My experience with the Tempo Advantage Fund highlighted a few critical takeaways for LP investors as I invest back 5/2024. While the fund was pitched as a diversified preferred credit vehicle with step-in control rights, capital was ultimately concentrated into just three assets, and having control rights provides little value when a sponsor operates as a capital raiser rather than a hands-on operator. Additionally, when two of the three investments hit trouble, communication was slow and lacked proactive updates. Fortunately, sticking to my rule of only investing the minimum check size with a new sponsor limited my downside, allowing me to recover a portion of my capital from the one performing asset. However, due to the lack of direct operational expertise, heavy concentration risk, and delayed reporting during distressed events, I will take a majority loss on this fund and will not be investing with Tempo again.