b'case, the asset manager could grant someone interests as a Class B member without making them a member of the asset management entity.ThemanagercouldalsoallocatesomeoftheClassBinterestsas additional compensation to an investor or private equity fund who invests a largeamountorwhohelpsguaranteealoan.Thiscanbecontractually agreed to in what is known as a side letter. But, be aware that the SEC is currently looking askance at side letters and making rumblings that they would like to prohibit them in private offerings.In general, we see a lot of asset management percentage interests carved up like this: 1.25% is retained by the members for pre-closing activities related to the property, such as: a.Those who found the property (5% or less is typically allocated to bird dogs),b.Those who are conducting the due diligence,c.Those who are coordinating the loan,d.Those who are organizing the corporate structure,e.Those who are working with the securities attorney to draft the offering materials for the syndicate or fund, andf.Those who are working with the real estate attorney on purchase agreements, title, escrow, property management and other property-related contracts, and loan documents.2.25% is retained by the members who will be overseeing property operations on behalf of investors. This group meets with property 202'