouge' and then 'Amber Barrett'.
• info
  Spelling / typo — 5019(c)(3)Typo in the President's biography — '5019(c)(3) organization' should read 501(c)(3).
• info
  Spelling / typo — Freddie Mae, Fannie MacThe agency lender names are swapped/misspelled as 'Freddie Mae, Fannie Mac'; the correct names are Fannie Mae and Freddie Mac (correctly stated as 'Fannie Mae, Freddie Mac' in the parallel Summary table).
• info
  Spelling / typo — Mr. Pomerleau Mr. PomerleauDoubled words ('Mr. Pomerleau Mr. Pomerleau') in Chris Pomerleau's biography.

DDQ readiness — 38% covered

5 answered · 0 partial · 8 gaps of 13 standard questions.