The structure is public. The benchmark numbers stay internal, so the score can't be tuned for.
Methodology

How the IC scores your offering.

Five dimensions. Weighted. Benchmarked against $30B+ in anonymized real LP investment data across 432 GPs. Every offering on this page is a private offering, scored against a rubric specific to its offering type. There is no generic fallback.

5
Dimensions
~33
Parameters per offering type
54
Offering-type rubrics live
4.0
Shortlist threshold
Step 1 · Classification

Before the IC scores,
it routes.

Every private offering is classified along 4 axes before scoring begins. The rubric the IC uses is specific to the offering type. A multifamily value-add offering and a seed-stage SaaS bet are not scored against the same questions.

01

Capital position

Equity, debt, or hybrid. Based on where you sit in the capital stack, not the marketing language. A "preferred equity" tranche behaves like debt and gets scored that way.

02

Structure

Fund, single-asset, co-investment, feeder, or fund-of-funds. Based on how many underlying offerings the vehicle holds. A "Fund II" that buys one apartment building is scored as single-asset.

03

Asset class

Real estate, venture, growth equity, buyout, crypto, oil and gas, infrastructure, consumer, manufacturing, life sciences, agriculture, other.

04

Strategy

Within asset class. Real estate breaks into core, core-plus, value-add, opportunistic, development, stabilized for equity, and bridge, mezz, preferred equity, construction for debt. Operating companies break into seed bet, growth equity, buyout LBO, roll-up.

Strategy is classified by the math, not the label.

If a deck is pitched as "core-plus" but target IRR is 15% and LTV is 70%, the IC scores it as value-add. Sponsors often soften the label for positioning. We don't let that bias the rubric.

Step 2 · The five dimensions

What the IC scores,
and how it weights it.

Every offering is scored across the same five dimensions. The weights are fixed. Dimensions where you disclose nothing get dropped and the remaining weights renormalize.

Dimension
What it measures
Weight
Sponsor & Team
Track record, team depth, ops infrastructure, regulatory standing.
25%
Returns Quality
Target returns vs. benchmark, valuation discipline, downside, underwriting assumptions.
20%
Market & Thesis
Demand, supply, demographics, macro tailwind, competitive moat.
20%
Offering Structure
Pref, waterfall, fees, GP co-invest, LP protections, liquidity, alignment.
20%
Risk Profile
Leverage, debt structure, construction, regulatory, exit liquidity, rate sensitivity.
15%

Rollup math. Within a dimension, parameter scores are averaged equally. The five dimension averages are then combined with the weights above. An offering scoring 4 / 4 / 4 / 4 / 4 across all dimensions earns a 4.0 overall. An offering that's strong on Returns and Structure but weak on Sponsor will not clear 4.0, because Sponsor carries the largest weight.

Step 3 · The 1 to 5 scale

A 4 is the
Shortlist line.

The simplest framing: a 4 or higher means at-or-above market on every dimension that matters. Below 4 is not a no, but it doesn't get distributed.

5

Best in class

Top-quartile sponsor. Returns above benchmark with conservative assumptions. Hard-to-replicate market position. LP-friendly structure. Minimal risk. Rare.

4

Market standard for an institutionally-credible offering Shortlist threshold

Solid sponsor with full-cycle track record. Returns at or above benchmark midpoint. Healthy market. Terms in line with norms. Manageable risk. This is what gets distributed to the 12,568 LPs.

3

Functional but average

Below benchmark midpoint, or missing some disclosure, or market-standard structure with no edge. Worth a deeper look. Not a no.

2

Below market

Sponsor thin on track record, returns below benchmark, soft market, terms tilted to GP, or elevated risk. Defensible only if the rest of the offering compensates.

1

Hard problems

First-time sponsor with no relevant experience. Returns below stress floor. Market in decline. Predatory terms. Or a hard-rule breach (DSCR < 1, LTV > 85, etc.).

Worked example

A real rubric:
multifamily value-add.

One of the most-submitted offering types. 33 scored parameters across the five dimensions, plus three bonuses. Other offering types follow the same structure with parameters tuned to the asset class. Param counts range from 28 to 37 depending on offering type.

Capital
Equity
Structure
Single Asset
Asset class
Real Estate · Multifamily
Strategy
Value-Add

This is the routing the IC ran. Click any dimension below to see its scored parameters.

Sponsor & Team

5 params · 25% weight
  • Track record depth. Number of full-cycle offerings in this asset class and strategy.
  • Historical performance. Realized IRRs and DPI on prior offerings, weighted toward the same strategy.
  • Team depth. Bench beyond the named principal. Succession risk.
  • Operational infrastructure. Property management, accounting, investor reporting capability.
  • Regulatory record. SEC, FINRA, state, and litigation history. Active enforcement triggers a 1.

Bonus: institutional backing.

Returns Quality

8 params · 20% weight
  • Target return vs. benchmark. IRR and equity multiple against our $30B dataset for this asset class and strategy.
  • Valuation discipline. Going-in cap rate vs. comparable trades.
  • Downside scenario. Stressed-case modeling. Break-even occupancy, rent floor, exit cap stress.
  • Rent growth assumption. Year-over-year forecast vs. submarket history.
  • Exit cap assumption. Spread vs. going-in. Realistic vs. promotional.
  • Expense assumptions. Per-unit operating expenses vs. asset class norms.
  • Vacancy and lease-up assumption. Stabilized vacancy and absorption pace.
  • Refi assumption. Reliance on refinance for returns. Sensitivity to rate environment.

Market & Thesis

7 params · 20% weight
  • Demand fundamentals. Population, employment, household formation in the submarket.
  • Supply pipeline. Units under construction and permitted vs. existing stock.
  • Employment and population. Trailing and forward growth.
  • Macro tailwind. Migration, rate cycle, capital flows into the asset class.
  • Competitive landscape. Comparable assets, pricing power.
  • Barriers to entry. Land scarcity, zoning, replacement cost vs. acquisition basis.
  • Thesis differentiation. Edge beyond "buy and renovate." Why this sponsor, this asset, this market.

Offering Structure

7 params · 20% weight
  • Preferred return. Pref rate vs. asset class norms. Cumulative vs. non-cumulative.
  • Waterfall fairness. Promote tiers, catch-up, hurdle structure.
  • Fees. Acquisition, asset management, disposition. All-in fee load vs. peers.
  • GP co-invest %. Skin in the game. Cash, not deferred fees.
  • LP protections. Removal rights, key-person, side letters, audit rights.
  • Liquidity terms. Lock-up, redemption, transfer restrictions.
  • GP/LP alignment. Composite of fee load, co-invest, waterfall, removal rights.

Bonuses: refi liquidity (+1.0), secondary liquidity (+0.5).

Risk Profile

6 params · 15% weight
  • Leverage / LTV. Loan-to-value at acquisition and on refi.
  • Debt structure. Fixed vs. floating, IO period, maturity, recourse.
  • Construction risk. Scope, GMP, contingency, contractor track record.
  • Regulatory risk. Rent control, zoning changes, tax abatement expiration.
  • Exit liquidity risk. Buyer pool depth at projected exit basis.
  • Interest rate sensitivity. Refi assumption stress, debt service coverage at rate-up scenarios.

53 other rubrics

28 to 37 params each

Same five-dimension structure. Different parameters per asset class and strategy. Your rubric is selected after classification.

See full coverage matrix →
Coverage

54 offering types
across 4 quadrants.

Every offering type below has its own calibrated rubric. If your offering classifies outside this matrix, the system flags it before scoring. We will not score an offering type we have not built a rubric for.

Equity × Single Asset

24 offering types
Real Estate 15
  • Multifamily: value-add, stabilized, core-plus, development
  • Industrial: value-add, stabilized
  • Office: value-add, stabilized
  • Hospitality: value-add, development
  • Retail value-add
  • Self-storage value-add
  • Senior housing value-add
  • Manufactured housing / mobile home park value-add
Operating Company 4
  • Pre-revenue seed bet
  • Early seed bet
  • Expansion growth equity
  • Growth growth equity
Crypto / Token 2
  • L1 liquid
  • DeFi liquid
Natural Resources 2
  • Oil drilling: development, production

Equity × Fund

21 offering types
Real Estate 11
  • Diversified: core-plus, stabilized, value-add
  • Multifamily value-add
  • Industrial: core-plus, stabilized, value-add
  • Industrial NNN sale-leaseback (and value-add)
  • Retail core
  • Manufactured housing / mobile home park value-add
Operating Company 8
  • Seed: pre-revenue, early-revenue
  • Growth equity: expansion, growth, pre-IPO
  • Buyout / LBO: mature
  • Roll-up platform: mature
  • Distressed turnaround
Natural Resources 2
  • Oil drilling development
  • Oil & gas production
Infrastructure 1
  • Value-add

Debt × Single Asset

1 offering type
Real Estate 1
  • Multifamily preferred equity

Debt × Fund

8 offering types
Real Estate 8
  • Multifamily: bridge, construction, senior stabilized
  • Hospitality bridge
  • Mixed-use: bridge, senior stabilized
  • Office senior stabilized
  • Diversified bridge
What we don't yet score

Crypto: only liquid L1 and DeFi. No locked, seed-round, validator, or yield strategies. No L2, infra, or app-layer. Natural resources: oil only. No royalty, midstream, mining, timber, or renewables. Infrastructure: one fund-level offering type. No single-asset infrastructure or other strategies. Debt: real-estate only. No operating-company or infrastructure debt.

If your offering lands in one of these gaps, classification flags it. We add rubrics on a per-submission basis when demand justifies the calibration work.

Hard caps and auto-fails

A few rules
cap the score on their own.

Most parameters are scored on the 1 to 5 scale. A few breach conditions cap the parameter or dimension regardless of the rest of the offering.

DSCR < 1.0 Parameter forced to 1. Applies to debt and leveraged equity.
LTV > 85% Parameter forced to 1. Applies to real estate equity and debt.
Burn multiple > 3.0 Parameter forced to 1. Applies to operating companies.
Gross margin < 40% on a SaaS pitch Parameter forced to 1.
Active SEC enforcement or red-flag background check Regulatory record parameter forced to 1.
Fund sponsor with no full-cycle realized IRR Sponsor & Team dimension capped at 3.5. Cannot reach 4 overall on Sponsor weight alone.
Required parameter not disclosed Parameter forced to 1. We tell you which fields are required for your offering type before you submit.
No matching rubric for the offering type The IC declines outright. We don't score an offering type we haven't built a calibrated rubric for. There is no generic fallback.
What we don't publish

The IC's rubric is public. The numbers aren't.

We publish the parameter names, the dimension weights, the band meanings, and the hard caps. We do not publish the exact benchmark ranges, the skepticism thresholds, or the silent-fallback values.

If we did, decks would be tuned to them. The integrity of the IC depends on the GP not knowing what number it would consider a 4.

Self-assessed at 4+?
Bring it to the IC.

Verdict within 48 hours. Distribution earned by score, not payment.

Submit to the IC

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