Investment Committee Memo · Waterfalls
RSNPG Bristol Partners LLC
RSN Property Group Operations, LLC · Multifamily RE · Equity · Vintage 2026
67
Waterfalls composite LP-favorability score (0–100)
94
LP take (absolute)
72
Pref quality
56
Fee drag
20
GP alignment
48
Timing risk
Key economics
- Preferred return
- 8%
- Hurdle rate
- —
- LP / GP split
- 90% / 10%
- GP catch-up
- No
- GP clawback
- —
- GP commitment
- —
Diligence findings (11 · 8 high/critical)
- criticalAll Distributions tier 1 over-allocates: shares sum to 200%, not 100%
- criticalAll Distributions tier 2 over-allocates: shares sum to 200%, not 100%
- criticalAll Distributions tier 3 over-allocates: shares sum to 200%, not 100%
- criticalAll Distributions tier 4 over-allocates: shares sum to 200%, not 100%
- criticalAll Distributions tier 5 over-allocates: shares sum to 200%, not 100%
- highDDQ gap: Do investors have the right to remove the manager / general partner?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: 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: 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.
- 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.
- mediumDDQ 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.
DDQ readiness — 63% covered
12 answered · 1 partial · 6 gaps of 19 standard questions.