Sponsor's equity has come from the same family office three deals running

Doing diligence on a sponsor's fourth offering, 12m equity target. Their prior three deals list one family office as the largest investor, and from the capital account detail they gave me that office funded somewhere between 35 and 40 percent of the equity each time. The rest is a spread of 100k to 500k checks.

Two things in the PPM bother me together rather than separately. There's a sponsor bridge provision letting the sponsor or an affiliate fund an equity shortfall as a loan at 12 percent, repaid ahead of the LP preferred return. And the capital call language gives 10 business days with a dilution remedy at a punitive rate.

So the risk I'm trying to size isn't the property. It's what happens to my position if that one office declines this raise or declines a call. A 40 percent gap on 12m is 4.8m, and I don't believe the retail base absorbs that in the time frame the purchase agreement allows.

Questions I'd like to put to them, and I want to know which of these sponsors actually answer. Will they show the LP register by commitment size with names redacted. Will they disclose whether that office has any side letter, including any right to decline follow-ons without prejudice. Has the sponsor bridge ever been drawn, at what size and for how long. And is there anything stopping the affiliate bridge from being funded by the same family office, so the largest LP effectively converts into a 12 percent priority lender ahead of the rest of us.

Has anyone gotten straight answers to that last one?