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“All Class D Units will be held by Class D Bristol Park RSN, LLC, a Delaware limited liability company (the 'Class D Member'), which is an Affiliate of Investment Sponsor”— PPM p. 8
“Class B Units will receive a preferred return of seven percent (7.0%), which will accrue on the Capital Contributions of the Class B Members not yet returned”— PPM p. 8
“Class C Units will receive a preferred return of eight percent (8.0%)”— PPM p. 8
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 RSNPG Bristol Partners LLC's extracted waterfall. Each is a deterministic test — the numbers shown are proven from the PPM, not estimated.
“First, one hundred percent (100%) to the Class B Members, pro rata in proportion to their respective Unpaid Preferred Return balances, until each Class B Member's Unpaid Preferred Return balance has been reduced to zero”
“Thereafter, (1) Ninety percent (90%) to the Class B Members, pro rata in proportion to their respective Class B Percentage Interests, and (2) Ten percent (10%) to the Class D Member”
“First, one hundred percent (100%) to the Class B Members, pro rata in accordance with their Unpaid Preferred Return balances until such time as each Class B Member's Unpaid Preferred Return balance has been reduced to zero”
“Second, one hundred percent (100%) to the Class B Members, pro rata in accordance with their respective Unreturned Capital Contributions balances, until each Class B Member's Unreturned Capital Contributions balance has been reduced to zero”
“Third, (1) ninety percent (90%) to the Class B Members, pro rata in proportion to their respective Class B Percentage Interests, and (2) ten percent (10%) to the Class D Member”
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 (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.
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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