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UNITED DEVELOPMENT FUNDING INCOME FUND V

Sponsored by United Development Funding·

Unknown· Inc · 2 classes· ● Low· PPM v1· Updated 26d ago
4 data notes▶
Low-confidence extractionUnusual structureUnscored: absolute lp takeUnscored: fee drag
Run the numbers
Composite
26.7
median 36 −9
Pref Returnⓘ
—
median 8.0% · Diversified Real Estate
LP Take (Base)ⓘ
—
median 85.9% · Diversified Real Estate
GP Commitⓘ
0.0%
median 0.0% +0.0%
Min Investment
—
ticket size
Offering Size
—
target raise
Cascade · Distributions

Where each dollar goes

$875K
LP $875K · Fees $0 · GP $0
GROSS PROCEEDS$875KLPT1Return of Capital$500,000 · 57.1% of grossLPGPT4Residual Split (100% / 0%) · 42.9%Limited Partners · $375KGeneral Partner · $0pool fully distributed
Standard scenario · $500K equity · 5y hold · 1.75× exitRun your own cascade →
Class structure · 2 classes

How UNITED DEVELOPMENT FUNDING INCOME FUND V divides the cap table

The cascade above models the blended LP view. Click a class below to view per-class economics.

Deal diligence12 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.

Broken cross-reference — Section 9.2(b) list enumeration

Low

Section 9.2(b) withdrawal-event list skips item (ii): it runs from clause (i) directly to clause (iii), with no (ii), and clause (i) appears to mash two separate grounds together without an 'or' break.

“No Limited Partner may withdraw from the Partnership other than as a result of: (i) a permitted Transfer (i.e., a Transfer consented to as contemplated by paragraph (a) above or paragraph (c) below or a Transfer made pursuant to Section 9.5 below) of all of its Partnership Units pursuant to this ARTICLE IX pursuant to an exchange of all of its Partnership Units pursuant to Section 8.5 above; or (iii) a Transfer made pursuant to the sale of all its Partnership Units pursuant to Section 8.6 above.”
PPM p.3990% confidence

Spelling / typo — which. if presented

Info

Section 6.6 (Outside Activities) contains a broken sentence: a stray period appears mid-clause in 'of a character which. if presented', where a comma was intended.

“even if such opportunity is of a character which. if presented to the Partnership or any Limited Partner, could be taken by such Person.”
PPM p.2970% 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: Is the fund's fee schedule disclosed (management fee, etc.)?

High

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.

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 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 gap: What is the target offering size?

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 minimum LP investment?

Low

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 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.

15%
Coverage
2 answered1 partial10 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?4 distribution tier(s) extracted; structure type not classified.Partial
  • What is the fund's investment strategy / asset class?UnknownAnswered
  • What is the fund's vintage year?Vintage 1990.Answered
  • What is the target offering size?Gap
  • What is the minimum LP investment?Gap
Fees & Expenses
  • Is the fund's fee schedule disclosed (management fee, etc.)?Gap
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

No fees extracted from the PPM.

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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