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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.
Drafting defects found in the PPM prose — numeric inconsistencies, broken cross-references, unfilled placeholders, and defined-term problems. Each is shown with the offending quote and its page.
Director-count bound is self-contradictory: 'not less than one (1) and more than nine (9)' has no valid range; the conjunction should read 'nor more than nine'.
“The authorized number of directors shall be not less than one (1) and more than nine (9) until changed by a duly adopted amendment to the Articles of Incorporation”
Subsections (a) and (b) of the committee-authority carve-out are word-for-word duplicates (differing only in 'Law' vs 'law'), so one carve-out is missing or duplicated.
“(a) the approval of any action which, under the General Corporation Law of Nevada also requires shareholders' approval or approval of the outstanding shares; (b) the approval of any action which, under the General Corporation law of Nevada also requires shareholders' approval or approval of the outstanding shares;”
Missing preposition: 'If the notice is not given with five (5) days' should read 'within five (5) days', distorting the notice deadline.
“If the notice is not given with five (5) days after receipt of the request, the person or persons requesting the meeting may give the notice.”
Broken record-date sentence: 'the day on which then Board accepts' ('then' for 'the') and 'whenever is later' (for 'whichever is later').
“shall be at the close of business on the day on which then Board accepts the resolution relating to that action, or the thirtieth (30th) day before the date of such other action, whenever is later.”
Garbled sentence: 'Any member of officers may be held by the same person' should read 'Any number of offices may be held by the same person'.
“Any member of officers may be held by the same person.”
Wrong conjunction in vice-president succession clause: 'In the absence of disability of the president' should read 'In the absence or disability of the president'.
“In the absence of disability of the president, the vice presidents, if any, in order of their rank as fixed by the Board of Directors”
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 (Fees & Expenses). 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 (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.
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.
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 (Structure). 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 (Structure). 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 (Structure). 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.
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What allocators are saying. Diligence notes, open questions, attached scenarios.
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