Caltier Fund I LP · Waterfalls

Cascade · Distributions

Where each dollar goes

$875K

LP $800K · Fees $75K · GP $0

Standard scenario · $500K equity · 5y hold · 1.75× exitRun your own cascade →

Deal diligence15 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.

Document quality

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.

Document-quality defect — Forbix loan maturity date predates origination

High

The Forbix loan is described as entered into on November 16, 2021, but its stated maturity date of May 15, 2021 precedes the origination date by six months, a logically impossible date.

“The company entered into a Borrower Agreement with Forbix Capital Corp. ('Forbix') on November 16, 2021. Under the terms of the agreement, the company received a $530,000 loan from Forbix, $17,895 of which was used to pay an origination fee to Forbix. The term of the loan was until May 15, 2021, at which point the loan was due for repayment.”

PPM p.4398% confidence

Unfilled placeholder text — commencement date blank

High

Sales commencement date left as an unfilled blank line in the body text, indicating the document was not finalized before distribution.

“Sales of these securities will commence on approximately _____________, 2023, within two days of the qualification of this offering.”

PPM p.299% confidence

Numeric inconsistency — emerging growth company revenue threshold

Medium

The annual revenue threshold for losing emerging growth company status is stated as '$1.07 billion' on page 6 but restated as '$1 billion' in a near-identical paragraph on page 7.

“we would cease to be an 'emerging growth company' if we have more than $1.07 billion in annual revenues [page 6] ... we would cease to be an 'emerging growth company' if we have more than $1 billion in annual revenues [page 7]”

PPM p.697% confidence

Numeric inconsistency — Net Assets as of June 30, 2022 column mismatch

Medium

The Statement of Changes in Net Assets shows NET ASSETS AS OF JUNE 30, 2022 as $1,053,501 in the Total column but $1,053,901 in the Member Interests column — a $400 discrepancy within the same table row.

“NET ASSETS AS OF JUNE 30, 2022 - UNAUDITED $ 1,053,501 $ 1,053,901”

PPM p.5795% confidence

Numeric inconsistency — total offering expenses

Medium

Cover page footnote (2) states offering expenses are estimated at $9.54 million for a fully-subscribed offering, but the Use of Proceeds section states estimated offering expenses of $10,800,000 for the same scenario.

“Does not include other expenses of the offering, which are estimated at $9.54 million for a fully-subscribed offering [cover page footnote 2] ... the net proceeds to the issuer in this offering will be approximately $61,200,000, after deducting the estimated offering expenses of approximately $10,800,000 [Use of Proceeds]”

PPM p.188% confidence

Spelling / typo — $72,0000,000

Medium

The maximum offering amount is misprinted as '$72,0000,000' (with an extra zero) instead of '$72,000,000' in the Use of Proceeds narrative.

“If we raise the maximum offering amount of $72,0000,000, we anticipate approximately $39,600,000 of those funds would be used as purchase equity for acquisition and renovation of multi-family value-add asset(s)”

PPM p.3199% confidence

Numeric inconsistency — 325 vs 375 7th Avenue

Low

Audited financial Note 5 refers to the condominium as '375 7th Avenue' but the property address is consistently stated as '325 7th Avenue' throughout the rest of the Offering Circular.

“In December 2021, and in connection with its purchase of 375 7 th Avenue property, the Partnership entered into a promissory note with a lender for $530,000 [Note 5] ... 325 7th Avenue, #1101, San Diego, CA 92101 [Property Description]”

PPM p.7297% 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: What is the LP/GP carried-interest split above the preferred return?

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: What is the preferred return (hurdle) rate offered to LPs?

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: Is there a GP catch-up, and at what rate?

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 gap: What distribution-waterfall structure does the fund use?

Medium

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.

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.

38%

Coverage

5 answered0 partial8 gaps13 questions

Economics

What is the preferred return (hurdle) rate offered to LPs?Gap
What is the LP/GP carried-interest split above the preferred return?Gap
Is there a GP catch-up, and at what rate?Gap
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?Gap
What is the fund's investment strategy / asset class?Debt · UnknownAnswered
What is the fund's vintage year?Vintage 2023.Answered
What is the target offering size?Target offering of $72,000,000.Answered
What is the minimum LP investment?Minimum investment of $500.Answered

Fees & Expenses

Is the fund's fee schedule disclosed (management fee, etc.)?7 fee line item(s) extracted from the offering documents.Answered

Governance

Does the fund engage an independent auditor?Gap
Does the fund use a third-party fund administrator?Gap

Generate IC memo →

Fee scheduletaken before LP distributions

Total load 4.50%

Fee

Trigger

Basis

Rate

Selling Commission (Broker-Dealer)

Investor capital raised through offering

Percentage of gross offering proceeds raised from investors

1.50%

Asset Management Fee

Ongoing operations

Annualized rate applied to Net Asset Value (NAV) at end of each prior quarter; payable quarterly

3.00%

Acquisition Fee

Acquisition of each real estate investment

1.0%-2.5% of investment purchase price; paid at discretion of General Partner but no later than liquidation of the real estate investment

0.00%

Construction Management Fee

Construction or renovation of a property

5%-7.5% of construction or renovation budget; paid at substantial completion

0.00%

Property Management Fee

Ongoing property management services

2.5%-4% of gross collected income from a property

0.00%

Disposition Fee

Sale or disposition of a property

0.5%-1.0% of property sale price; paid at disposition

0.00%

Organization and Offering Expense Reimbursement

Ongoing offering; monthly installments

Actual organization and offering costs reimbursed monthly; aggregate monthly reimbursement capped at 1.0% of cumulative gross offering proceeds; estimated $10,800,000 for maximum raise

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

No placement agent engaged

No placement agent engaged. Direct placement by Manager — no placement fees eat your invested capital.

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Waterfalls Composite Score

—.

Not yet scored — awaiting fund economics data

Benchmark · Real Estate Equity

Diversified Real Estate

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Score breakdown5 dimensions

Absolute LP Takeⓘunscored—

GP Timing Riskⓘunscored—

Pref Qualityⓘunscored—

Fee Dragⓘ25

Alignmentⓘunscored—

LP take × exit multiple

at 5y hold · 91% at 1.75×

LP take Fee drag· sim at $500k equity

Exit	LP IRR	LP MoC	LP Take	Fees
1.00×	-3.2%	0.85×	85.0%	15.0%
1.50×	6.2%	1.35×	90.0%	10.0%
1.75×	9.9%	1.60×	91.4%	8.6%
2.00×	13.1%	1.85×	92.5%	7.5%
2.50×	18.6%	2.35×	94.0%	6.0%
3.00×	23.3%	2.85×	95.0%	5.0%

Jump to an exit

1.0× downside 1.5× base 2.0× upside 3.0× home run