Theo Ventures
Pipeline
TV-MIDDLETONActive72Moderate

Middleton Ventures — $100M Fund

United States·Venture / Growth Fund (LP)·Middleton Ventures · Theo Advisors (LP)
Confidence
82
Set status
Total cost
$100.0M
Target IRR
18.0–24.0%
MOIC
2.40x
Hold
8 yrs

Investment thesis

$100M Middleton Ventures fund — Theo Advisors LP commitment under diligence. Programmatic deployment across growth-stage opportunities with an 8-year term. Focus deal for the Q3 cycle: term sheet review, LPA negotiation, and side-letter economics in flight ahead of first close.

Risk register

  • Market
    Cap-rate expansion in exit year
  • Capital
    Floating-rate exposure post-cap
  • Sponsor
    Concentration in single GP relationship

Diligence checklist

5 of 11 items complete
45%
Workstreams cleared
Workstream
Market
0/2
  • Submarket comps, absorption & demand catalysts
    K. Reyes
  • Tourism / employment / migration overlay
    K. Reyes
Workstream
Financial
2/3
  • Underwriting model stress test (±200 bps)
    J. Tan
  • T-12 operating expense & rent-roll verification
    J. Tan
  • Debt term sheet & rate-cap pricing
    M. Okafor
Workstream
Legal
1/2
  • Title, survey & entity formation review
    Goodwin
  • Escrow agent & tranche release mechanics
    Goodwin
Workstream
Physical
0/2
  • Phase I ESA & property condition assessment
    ARUP
  • Construction budget & schedule verification
    ICM
Workstream
Sponsor
2/2
  • Sponsor track record, references & KYC
    C. King
  • GP co-invest, promote & waterfall structure
    C. King

Pre-diligence memo

Middleton Ventures — PE LOC Pre-Diligence Memo
Initial $10M LOC tranche · prepared by C. King
PDF
Counterparty diligence
Composite 72 · Moderate

Proceed — close every T3/T4 gap with primary-source docs before funding.

Updated 2026-07-10
T1
1/ 6
Government / primary source
T2
3/ 6
Independent third-party corroboration
T3
2/ 6
Single self-reported source
T4
0/ 6
Unverifiable / absent
  • A · Weight 20%
    Entity Verification
    4.0/5
    • T2Middleton Ventures entity confirmed; jurisdiction & registered agent match deck.
  • B · Weight 20%
    Principal Background
    3.0/5
    • T2GP principals have partial LinkedIn/press corroboration; two bios still self-reported only.
  • C · Weight 15%
    Regulatory Standing
    3.0/5
    • T3Operating under Reg D private-fund adviser exemption — confirm Form ADV-E or exempt reporting status on IAPD.
  • D · Weight 15%
    Litigation & Enforcement
    5.0/5
    • T1Clean federal PACER + state civil search on GP and named principals.
  • E · Weight 20%
    Track Record / Funding Mechanism
    3.0/5
    • T3Prior fund vintage referenced but Form D filings not yet cross-checked; ask for LPAC references.
  • F · Weight 10%
    Public Footprint Coherence
    4.0/5
    • T2Site, deck, and press align; minor timeline rounding on one bio.