Theo Ventures
Pipeline
TV-PCFPass40Low

Private Credit Fund — Baruk SPV

US — Multi-Project SPV·Private Credit / SPV (LP)·Baruk Capital Group · Theo Advisors (LP) · Middleton Ventures (LP)
Confidence
40
Set status
Total cost
$115.0M
Target IRR
5.0–5.0%
MOIC
1.05x
Hold
8 yrs

Investment thesis

Passed. $115M three-party SPV with flat 5% LP ROI structure — economics and activation gating (jointly funded $5M escrow, qualifying Theo/Middleton project submissions) did not clear our return threshold vs. alternatives on the platform.

Risk register

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

Diligence checklist

0 of 11 items complete
0%
Workstreams cleared
Workstream
Market
0/2
  • Submarket comps, absorption & demand catalysts
    K. Reyes
  • Tourism / employment / migration overlay
    K. Reyes
Workstream
Financial
0/3
  • 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
0/2
  • 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
0/2
  • Sponsor track record, references & KYC
    C. King
  • GP co-invest, promote & waterfall structure
    C. King
Counterparty diligence
Composite 40 · Low

Do not proceed without independent third-party verification (aggregator, references, counsel).

Updated 2026-07-10
T1
0/ 6
Government / primary source
T2
2/ 6
Independent third-party corroboration
T3
2/ 6
Single self-reported source
T4
2/ 6
Unverifiable / absent
  • A · Weight 20%
    Entity Verification
    3.0/5
    • T2Baruk Capital Group entity found; address/jurisdiction differ from marketing materials — flagged.
  • B · Weight 20%
    Principal Background
    2.0/5
    • T3Principals self-report institutional credit pedigree; independent corroboration thin.
  • C · Weight 15%
    Regulatory Standing
    1.0/5
    • T4Activity described implies lender/adviser registration; no exemption articulated.
  • D · Weight 15%
    Litigation & Enforcement
    3.0/5
    • T2One resolved commercial dispute on record; no enforcement action.
  • E · Weight 20%
    Track Record / Funding Mechanism
    1.0/5
    • T4$1B+ deployment claim not traceable via UCC / county recorder / SEC full-text search.
  • F · Weight 10%
    Public Footprint Coherence
    2.0/5
    • T3Entity name variants across site vs SOS; unexplained placeholder content on primary marketing page.