The Securities and Exchange Commission (SEC) requires what’s called the “Private Placement Memorandum,” or “PPM.” This memorandum outlines the syndication offering and risks of the syndication deal. As well, the PPM describes the partnership agreement, investment summary, and subscription agreement (which includes basics, such as number of units). Better find a comfy chair before you sit down to read the PPM as it’s seldom under 100 pages long. While many new investors are boggled by the risk section (it includes every risk under the sun), it’s there for a good reason: a reminder that like all investments there are risks.