The governing documents control: the limited partnership or operating agreement, the loan note and any guarantee or security instrument, the subscription agreement, and the risk factors in the offering memorandum. Written investor updates and repayment schedules from earlier phases of the same sponsor's projects give useful context but create no entitlement.
Keep the sales material as evidence of what was said
Save presentations, emails and written answers from the sponsor even though the executed agreement governs. If a representative describes a return that the documents do not support, put the question in writing and keep the reply. That record matters if the offer and the paperwork diverge.
Then read the risk factors properly — they are usually the most candid description of what could go wrong in the whole package. Keep the sales material alongside the executed documents, even though only the latter governs. Presentations, emails, and written answers from the sponsor record what was represented, and that record matters if the offer and the paperwork later diverge.
Where a representative describes a return the documents do not support, put the question in writing and keep the reply rather than relying on a recollection of a call. Then read the risk factors in the offering memorandum properly, since they are usually the most candid description in the whole package of what could go wrong. The governing documents control the entitlement: the partnership or operating agreement, the loan note, any guarantee or security instrument, and the subscription agreement.