I invested with SNL Capital Partners in the development of a Class-A self-storage facility in New York. This investment has significantly underperformed across both financial and timeline projections. The project has struggled to meet its development timeline. It is currently in lease-up while operating at a net cash flow deficit. In 2023—three years into the project—SNL was removed as the managing member and replaced by ERI, a private equity firm and investor in the project, following a reported "loss of confidence" in SNL’s management. According to allegations from ERI, the transition was prompted by SNL's non-disclosure of significant cost overruns and other management issues. While SNL provided quarterly reports during their tenure, ERI’s findings suggest that these communications were not fully transparent. ERI has funded the cost overruns to keep the project moving toward stabilization. Given the breakdown in transparency and the formal removal of the sponsor from the project, I will not invest with SNL Capital Partners in the future.