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Secured Real Estate Income Fund II, LLC

Sponsored by SREIF Manager II, LLC·

Residential RE· Debt· REIT · 1 class· ● High· PPM v1· Updated 2mo ago
1 data note▶
Unusual structure
Run the numbers
Composite
50.7
median 36 +15
Pref Returnⓘ
8%
median 8.0% +0.0%
LP Take (Base)ⓘ
85.8%
median 85.9% −0.0%
GP Commitⓘ
0.0%
median 0.0% +0.0%
Min Investment
$5K
ticket size
Offering Size
$50M
target raise
Cascade · Distributions

Where each dollar goes

$875K
LP $751K · Fees $111K · GP $13K
GROSS PROCEEDS$875KGPFFees to Manager$111,250 · 12.7% of grossLPT1Return of Capital$500,000 · 57.1% of grossLPT2Preferred Return (8%)$200,000 · 22.9% of grossLPGPT4Residual Split (80% / 20%) · 7.3%Limited Partners · $51KGeneral Partner · $13Kpool fully distributed
Standard scenario · $500K equity · 5y hold · 1.75× exitRun your own cascade →

Deal diligence5 findings · worst high

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.

Waterfall structure

Structural checks run against Secured Real Estate Income Fund II, LLC's extracted waterfall. Each is a deterministic test — the numbers shown are proven from the PPM, not estimated.

Waterfall splits to the GP with no explicit return-of-capital tier

Low

A residual GP split is present but no extracted tier returns the LP's contributed capital first. This is often an extraction nuance rather than a structural hole, but worth confirming against the distribution section.

70% confidence

Diligence gaps

Questions a standard diligence questionnaire would ask that the PPM leaves unanswered.

DDQ gap: Does the fund engage an independent auditor?

High

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.

90% confidence

DDQ gap: Does the fund have a GP clawback provision?

High

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.

90% confidence

DDQ gap: Does the fund use a third-party fund administrator?

Medium

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.

90% confidence

DDQ gap: What is the GP's capital commitment (skin in the game)?

Medium

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.

90% confidence

DDQ readiness

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.

62%
Coverage
8 answered1 partial4 gaps13 questions
Governance
  • Does the fund engage an independent auditor?Gap
  • Does the fund use a third-party fund administrator?Gap
Economics
  • What is the preferred return (hurdle) rate offered to LPs?Preferred return of 8%.Answered
  • What is the LP/GP carried-interest split above the preferred return?80% LP / 20% GP residual split.Answered
  • Is there a GP catch-up, and at what rate?No GP catch-up.Answered
  • Does the fund have a GP clawback provision?Gap
  • What is the GP's capital commitment (skin in the game)?Gap
Structure
  • What distribution-waterfall structure does the fund use?1 distribution tier(s) extracted; structure type not classified.Partial
  • What is the fund's investment strategy / asset class?Debt · Residential REAnswered
  • What is the fund's vintage year?Vintage 2018.Answered
  • What is the target offering size?Target offering of $50,000,000.Answered
  • What is the minimum LP investment?Minimum investment of $5,000.Answered
Fees & Expenses
  • Is the fund's fee schedule disclosed (management fee, etc.)?5 fee line item(s) extracted from the offering documents.Answered
Generate IC memo →

Fee scheduletaken before LP distributions

Total load 9.00%
Fee
Trigger
Basis
Rate
Acquisition Fee
—
—
0.00%
Asset Management Fee
—
% of Equity/Capital
2.00%
Disposition Fee
—
% of Sale Proceeds
7.00%
Origination Fee
—
—
0.00%
Financing Fee
—
—
0.00%

Service providers3 gaps

Provider network →
Legal Counsel
Gap
Not disclosed
No independent counsel named for investors. Common in small syndications where Manager and Fund share counsel — reduces independence. Verify during diligence.
Auditor
Gap
Not disclosed
Audit intent not stated in PPM. Ask the sponsor: will the fund be audited, by whom, and on what frequency?
Fund Administrator
Gap
Not disclosed
No third-party fund administrator referenced. Manager likely handles admin internally — common for <$10M raises but reduces independence.
Placement Agent
OK
No placement agent engaged
No placement agent engaged. Direct placement by Manager — no placement fees eat your invested capital.

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