Structure
What you actually hold: a fund, a partnership, a loan, a note, an SPV or a direct asset, and what that means for your rights.
You have been offered a private real estate deal, a fund, private credit, a project abroad or another non-traded investment. Before you wire the money, get an independent professional read on the structure, the fees, the liquidity, the leverage and the questions you have to ask.
Pickel Fintech gives private investors an independent second opinion on alternative investments they are considering: private real estate, private credit and loans, land, infrastructure, private and foreign funds and "fixed yield" deals. You bring the offer you already received. You leave knowing what you are actually buying, which questions to ask and what to be wary of. The review is done by Tom Pickel, CAIA, who has analyzed alternative investments for institutional investors for over 12 years. It is an independent professional perspective, not a recommendation to buy or sell and not investment advice.
The same checklist institutional investors use on a private fund, translated into a plain-language read on the deal in front of you.
What you actually hold: a fund, a partnership, a loan, a note, an SPV or a direct asset, and what that means for your rights.
Who holds and moves the capital: manager, trustee, escrow or custodian, and how independent they are from the sponsor.
Every layer that comes out of your return: entry, management and performance fees, the promote and the costs that are easy to miss.
When and how you can actually get your money out: lock-up, redemption terms, exit dependence and any secondary market.
Debt at the fund and the asset level, and how refinancing or rising rates would change the outcome.
Who marks the asset, how often, and whether the valuation is independent or set by the sponsor.
Related-party transactions, sponsor co-investment, commissions and the points where incentives diverge from yours.
Whether the promised return is too far-fetched for the risk, or too low for the lock-up and illiquidity you are taking on.
What happens if the project is delayed, a tenant fails, rates rise or refinancing falls through.
Currency mismatch, foreign withholding and reporting burden, flagged for you to confirm with a licensed tax or legal professional.
What this is and is not. This is an independent professional perspective from an alternative investment analyst. It is not investment advice, investment marketing or portfolio management under Israel's investment advice law, and it is not a recommendation to buy, hold or sell. We review the materials you provide. We do not source deals, hold your money or take referral fees from sponsors or marketers. We are paid only by you. For legal, tax or accounting decisions, consult a licensed professional.
Non-traded alternative investments: private real estate in Israel or abroad, private credit and loans, land, infrastructure, private and foreign funds and "fixed yield" deals. Not public stocks, bonds or exchange-traded securities.
No. We are not investigators. We give a professional read of the structure, the risks and whether the promises are realistic, plus the questions to ask. If something does not add up, you will see it clearly and know what to verify.
No. There is no recommendation to buy or sell. We give you an independent professional angle and the questions to ask, so you decide with open eyes. This is not regulated investment advice.
No. There are no referral fees and no placement agenda. You are the only one who pays us, so the review serves you and not the sponsor.
Whatever you already received: the deck, the subscription or loan agreement, a financial model, the marketing email or the WhatsApp pitch. The more complete the materials, the sharper the review.
No. We may review a model you were given and tell you where its assumptions are optimistic or fragile, but we do not build the model for you.
Institutions get a deeper, allocation-grade version of this through alternative investment analysis. For a single high-stakes call, see the investment decision memo. See the full advisory practice.
Send the deck or the agreement you received. You will get a clear next step and an independent written read before you sign.
Send your deal for review