What the sponsors promised vs what they delivered

Upload your deal docs & updates, we model your waterfall & IRR, benchmark your terms and sponsor's performance, and track what changed.

See how it works

Figures from The Meridian, an illustrative deal. Point at a figure to see its pair.

The MeridianPrivate placement memorandum
The MeridianQ3 2026 update
Projected IRR31.0%
−7.6 points
Projected IRR, calculated23.4%
GroundbreakingOctober 2025
23 months late
GroundbreakingSeptember 2027
First distributionMarch 2028
Not addressed
First distributionNot mentioned in the update
PPM p. 4343 of 212
Update p. 33 of 12

What changed this quarterIllustrative deals

  • The Meridian's sponsor moved groundbreaking from October 2025 to September 2027.
  • Sunbelt Value-Add Fund IV paid $0 this quarter, against $68,000 projected.
  • Red Mesa Energy II's sponsor underwrote oil at $72.00, and WTI closed at $93.40.
  • Northstone Surfaces SPV's projected IRR is 18.9%, against 22.6% at offering.
  • Sunbelt Value-Add Fund IV's occupancy is 83%, against 91% underwritten.
  • The Meridian's sponsor said nothing about the first distribution in the Q3 update.

§ 1The problem

You wire your money into a black box.

The lack of transparency and accountability keeps investors from increasing their allocation to direct deals.

  1. Updates and disclosures arrive irregularly, and you have no access to the sponsor.

  2. You have no way to put what was promised beside what the sponsor says in each update.

  3. You cannot tell what is changing, or what it does to when you get your money back, and how much.

  4. You lose control over your money, and the best marketers win.

The sponsors with a verified track record and a demonstrable commitment to transparency should win instead.

§ 2The gap

The Meridian, an illustrative deal

In the Q3 update, the sponsor moved groundbreaking by 23 months and said nothing about the first distribution.

23months

The Meridian's sponsor moved groundbreaking from October 2025 to September 2027.

PPM p. 43Update p. 3

Your projected IRR fell from 31.0% to 23.4%.

PPM p. 43Calculated from the new dates

−7.6points

The first distribution, projected for March 2028, is missing from the update.

PPM p. 44: first distribution March 2028

§ 3How it works

Upload the documents once, and we read, model, benchmark, track and monitor every deal from them.

01Upload

Drag in one folder per deal

The PPM or subscription package, the operating agreement, and every update you have received. We read out every term, fee, loan detail and projected cash flow, and we store the page each figure came from.

The MeridianOne folder, 5 files
  • Private placement memorandum.pdf212 pages
  • Operating agreement.pdf64 pages
  • Q1 2026 update.pdf11 pages
  • Q2 2026 update.pdf10 pages
  • Q3 2026 update.pdf12 pages

309 pages read. Every term is stored with the page it came from.

  • Preferred return 10%PPM p. 12
  • Loan SOFR + 285PPM p. 31
  • Acquisition fee 2.5%PPM p. 18
  • Hold 5 yearsPPM p. 9
  • Groundbreaking October 2025PPM p. 43

02Analyze

We lay out every deal's cash flows in one stream

We place contributions, income and exits year by year across everything you hold, and we compute your blended IRR and multiple before and after taxes. Hover a year to see which deal produced it.

Amount invested$325,0003 active deals
Blended IRR15.3%on the combined stream
Blended MOIC2.07xtotal value over invested
Total distributed$672,900income plus exits

Hover a year to see which deal produced it.

03Model

We model your waterfall and IRR from the terms

The sliders start at the sponsor's own figures. Move rent growth, the exit cap, insurance or the hedge, and we recompute the IRR and the multiple through the waterfall: capital back, the preferred return, each split, the sponsor's promote.

The sponsor's assumptionsDrag toward comparable deals
MOIC
1.98x
IRR
17.4%

These are the sponsor's own figures, unchanged.

4.0%
Comparable deals 1.9%Sponsor 4.0%
3%
Sponsor 3%Comparable deals 19%
-75 bps
Sponsor -75 bpsComparable deals -25 bps
$180,000
Sponsor $180,000Comparable deals $520,000

A difference here is not a reason to decline the deal. Use it to choose the two or three questions to put to the sponsor before you wire, and the terms to ask them to change.

04Benchmark

We place your terms against deals like yours

We compare every term and every projection with deals of the same type, size, leverage, region and year, and we show the range from the 25th to the 75th percentile, the median, and where your deal falls. A term outside the range is a question for the sponsor, not a verdict.

The Meridian against its peersMultifamily development, 2024 to 2026 vintage, 38 deals
P25MedianP75
Preferred return
10%vs 8% median
Acquisition fee
2.5%vs 1.5% median
Exit cap rate
5.25%vs 5.50% median
Hard cost per unit
$341,900vs $262,000 median
Projected IRR
31.0%vs 17.2% median
Planned hold
5 yearsat the median
25th to 75th percentileMedianYour dealOutside the range

05Track

We read every update against the projection

Each figure and date the sponsor projected in the offering documents gets a row: what was projected, where it stands, and what the sponsor said about it. A figure the sponsor's update does not mention is marked not addressed, and we draft the question for you.

Sunbelt Value-Add Fund IVQ3 update, 12 pages
AIR

Distributions stopped a year early against the $68,000 a quarter projected, because occupancy is 83% against the 91% underwritten and insurance renewed 40% higher. Together they take your projected IRR from 17.4% to 11.9% (lower income, higher expense), and the sponsor addresses the expense but not the stopped distribution.

Two questions, ready to send: when do distributions resume, and on what occupancy; and is the rate cap replacement budgeted for month 24, and at what strike.

TermProjectedNowSponsor
Quarterly distribution$68,000$0Not addressed
Occupancy at stabilization91%83%"Renovation on schedule"
Insurance expense, a year$212,000$297,000"Renewal market"
Rate cap replacementBudgetednot statedNot addressed

06Monitor

Every Friday we send you a note on what moved

Each deal has one to three value drivers, read from its documents with the figure the sponsor underwrote. The note gives each driver's move against that figure, what the move does to your position, and the question to send.

Monitor, week ending 2 October3 positions

Groundbreaking at The Meridian slipped from October 2025 to September 2027, taking the co-GP position's projected IRR from 31.0% to 23.4%.

The Meridian. The 23 months cost you 7.6 points of IRR, and your 10% preferred return accrues through them, $25,000 in all. Ask the sponsor what rent per unit it is underwriting now.

Red Mesa Energy II. WTI closed at $93.40, 30% above the $72.00 the sponsor underwrote, and most of your $150,000 is still in cash until the 14 November closing. Ask the sponsor whether that date stands.

In the app, each underlined figure opens the page it came from.

§ 4Your documents

Your documents stay private. A deal appears in the comparison as a set of terms with no name on it.

Deal record in your accountBefore the comparison
Deal
The Meridian
Sponsor
Harbor Lane Partners
Investor
You
Amount invested
$150,000
  • Multifamily development
  • $40M raise
  • 65% LTC
  • 10% preferred
  • 80 / 20 split
  • 2.5% acquisition fee

What never leaves your account

  • Your name, and the fact that you hold any particular deal
  • How much you invested, and what you personally received
  • Your documents, your portfolio and your allocation

Your files are stored encrypted under a key for your account alone. We contact a sponsor only when you invite them, and we do not train models on your documents.

§ 5Questions

Frequently asked questions

What exactly do I upload?

We can process any and all documents: from the subscription package or private placement memorandum, to the operating agreement, any financial models, even transcripts from investor calls and webinars, and every quarterly update. We digest everything, double-check, source every number, flag every inconsistency, model out the terms and numbers, and come up with questions you should be asking the sponsor.

How long does it take to get started?

Pick your two largest investments and drag the folders in. You get the deal records back in minutes, with anything uncertain flagged for you to confirm. Most people assemble six years of documents in about an hour, and after that it is one upload a quarter.

Can a chatbot not do this already?

For a single deal, largely yes. A general model will compute coverage from a clean document and notice that a distribution exceeds the property's cash flow. What it cannot tell you is whether 1.06 coverage is normal for this type of deal, because that answer needs several hundred comparable deals recorded in the same fields, and we have not found that set assembled anywhere.

Can I upload documents that are marked confidential?

Most offering documents allow the recipient to share them with their own advisers and representatives who help evaluate or administer the investment. Private Sleeve acts as yours: we process your documents only for you, hold them in confidence, and do not train models on them.

Does AIR tell me whether a deal is going badly?

No. It gives you what the sponsor projected in the offering documents, what the sponsor's update or the week's news reports on it, the gap in months, points or dollars, and whether the sponsor addressed it. If the sponsor said nothing, it writes "Not addressed" and drafts the question. Whether that is bad is your judgement.

Is this investment advice?

No. Private Sleeve reports the figures in your documents and how they compare with other deals. It does not recommend, rate or rank investments, and it does not tell you what to buy or sell.

§ 6Start

See what your sponsor projected, and where the deal stands today

Upload the documents for one deal and see it read, modelled, benchmarked and tracked, with every figure on its own row. It takes a few minutes.