Quarterly & Annual Report
Q4 2023
Dear Investors,
It was another great quarter for the Alturas Business Fund and our operating company, Idaho Fitness Factory. Expansion has begun in earnest, as we opened our ninth location on December 11th in south Boise on Overland Road. Our membership count started slowly, due to issues with our technology vendor, but we’ve quickly picked up momentum.
Most importantly, we are achieving about 45% conversion to our upgraded pricing plan of $30/month, versus our $20 base plan. Our underwriting projections were 35% conversion, so we are bringing in more revenue per member than we expected. This gives us confidence that we can achieve profitability even faster than we expected at this location and in future expansion locations – like a 10th location in Meridian, Idaho where we signed a lease on Feb. 9th.
While realized investor returns for the quarter were 11.75%, our lowest yet and down from 15.69% from last quarter, total returns for the quarter were 47.83%. Realized returns were slightly lower due to a write-off we took for the sale of equipment at Franklin and Nampa. However, while we did have the write off, we also improved the business with upgraded equipment at two locations and the opening of our ninth location. Because of this, we also recognized a unrealized gain. The unrealized gain was reduced due to two one-time non-cash accounting charges that are explained in detail later in the report. In summary, as we prepare for the financials to be audit-ready, we decided to take two, one-time true up hits, a loss on the sale of equipment, and change the way we do depreciation and lease accounting going forward.
We appreciate your patience as we figure out the nuances of operating the Alturas Business Fund. The fundamentals are strong and the business we own is a great starting point – but we are working through the details to ensure the fund is ready to add more operating businesses to the portfolio. We are confident that we are doing the right work to allow us to succeed in the long term.
We are happy to announce the first fair market adjustment of the business value since we started the fund, resulting in our first unrealized gain in the fund which drove an increase in the fund’s unit price. In the last year and a half, we have improved operations, invested significantly in new equipment, achieved stabilization in two locations that were in a ramp-up phase at acquisition, and invested in our newest expansion location. Revenues are up. Net income is up. Assets are up.
Our conservative analysis values the business at around $10.1 million, which is $1.5 million higher than the $8.6 million that we have invested in the business, between our acquisition of the company and the new money we’ve invested since. However, this gain was offset by about $1 million due to the depreciation and ASC 842 true-ups and an adjustment for selling costs. Ultimately, we recognized a $500 thousand fair market value adjustment and the first increase in the unit price from $1,000/unit to $1,088.08/unit.
Thank you for investing with us! We appreciate your confidence and look forward to many more years of success together. We are just getting started.
Thanks,
Blake Hansen
Lucas Henken
Alturas Ventures
Blake Hansen
Alturas Ventures
Dear Investors,
It was another great quarter for the Alturas Business Fund and our operating company, Idaho Fitness Factory. Expansion has begun in earnest, as we opened our ninth location on December 11th in south Boise on Overland Road. Our membership count started slowly, due to issues with our technology vendor, but we’ve quickly picked up momentum.
Most importantly, we are achieving about 45% conversion to our upgraded pricing plan of $30/month, versus our $20 base plan. Our underwriting projections were 35% conversion, so we are bringing in more revenue per member than we expected. This gives us confidence that we can achieve profitability even faster than we expected at this location and in future expansion locations – like a 10th location in Meridian, Idaho where we signed a lease on Feb. 9th.
While realized investor returns for the quarter were 11.75%, our lowest yet and down from 15.69% from last quarter, total returns for the quarter were 47.83%. Realized returns were slightly lower due to a write-off we took for the sale of equipment at Franklin and Nampa. However, while we did have the write off, we also improved the business with upgraded equipment at two locations and the opening of our ninth location. Because of this, we also recognized a unrealized gain. The unrealized gain was reduced due to two one-time non-cash accounting charges that are explained in detail later in the report. In summary, as we prepare for the financials to be audit-ready, we decided to take two, one-time true up hits, a loss on the sale of equipment, and change the way we do depreciation and lease accounting going forward.
We appreciate your patience as we figure out the nuances of operating the Alturas Business Fund. The fundamentals are strong and the business we own is a great starting point – but we are working through the details to ensure the fund is ready to add more operating businesses to the portfolio. We are confident that we are doing the right work to allow us to succeed in the long term.
We are happy to announce the first fair market adjustment of the business value since we started the fund, resulting in our first unrealized gain in the fund which drove an increase in the fund’s unit price. In the last year and a half, we have improved operations, invested significantly in new equipment, achieved stabilization in two locations that were in a ramp-up phase at acquisition, and invested in our newest expansion location. Revenues are up. Net income is up. Assets are up.
Our conservative analysis values the business at around $10.1 million, which is $1.5 million higher than the $8.6 million that we have invested in the business, between our acquisition of the company and the new money we’ve invested since. However, this gain was offset by about $1 million due to the depreciation and ASC 842 true-ups and an adjustment for selling costs. Ultimately, we recognized a $500 thousand fair market value adjustment and the first increase in the unit price from $1,000/unit to $1,088.08/unit.
Thank you for investing with us! We appreciate your confidence and look forward to many more years of success together. We are just getting started.
Thanks,
Blake Hansen
Alturas Ventures
Lucas Henken
Alturas Ventures
Blake Hansen
Dear Investors,
It was another great quarter for the Alturas Business Fund and our operating company, Idaho Fitness Factory. Expansion has begun in earnest, as we opened our ninth location on December 11th in south Boise on Overland Road. Our membership count started slowly, due to issues with our technology vendor, but we’ve quickly picked up momentum.
Most importantly, we are achieving about 45% conversion to our upgraded pricing plan of $30/month, versus our $20 base plan. Our underwriting projections were 35% conversion, so we are bringing in more revenue per member than we expected. This gives us confidence that we can achieve profitability even faster than we expected at this location and in future expansion locations – like a 10th location in Meridian, Idaho where we signed a lease on Feb. 9th.
While realized investor returns for the quarter were 11.75%, our lowest yet and down from 15.69% from last quarter, total returns for the quarter were 47.83%. Realized returns were slightly lower due to a write-off we took for the sale of equipment at Franklin and Nampa. However, while we did have the write off, we also improved the business with upgraded equipment at two locations and the opening of our ninth location. Because of this, we also recognized a unrealized gain. The unrealized gain was reduced due to two one-time non-cash accounting charges that are explained in detail later in the report. In summary, as we prepare for the financials to be audit-ready, we decided to take two, one-time true up hits, a loss on the sale of equipment, and change the way we do depreciation and lease accounting going forward.
We appreciate your patience as we figure out the nuances of operating the Alturas Business Fund. The fundamentals are strong and the business we own is a great starting point – but we are working through the details to ensure the fund is ready to add more operating businesses to the portfolio. We are confident that we are doing the right work to allow us to succeed in the long term.
We are happy to announce the first fair market adjustment of the business value since we started the fund, resulting in our first unrealized gain in the fund which drove an increase in the fund’s unit price. In the last year and a half, we have improved operations, invested significantly in new equipment, achieved stabilization in two locations that were in a ramp-up phase at acquisition, and invested in our newest expansion location. Revenues are up. Net income is up. Assets are up.
Our conservative analysis values the business at around $10.1 million, which is $1.5 million higher than the $8.6 million that we have invested in the business, between our acquisition of the company and the new money we’ve invested since. However, this gain was offset by about $1 million due to the depreciation and ASC 842 true-ups and an adjustment for selling costs. Ultimately, we recognized a $500 thousand fair market value adjustment and the first increase in the unit price from $1,000/unit to $1,088.08/unit.
Thank you for investing with us! We appreciate your confidence and look forward to many more years of success together. We are just getting started.
Thanks,
Blake Hansen
Lucas Henken
Alturas Ventures
Blake Hansen
Alturas Ventures
Big News for Q4
Big News for Q4
Big News for Q4
Big News for Q4
Idaho Fitness Factory
Big News for Q4
Idaho Fitness Factory
Big News for Q4
Idaho Fitness Factory
Opened up 9th location in Treasure Valley – Overland
View Release Here!
10,000 square foot location
Brand new equipment
Added Saunas
Highest conversion rate for December at (52%), Existing 8 Clubs were is 44%
Opened up 9th location in Treasure Valley – Overland
View Release Here!
10,000 square foot location
Brand new equipment
Added Saunas
Highest conversion rate for December at (52%), Existing 8 Clubs were is 44%
Opened up 9th location in Treasure Valley – Overland
View Release Here!
10,000 square foot location
Brand new equipment
Added Saunas
Highest conversion rate for December at (52%), Existing 8 Clubs were is 44%
#10 VICTORY AND EAGLE
14,500 square foot location
Brand new equipment
Saunas – We think this will drive higher conversion (Overland as an example)
Fourth location in Meridian
New Area – South Meridian
#10 VICTORY AND EAGLE
14,500 square foot location
Brand new equipment
Saunas – We think this will drive higher conversion (Overland as an example)
Fourth location in Meridian
New Area – South Meridian
#10 VICTORY AND EAGLE
14,500 square foot location
Brand new equipment
Saunas – We think this will drive higher conversion (Overland as an example)
Fourth location in Meridian
New Area – South Meridian
Key Numbers
Key Numbers
Key Numbers
11.75%
Average Realized Return
11.75%
Average Realized Return
11.75%
Average Realized Return
20.81%
Average realized return since inception
20.81%
Average realized return
20.81%
Average realized return since inception
$147,068
Realized net income 1st quarter 2024
$147,068
Realized net income 1st quarter 2024
$147,068
Realized net income 1st quarter 2024
Stated returns are average annualized investor returns. Individual investor returns may vary based on the unit pricing at the time of investment. Realized net income (Excess Distributable Income) includes realized gains and losses and excludes unrealized gains and losses recorded during the period. Financial information herein related to the quarters ended in 2023 are unaudited as of the date of this report.
Realized Returns
Additional Fund Metrics
Additional Fund Metrics
Additional Fund Metrics
$3.59M
Aggregate Capital Raised
$3.59M
Aggregate Capital Raised
$3.59M
Aggregate Capital Raised
$906K
Investor distribution since inception
$906K
Average realized return
$906K
Investor distribution since inception
25
Number of investors
25
Number of investors
25
Number of investors
91.37%
Current reinvestment rate
91.37%
Current reinvestment rate
91.37%
Current reinvestment rate
$1,088
Unit price
$1,088
Unit price
$1,088
Unit price
$9.1M
Assets under management
$9.1M
Assets under management
$9.1M
Assets under management
*Distributions since inception includes Q4-2023 distributions paid on 12/31/2023.
Idaho Fitness Factory
The fourth quarter was an exciting quarter for Idaho Fitness Factory. We entered the busy season with our updated pricing plan for the first time, upgraded our Franklin and Nampa locations with new equipment, and opened our new Overland location. In order to accomplish this and remain in compliance with our loan covenants, we raised some additional capital at the end of the quarter. This totaled about $450,000. Ultimately, this was to help manage our debt load and support the two upgraded locations and the opening of the Overland location. The additional equipment at Franklin and Nampa will have a positive affect on not only membership experience, but also the capacity of each club. Franklin was expanded by about 2,500 sqft. in mid-2022. However, no additional equipment was purchased at the time to fill the additional space. Replacing the equipment at Franklin in November of 2023 not only improved existing equipment but expanded the gym with new equipment and capacity. The table below shows the membership at Franklin from July 2022 through December of 2023. We took the same approach with Nampa; replacing some equipment and expanding our capacity by adding other pieces. We are only two months into the impact of this update, but our expectation is that the stabilized capacity of Nampa will increase. This is in large part due to replacing single use pieces of equipment and outdated equipment with newer, multi-user and more popular pieces. We will continue to replace equipment at other clubs when it makes sense operationally and financially. We also recognized a $67,000 loss on the sale of gym equipment, a depreciation true-up of $466,000, and a $170,000 true-up for the implementation of a lease accounting standard ASC 842. The two sections below provide additional detail on the implementation of depreciation and ASC 842
Franklin Location
Membership #
Change per Quarter
2,205
-
2,324
119
2,501
132
2,753
120
2,705
2,803
The fourth quarter was an exciting quarter for Idaho Fitness Factory. We entered the busy season with our updated pricing plan for the first time, upgraded our Franklin and Nampa locations with new equipment, and opened our new Overland location. In order to accomplish this and remain in compliance with our loan covenants, we raised some additional capital at the end of the quarter. This totaled about $450,000. Ultimately, this was to help manage our debt load and support the two upgraded locations and the opening of the Overland location. The additional equipment at Franklin and Nampa will have a positive affect on not only membership experience, but also the capacity of each club. Franklin was expanded by about 2,500 sqft. in mid-2022. However, no additional equipment was purchased at the time to fill the additional space. Replacing the equipment at Franklin in November of 2023 not only improved existing equipment but expanded the gym with new equipment and capacity. The table below shows the membership at Franklin from July 2022 through December of 2023. We took the same approach with Nampa; replacing some equipment and expanding our capacity by adding other pieces. We are only two months into the impact of this update, but our expectation is that the stabilized capacity of Nampa will increase. This is in large part due to replacing single use pieces of equipment and outdated equipment with newer, multi-user and more popular pieces. We will continue to replace equipment at other clubs when it makes sense operationally and financially. We also recognized a $67,000 loss on the sale of gym equipment, a depreciation true-up of $466,000, and a $170,000 true-up for the implementation of a lease accounting standard ASC 842. The two sections below provide additional detail on the implementation of depreciation and ASC 842
Idaho Fitness Factory
The fourth quarter was an exciting quarter for Idaho Fitness Factory. We entered the busy season with our updated pricing plan for the first time, upgraded our Franklin and Nampa locations with new equipment, and opened our new Overland location. In order to accomplish this and remain in compliance with our loan covenants, we raised some additional capital at the end of the quarter. This totaled about $450,000. Ultimately, this was to help manage our debt load and support the two upgraded locations and the opening of the Overland location. The additional equipment at Franklin and Nampa will have a positive affect on not only membership experience, but also the capacity of each club. Franklin was expanded by about 2,500 sqft. in mid-2022. However, no additional equipment was purchased at the time to fill the additional space. Replacing the equipment at Franklin in November of 2023 not only improved existing equipment but expanded the gym with new equipment and capacity. The table below shows the membership at Franklin from July 2022 through December of 2023. We took the same approach with Nampa; replacing some equipment and expanding our capacity by adding other pieces. We are only two months into the impact of this update, but our expectation is that the stabilized capacity of Nampa will increase. This is in large part due to replacing single use pieces of equipment and outdated equipment with newer, multi-user and more popular pieces. We will continue to replace equipment at other clubs when it makes sense operationally and financially. We also recognized a $67,000 loss on the sale of gym equipment, a depreciation true-up of $466,000, and a $170,000 true-up for the implementation of a lease accounting standard ASC 842. The two sections below provide additional detail on the implementation of depreciation and ASC 842
Idaho Fitness Factory
The fourth quarter was an exciting quarter for Idaho Fitness Factory. We entered the busy season with our updated pricing plan for the first time, upgraded our Franklin and Nampa locations with new equipment, and opened our new Overland location. In order to accomplish this and remain in compliance with our loan covenants, we raised some additional capital at the end of the quarter. This totaled about $450,000. Ultimately, this was to help manage our debt load and support the two upgraded locations and the opening of the Overland location. The additional equipment at Franklin and Nampa will have a positive affect on not only membership experience, but also the capacity of each club. Franklin was expanded by about 2,500 sqft. in mid-2022. However, no additional equipment was purchased at the time to fill the additional space. Replacing the equipment at Franklin in November of 2023 not only improved existing equipment but expanded the gym with new equipment and capacity. The table below shows the membership at Franklin from July 2022 through December of 2023. We took the same approach with Nampa; replacing some equipment and expanding our capacity by adding other pieces. We are only two months into the impact of this update, but our expectation is that the stabilized capacity of Nampa will increase. This is in large part due to replacing single use pieces of equipment and outdated equipment with newer, multi-user and more popular pieces. We will continue to replace equipment at other clubs when it makes sense operationally and financially. We also recognized a $67,000 loss on the sale of gym equipment, a depreciation true-up of $466,000, and a $170,000 true-up for the implementation of a lease accounting standard ASC 842. The two sections below provide additional detail on the implementation of depreciation and ASC 842
Financial Summary; Impact of Depreciation and ASC 842
Depreciation
When we initially purchased Idaho Fitness Factory in 2022, $1,425,000 of the purchase price was assigned to gym equipment, while the other portion was attributed to goodwill in the business. At the time of purchase, we made the determination to follow a similar depreciation methodology as the Alturas Real Estate Fund; not booking any monthly depreciation for assets. Instead, we would recognize the gain or loss with the sale of equipment. However, unlike real estate, gym equipment and other operating equipment does not appreciate in value. By using this methodology, any sales of the assets would likely result in a loss. This is precisely what happened.
Due to this loss and the outstanding balance of gym equipment on our balance sheet, we determined that a more accurate method of moving forward will be to create a fixed asset schedule and book normal, monthly depreciation. This will create an additional monthly expense, but limit large one-time losses on the sale of assets. In the long term, this is a more accurate representation of the true cost of running the business and will smooth out the volatility associated with our previous methodology.
ASC 842
ASC 842, or Topic 842, is the new lease accounting standard issued by the FASB and governs how entities record the financial impact of their lease agreements. Among other changes, it requires all public and private entities reporting under US GAAP to record the vast majority of their leases to the balance sheet.
This new standard was established to enhance transparency into liabilities resulting from leasing arrangements and reduce off-balance sheet activities. ASC 842 was implemented in 2018 and private companies were expected to implement this accounting practice in 2022. However, at the time of our acquisition of Idaho Fitness Factory, the decision was made to not implement this adjustment. In order to comply with these new standards, we are making the one time adjustment in Q4 and will be applying ASC 842 accounting principles going forward.
Below are additional details on what is required of companies under ASC 842.
When accounting for finance leases, lessees must:
Recognize interest on the lease liability and amortization of the ROU asset in separate line items of the income statement
Classify payments of the principal portion of the lease liability within financing activities and payments of interest on the lease liability within operating activities on the statement of cash flows
We have now implemented this lease standard which required us to put a new asset on the balance sheet and a new liability on the balance sheet.
Financial Summary; Impact of Depreciation and ASC 842
Depreciation
When we initially purchased Idaho Fitness Factory in 2022, $1,425,000 of the purchase price was assigned to gym equipment, while the other portion was attributed to goodwill in the business. At the time of purchase, we made the determination to follow a similar depreciation methodology as the Alturas Real Estate Fund; not booking any monthly depreciation for assets. Instead, we would recognize the gain or loss with the sale of equipment. However, unlike real estate, gym equipment and other operating equipment does not appreciate in value. By using this methodology, any sales of the assets would likely result in a loss. This is precisely what happened.
Due to this loss and the outstanding balance of gym equipment on our balance sheet, we determined that a more accurate method of moving forward will be to create a fixed asset schedule and book normal, monthly depreciation. This will create an additional monthly expense, but limit large one-time losses on the sale of assets. In the long term, this is a more accurate representation of the true cost of running the business and will smooth out the volatility associated with our previous methodology.
ASC 842
ASC 842, or Topic 842, is the new lease accounting standard issued by the FASB and governs how entities record the financial impact of their lease agreements. Among other changes, it requires all public and private entities reporting under US GAAP to record the vast majority of their leases to the balance sheet.
This new standard was established to enhance transparency into liabilities resulting from leasing arrangements and reduce off-balance sheet activities. ASC 842 was implemented in 2018 and private companies were expected to implement this accounting practice in 2022. However, at the time of our acquisition of Idaho Fitness Factory, the decision was made to not implement this adjustment. In order to comply with these new standards, we are making the one time adjustment in Q4 and will be applying ASC 842 accounting principles going forward.
Below are additional details on what is required of companies under ASC 842.
When accounting for finance leases, lessees must:
Recognize interest on the lease liability and amortization of the ROU asset in separate line items of the income statement
Classify payments of the principal portion of the lease liability within financing activities and payments of interest on the lease liability within operating activities on the statement of cash flows
We have now implemented this lease standard which required us to put a new asset on the balance sheet and a new liability on the balance sheet.
Financial Summary; Impact of Depreciation and ASC 842
Depreciation
When we initially purchased Idaho Fitness Factory in 2022, $1,425,000 of the purchase price was assigned to gym equipment, while the other portion was attributed to goodwill in the business. At the time of purchase, we made the determination to follow a similar depreciation methodology as the Alturas Real Estate Fund; not booking any monthly depreciation for assets. Instead, we would recognize the gain or loss with the sale of equipment. However, unlike real estate, gym equipment and other operating equipment does not appreciate in value. By using this methodology, any sales of the assets would likely result in a loss. This is precisely what happened.
Due to this loss and the outstanding balance of gym equipment on our balance sheet, we determined that a more accurate method of moving forward will be to create a fixed asset schedule and book normal, monthly depreciation. This will create an additional monthly expense, but limit large one-time losses on the sale of assets. In the long term, this is a more accurate representation of the true cost of running the business and will smooth out the volatility associated with our previous methodology.
ASC 842
ASC 842, or Topic 842, is the new lease accounting standard issued by the FASB and governs how entities record the financial impact of their lease agreements. Among other changes, it requires all public and private entities reporting under US GAAP to record the vast majority of their leases to the balance sheet.
This new standard was established to enhance transparency into liabilities resulting from leasing arrangements and reduce off-balance sheet activities. ASC 842 was implemented in 2018 and private companies were expected to implement this accounting practice in 2022. However, at the time of our acquisition of Idaho Fitness Factory, the decision was made to not implement this adjustment. In order to comply with these new standards, we are making the one time adjustment in Q4 and will be applying ASC 842 accounting principles going forward.
Below are additional details on what is required of companies under ASC 842.
When accounting for finance leases, lessees must:
Recognize interest on the lease liability and amortization of the ROU asset in separate line items of the income statement
Classify payments of the principal portion of the lease liability within financing activities and payments of interest on the lease liability within operating activities on the statement of cash flows
We have now implemented this lease standard which required us to put a new asset on the balance sheet and a new liability on the balance sheet.
Returns
Returns
Returns
Idaho Fitness Factory Metrics and Key Performance Indicators
Idaho Fitness Factory Metrics and Key Performance Indicators
Idaho Fitness Factory Metrics and Key Performance Indicators
20,398
Total members
20,398
Total members
770
Net member change
770
Net member change
82,458
Total square feet
82,458
Total square feet
2,266
Average members per location
2,266
Average members per location
$152,000
Average revenue per location
$152,000
Average revenue per location
$1.37M
Total revenue Q2 2024
$1.37M
Total revenue Q2 2024
46.51%
Overall acceptance rate of unlimited
46.51%
Overall acceptance rate of unlimited
48.70%
Quarterly conversion rate of home club to unlimited
48.70%
Quarterly conversion rate of home club to unlimited
20,398
Total members
770
Net member change
82,458
Total square feet
2,266
Average members per location
$152,000
Average revenue per location
$1.37M
Total revenue Q2 2024
46.51%
Overall acceptance rate of unlimited
48.70%
Quarterly conversion rate of home club to unlimited
Member Growth Analysis
As with prior quarters, the total number of “Grandfathered” members has continued to drop, while new “Home Club” and “Unlimited” members continue to increase. At the end of Q4, there were 3,321 Grandfathered members, each paying a base monthly membership of $15 or $25. This is 28% reduction from this membership demographic from the end of 2022. The canceled grandfathered members are being replaced by members on the new pricing plan, with a base monthly membership of $20 or $30. We are confident that this dollar value increase will drive revenue growth year over year. We are excited to see how the new pricing and conversion rates apply during the busy season and the new location with saunas.
Member Growth Analysis
As with prior quarters, the total number of “Grandfathered” members has continued to drop, while new “Home Club” and “Unlimited” members continue to increase. At the end of Q4, there were 3,321 Grandfathered members, each paying a base monthly membership of $15 or $25. This is 28% reduction from this membership demographic from the end of 2022. The canceled grandfathered members are being replaced by members on the new pricing plan, with a base monthly membership of $20 or $30. We are confident that this dollar value increase will drive revenue growth year over year. We are excited to see how the new pricing and conversion rates apply during the busy season and the new location with saunas.
Member Growth Analysis
As with prior quarters, the total number of “Grandfathered” members has continued to drop, while new “Home Club” and “Unlimited” members continue to increase. At the end of Q4, there were 3,321 Grandfathered members, each paying a base monthly membership of $15 or $25. This is 28% reduction from this membership demographic from the end of 2022. The canceled grandfathered members are being replaced by members on the new pricing plan, with a base monthly membership of $20 or $30. We are confident that this dollar value increase will drive revenue growth year over year. We are excited to see how the new pricing and conversion rates apply during the busy season and the new location with saunas.
Fund Description
The Alturas Business Fund is an evergreen business investment fund formed to provide accredited investors access to a diversified portfolio of small to medium-sized businesses. The Fund focuses on acquiring and operating businesses with sustainable and predictable cash flow that produce attractive risk-adjusted returns in the Intermountain West and Pacific Northwest, starting with Idaho. The Fund is a $100 million equity and debt offering.
Fund Description
The Alturas Business Fund is an evergreen business investment fund formed to provide accredited investors access to a diversified portfolio of small to medium-sized businesses. The Fund focuses on acquiring and operating businesses with sustainable and predictable cash flow that produce attractive risk-adjusted returns in the Intermountain West and Pacific Northwest, starting with Idaho. The Fund is a $100 million equity and debt offering.
Fund Description
The Alturas Business Fund is an evergreen business investment fund formed to provide accredited investors access to a diversified portfolio of small to medium-sized businesses. The Fund focuses on acquiring and operating businesses with sustainable and predictable cash flow that produce attractive risk-adjusted returns in the Intermountain West and Pacific Northwest, starting with Idaho. The Fund is a $100 million equity and debt offering.
Our Investment Offerings
Summary of Equity Offering
Our equity offering allows investors to invest in a diversified portfolio of businesses focused on generating excellent ongoing returns from operations. The Fund's offering is best suited for investors who understand and align with the Fund's investment strategy and value long-term partnerships.
Targeted total realized return: 20%
No Preferred Return
Profit Split: 70% investors, 30% manager
Fees: 1.5% asset management fee
Minimum investment: $100,000
Our Investment Offerings
Summary of Equity Offering
Our equity offering allows investors to invest in a diversified portfolio of businesses focused on generating excellent ongoing returns from operations. The Fund's offering is best suited for investors who understand and align with the Fund's investment strategy and value long-term partnerships.
Targeted total realized return: 20%
No Preferred Return
Profit Split: 70% investors, 30% manager
Fees: 1.5% asset management fee
Minimum investment: $100,000
Our Investment Offerings
Summary of Equity Offering
Our equity offering allows investors to invest in a diversified portfolio of businesses focused on generating excellent ongoing returns from operations. The Fund's offering is best suited for investors who understand and align with the Fund's investment strategy and value long-term partnerships.
Targeted total realized return: 20%
No Preferred Return
Profit Split: 70% investors, 30% manager
Fees: 1.5% asset management fee
Minimum investment: $100,000
All projections are hypothetical and predicated upon various assumptions that may or may not be identified as such. The future operating and financial performance information contained herein is for illustrative purposes and is not intended to portray any sort of targeted or anticipated returns. There can be no assurance that the Fund will achieve its investment objectives and actual performance may vary significantly.Alturas Ventures, LLC and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice.