The sponsor I was about to wire to was the guest speaker at my own mastermind
I pay a bit over eleven thousand a year for an LP group. Twenty something people who write checks into other people's deals, monthly calls, one meetup a year in a conference room with bad coffee. My wife thinks it's a lot of money for a group chat. Most months I think she's right.
Last fall the meetup had a guest operator, mid sized value add multifamily shop, sunbelt, second fund. I already had a subscription agreement from them sitting in a folder on my desk with the signature page half filled in. I had done the work I usually do, checked the T-12 against the offering, read the operating agreement twice, called two references they gave me. I was maybe a week from funding.
So the guy presents, and it's a good presentation, and then a member I'd barely spoken to all weekend asks him, very flatly, why fund one paused distributions in the second quarter and why the investor letter about it went out eleven weeks later. No edge in her voice at all. She just wanted the date.
The operator answered. It was a reasonable answer, rate cap renewal, a lease up that ran slow. But he answered the first half of the question and never touched the eleven weeks, and when she asked again he said he'd follow up offline. Nobody in the room said anything. I looked around and about six people were writing.
I didn't fund. Not because of the pause, pauses happen. The eleven weeks is what stayed with me, because I'd be one of the people waiting on that letter.
What I actually paid for that year was one woman who reads investor letters closely enough to remember the date on one. I don't know how you'd price that in advance. I do know I never would have asked that question myself, because I'd have felt rude asking it in front of thirty people.