Jan 30, 2017


Good sponsor.  Great reporting and communication.  They are tied to a large family office, and as such should be viewed as being a bit bigger than they are.  Their fee structure has no waterfall, they just take 10% of returns flat regardless of performance.  If they overperform this is great, but if they under perform it is a big issue.  Thier acquisition fees are on the high side, but not crazy high.

Update:  the one invetsment i have with them is now seriously under performing.  They are candid about taking responsibikity for it, and have very much ramped up communications about the status.  The 10 percent sponsor cut is still in effect and this is the downside of their no waterfall approach.