📌 Episode Overview

In Part 3 of the Vetting Sponsors series, Jason Williams and Frank Patalano dive deep into one of the most overlooked, but critical, areas of passive investing: fee transparency and sponsor communication. This episode breaks down common fee structures, how they’re sometimes misrepresented, and why clarity matters more than ever in today’s market.

🧠 Topics Covered

• Why transparency around fees is non-negotiable
• Acquisition fees: what’s reasonable vs. misleading
• Asset management fees and how they’re actually calculated
• The dangers of raising multiple years of fees upfront
• Disposition and refinance fees explained
• Capital calls: legitimate reasons vs. red flags
• Dilution vs. investor loans during capital shortfalls
• Common communication breakdowns between GPs and LPs
• Why “everything is in the portal” is not an answer
• Red flags when sponsors avoid direct questions
• Green flags that signal strong, trustworthy sponsor teams
• The importance of underwriting access and investor education
• Why experienced sponsors openly discuss past failures

💬 Notable Quotes

• “Fees are okay. Hiding them is not.”
• “Over-communication is always better than under-communication.”
• “There are no failures, only feedback, if you’re honest and willing to improve.”

🎧 Connect with Jason:

✅ LinkedIn

✅ https://IroncladUnderwriting.com

✅Linktree

🎧 Connect with Frank:

✅LinkedIn