TL;DR

LP Intel maintains a proprietary database of private real estate syndication deals reviewed across multifamily, industrial, self storage, mixed-use, and private credit. Every deal is scored against the LP Intel Due Diligence Index (LDI) — a 100-point rubric evaluating five dimensions: operator track record disclosure, fee transparency, debt structure risk, LP protections, and governance quality.

This week's analysis covers 84 deals in the current database. Of those, 74 carry a projected IRR as stated in the offering materials. We focused this comparison on two buckets — 8–14% and 15–24% projected IRR — representing 63 of those 74 deals. The remaining 11, which project returns above 25%, were set aside for a separate analysis given data quality considerations that would distort a straightforward comparison.

We don't score deals on whether you should invest. We score them on whether the operator gave you enough information to make that decision yourself.

The 13 deals projecting 8–14% IRR average 61.9 LDI. These tend to be institutionally structured vehicles — open-end funds, programmatic strategies, debt funds, and operators with audited track records and multi-cycle experience. The pitch is typically conservative. The documentation is not. Track record disclosure is more complete, fee structures more transparent, and LP protections more consistently present.

The 50 deals projecting 15–24% IRR average 48.8 LDI. This is the largest cohort in our database and the most variable in quality. The same bucket holds well-governed regional operators alongside single-asset ground-up developments where the pro forma is doing most of the heavy lifting. A 13-point average gap understates how wide the quality range is within this bucket.

The pattern is structural, not random. Operators with the track record and governance infrastructure to justify institutional pricing tend to price deals accordingly — and don't need an aggressive return target to attract capital. Operators who lead with a high IRR are frequently compensating for something the deck doesn't disclose.

Ask this before your next capital commitment:

"Can you walk me through the specific assumptions behind your IRR projection — entry cap rate, rent growth rate, exit cap rate, and hold period — and how each compares to the trailing five-year market average for this asset class and submarket?"

An operator who has stress-tested their own model will answer this in under two minutes. An operator whose IRR lives primarily in the exit assumption will struggle.

LP Intel reviews private real estate syndication deal decks and scores them against a standardized due diligence rubric. Nothing in this newsletter constitutes investment advice or a recommendation to buy or sell any security. All data is sourced from LP Intel's proprietary database of reviewed deal materials. Past performance of reviewed operators is not indicative of future results. For informational and educational purposes only.