DDQ gap: Does the fund engage an independent auditor?
HighThe 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
Cascade · Distributions
Where each dollar goes
$875K
LP $663K · Fees $213K · GP $0
Standard scenario · $500K equity · 5y hold · 1.75× exitRun your own cascade →
Class structure · 2 classes
How MHPI II, LLC divides the cap table
The cascade above models the blended LP view. Click a class below to view per-class economics.
Class A Membership Interests
Manager“The principals of the Managers, along with Academy Fund, LP ... will hold 100% of the Company's Class A Interests.”— PPM p. 8
Class B Membership Interests
LP“members holding the Class B Interests purchased in this offering will hold collectively 50% of the total membership interests of the Company”— PPM p. 8
Deal diligence2 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.
Diligence gaps
Questions a standard diligence questionnaire would ask that the PPM leaves unanswered.
DDQ gap: Does the fund use a third-party fund administrator?
MediumThe 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 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.
85%
Coverage
11 answered0 partial2 gaps13 questions
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?50% LP / 50% 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?No clawback provision disclosed.Answered
- What is the GP's capital commitment (skin in the game)?GP commitment of 0%.Answered
Structure
- What distribution-waterfall structure does the fund use?Waterfall type: Pref then 50/50 split (Class B / Class A).Answered
- What is the fund's investment strategy / asset class?Equity · Mobile Home ParksAnswered
- What is the fund's vintage year?Vintage 2011.Answered
- What is the target offering size?Target offering of $5,000,000.Answered
- What is the minimum LP investment?Minimum investment of $50,000.Answered
Fees & Expenses
- Is the fund's fee schedule disclosed (management fee, etc.)?4 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
Fee scheduletaken before LP distributions
Total load 21.50%Fee
Trigger
Basis
Rate
Acquisition/Administrative Fee
At closing of each property acquisition
Total acquisition cost of property (inclusive of financing)
5.00%
Guaranty Fee
One-time, when Member or Affiliate guarantees Company obligations
Total amount of obligations guaranteed
2.50%
Placement/Referral Fee
Upon investor subscription via referral
Capital Contributions of referred Class B Member
7.00%
Service providers3 gaps
Legal Counsel
Not disclosed
No independent counsel named for investors. Common in small syndications where Manager and Fund share counsel — reduces independence. Verify during diligence.
Auditor
Not disclosed
Audit intent not stated in PPM. Ask the sponsor: will the fund be audited, by whom, and on what frequency?
Fund Administrator
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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