Ask for the deal-by-deal, unabridged, including anything that lost money or returned less than contributed capital. The word to listen for is "select" on the track record page, since a selected list of realized deals is a selected list. For each one you want entry cap rate, exit cap rate, going-in and exit loan-to-value, hold period, and net operating income at purchase versus at sale. That last pair separates a sponsor who grew income from a sponsor who bought in 2015 and sold into cap rate compression. A deal that entered at a 6 cap and exited at a 4.5 cap produced most of its IRR from the exit cap, which no amount of operating skill reproduces today.
Also ask whether the 24% is gross or net of fees and promote. Gross-to-net spread on a promoted deal can be several hundred basis points, and marketing pages don't always say which they're quoting.
On the ten still held, ask three plain things: current distribution status per deal, whether any have been suspended or reduced and when, and the debt structure with maturity and cap expiry dates for each. A sponsor who is straight about a paused distribution is giving you better information than the IRR page ever will. If ten of fourteen are held past their underwritten hold period with distributions running below the pref, you're looking at a sponsor who is currently managing problems, and how they communicate about them is the thing you're actually underwriting.
One more: find out whether the people who ran the 2014 to 2017 deals are still there. Acquisitions leads and asset managers move, and a firm can keep the record while losing the team that made it.
