We buy founder-owned rural Internet Service Providers (ISPs) in Texas and the Southeast and roll them into one platform. Three are under signed LOI now (~5,100 subscribers, ~$13.3M EV at 6-7x), with another seven in the pipeline we're evaluating next. An investment bank is placing a $17.5M fund to close the first three (lead banker: $20B+ in fiber M&A). Term sheets expected in weeks. What I'm raising: $650K to fund the diligence and execution that carry these three to close. It's the last piece of the acquisition, and the piece that gets the fund across the line. The reason I'm raising it this way is timing. The diligence has to move now to hold the deal timelines, and a traditional financing process would take longer than the deals allow. Opening a small, early slice of the GP to a few people is the fastest way to keep everything on schedule. Here's the part I'm opening up. The $17.5M comes in as standard LP units. This $650K is different: it buys a piece of the GP itself, our economics across this fund and the larger one we raise next. A small, early slice on preferential terms, priced before the institutional round. You take a little more risk for coming in ahead of the close. The returns are modeled across conservative, base, and upside over roughly a six-year hold. The conservative case comes in around 30% IRR; base and upside run higher. The full math is in the memo, and I'll walk you through it. Why fiber: fragmented market, founders aging out, and federal grants that cover about 80% of the build. We buy at 6-7x EBITDA, and consolidated fiber trades at 9-14x. Me: ex-Zayo, where I won over $400M in federal broadband grants. That's the edge on every deal, and I've put about 30 days of in-person diligence into each of the three. Minimum $50K, most checks $50-100K. 506(c), accredited only. Keeping this group small. If you back operators building platforms in ETA, request the PPM or DM me and I'll send the memorandum and the model. Tim Dolan, Woody Creek Partners, redacted