Manager Managed LLC VS Syndication

[Greg Scully]

Is a PPM required for a manager managed LLC? We're considering a deal too big to have all "active investors" but too small for a full syndication.

There would still be an equity split between the management team and the limited partners.  Additionally the limited partners would receive a 7% pref.

[Sam Grooms]

This would still require a securities exemption, and a PPM would be needed. Most syndications are manager managed LLC's.