Dawson (Whitehorse) Returns??

I understand that they are supposed to target 12-14% net returns, but their funds are generating 0-5% in net IRR. Why are their returns so bad? Did they do a bunch of bad deals / are their funds concentrated? I don't understand why big institutions give them money when there are frankly much lower risk strategies that produce higher returns. Their Fund 1 looks like it will be a 1x and 0% IRR. 

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