Disclosures

Every page of this site links here. This is the complete block — the things an informed investor must know, in one place, in plain language.

Not an offer

Nothing on this website is an offer to sell or a solicitation of an offer to buy securities. Any offering is made solely through definitive offering documents provided to qualified investors. The fund publicly solicits under SEC Rule 506(c): accredited investors only, and every subscriber must complete formal third-party accreditation verification — self-certification is not accepted — together with KYC/AML screening.

This site, and every document it links to, is a DRAFT pending review by securities counsel before any external use.

Liquidity

Interests are highly illiquid. Exits run through a first-in, first-out redemption queue, paid at the finalized monthly NAV and funded only as liquidity allows. No redemption timeline is contractually guaranteed, and fulfillment may extend significantly in stress scenarios or market downturns. A voluntary expedited exit exists at a discount the investor selects; the foregone discount stays in the fund.

Tax

The fund is a pass-through with 100% automatic reinvestment and no cash-dividend option. Investors receive taxable Schedule K-1 allocations without accompanying cash — the “phantom tax” — and must fund tax liabilities independently.

Self-administration and valuation conflict

The GP currently self-administers the NAV calculation; no independent fund administrator is engaged today. The GP also alone sets the monthly valuations that price investor entries and exits — a disclosed conflict of interest. Both facts change on dated triggers: an independent administrator and an independent auditor both engage once Deployed Capital exceeds $5 million; independent members join both the Investment Committee and the Valuation Committee once fund NAV exceeds $5 million, after which committee composition is governed by member vote, up to and including potentially removing the founder.

Insurance

The fund carries no D&O or E&O insurance at its current stage. Coverage is expected to become viable once Deployed Capital exceeds $5 million, targeting a premium in the range of 1%–4% of management fee revenue.

Concentration

A per-Operator concentration cap now exists: no Operator’s Deployed Capital may exceed $2 million, measured at cost basis. Per-Underlying-Investment and per-micro-market caps remain unset. Regardless of the per-Operator cap, startup-phase concentration is real today — few active deals and low committed capital mean a single property can still dominate fund outcomes, and that must be disclosed until the fund scales.

Dilution

GP performance compensation is settled in newly issued units every month it is earned; investors dilute pro rata each time. Those units are ordinary units from the moment of issuance — no vesting lockup, redeemable through the same first-in, first-out queue as any other investor, and voting immediately. A direct consequence: the GP’s voting power grows every month compensation is earned, which any governance threshold must be read against.

Key-person dependency

The fund depends on one key person. A Key-Person Event — the GP unable or unwilling to continue, with no named successor — pauses all deployment and triggers an orderly wind-down, with debts paid before investor distributions.

Accuracy over aspiration

This site publishes no projected or guaranteed returns, and no one is authorized to state them on the fund’s behalf. All growth figures anywhere on this site — fund size, deal counts, investor counts — are goals, dated, not commitments or projections.