• Round size vs peers

  Larger than the typical Debt Facility round (3.7×).

• Syndicate size

  Single investor, limited external validation.

• Insider conviction

  All-new money, no prior investors re-upped.

• Investor track record

  Mostly newer or unproven managers.

Heuristic read of round size vs peers, syndicate size, insider conviction, and investor track record. Not investment advice.