Robert Ventures Holdings 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 — $75,000,000 millionPlan of Distribution states the offering size as '$75,000,000 million', a doubled/garbled magnitude (would imply $75 trillion) for an offering described everywhere else as $75,000,000.
• 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
  Numeric inconsistency — Patricia Midgett (Sportsman) loan amount vs. balanceA Patricia Midgett Notes Payable entry lists an Original Loan Amount of $100,000 yet a 12-31-2023 balance of $115,000 on an interest-only loan, so the balance impossibly exceeds the original principal.
• medium
  Numeric inconsistency — Rampart / Loan 5 interest-rate marginThe Rampart (Loan 5, Valiant Builder Finance) margin over Prime is stated as 2% above WSJ Prime in the loan description but 'Prime + 1.5%' in the Notes Payable schedule.
• medium
  Numeric inconsistency — TowneBank loan interest rateThe TowneBank blanket loan rate is described two ways: a variable Wall Street Journal Prime + 0% with a 4% floor in the loan description, but an '8.5% annual fixed rate' in the Notes Payable schedule of the financial statements.
• low
  Broken cross-reference — Exhibit footnote legend (1)/(2)/(3)The Index to Exhibits keys exhibits with superscripts (1), (2) and (3), but the footnote legend repeats '(2)' twice and never defines '(3)', so every exhibit marked (3) (e.g. Form of Bond, the loan agreements) points to a nonexistent legend.
• low
  Broken cross-reference — Loan 7 (duplicate label)Two distinct loans in the Description of Current Outstanding Loans are both numbered 'Loan 7' — Steven Lloyd / Pony Lot 14 and Stone Bay Holdings II / Pony Lot 13 — so the sequence skips Loan 8 and the property-table loan references become ambiguous.
• low
  Defined-term defect — Class A interestsThe Use of Proceeds table refers to 'the sale of the Class A interests offered hereby', but the security being offered throughout the circular is 'Bonds' — there is no Class A interest, indicating leftover template language.
• low
  Defined-term defect — Series InterestsThe circular twice refers to 'Series Interests' (a term never defined and inconsistent with the Bonds being offered), e.g. as to delivery/sale and to liquidity/value — apparent leftover boilerplate from a different offering template.
• low
  Document-quality defect — shares of common stockThe Security Ownership section describes voting and investment power 'with respect to all shares of common stock owned by them', but the issuer is a Delaware LLC whose interests are membership interests and which has no common stock.
• info
  Spelling / typo — www.robert ventures.comThe 'How to invest' instruction prints the investor website URL with an embedded space ('www.robert ventures.com'), an unusable/broken address that also conflicts with the www.robertventures.com and invest.robertventures.com URLs used elsewhere.

DDQ readiness — 38% covered

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