Getting Oriented — a quick snapshot to start

• Which description fits your organization best? Options: Pension fund, Endowment/Foundation, Sovereign wealth fund, Large family office, Insurance company, Fund-of-funds / FoHF, Other
• Roughly how large is your total alternatives or hedge-fund allocation today? Options: < $100M, $100M–$500M, $500M–$1B, $1B–$5B, > $5B, Prefer not to say
• What size of new allocation are you considering for hedge fund strategies right now? Options: < $5M, $5M–$25M, $25M–$100M, $100M–$250M, $250M–$500M, >$500M, Undecided/needs discussion
• Who on your team should we primarily coordinate with about portfolio fit and due diligence? (name, role, best contact method)

If You Could Break the Mold, What Would You Change?

• What’s the single most frustrating thing about how hedge fund allocations are typically evaluated at your organization?
• How has that frustration shown up in past selection decisions—missed opportunities, slow approvals, suboptimal contracts, or something else? Options: Missed opportunities, Long approval delays, Compromised terms, Poor performance after onboarding, Operational surprises, Other
• How long have you been tolerating that pattern before looking for a different approach? Options: Under 6 months, 6–12 months, 1–3 years, Over 3 years, It's intermittent
• If we could solve one pain point you named, which would deliver the most immediate value to your committee?
• When you imagine a manager that actually fixes this, what three behaviors from the manager would convince you they’re different?

How Much Downside Can You Live With?

• When you think about drawdowns, what would make you lose conviction in a strategy—depth of loss, duration, or something else? Options: Depth of loss (magnitude), Duration of recovery, Tail events/unexpected shocks, Lack of transparency during stress, Manager instability, Other
• What is the maximum drawdown you’d generally accept for a new allocation before raising concerns with the investment committee? Options: < 5%, 5–10%, 10–20%, 20–30%, > 30%, Varies by strategy — explain below
• If you selected 'Varies by strategy', please describe how your tolerance changes by strategy or mandate.
• How much time would you typically allow a strategy to recover from a drawdown before reevaluating? Options: < 3 months, 3–6 months, 6–12 months, 12–24 months, Depends on context — explain below
• Tell us about a past drawdown that caused you to act (redeem, reduce, or engage). What triggered the action and what did you learn?

What Does 'Fit' Look Like When You Sleep at Night?

• How closely do you want new hedge fund allocations to move with your existing portfolio—are you aiming to reduce correlation, maintain neutrality, or accept some overlap? Options: Reduce correlation (diversifying), Neutral, Accept overlap for return opportunity, Targeted negative correlation (hedge), Unsure / need modeling
• List the primary exposures or strategies you already hold that we should avoid duplicating (e.g., long equity market, macro, global macro, commodity trend-following, credit long/short).
• Which quantitative measures matter most when you assess fit? (select up to three) Options: Pearson correlation, Downside capture, Volatility contribution, Tail risk contribution (VaR/CVaR), Beta to equity market, Liquidity-adjusted stress loss, Other
• How would you like us to demonstrate fit—backtested correlation tables, scenario analyses, live portfolio overlays, or a combination? Options: Backtested correlation/attribution, Forward-looking scenario analyses, Live overlay with managed account, Stress-test simulations, Combination, Other
• If we showed an unexpected overlap in exposures, what evidence or mitigation would convince you to proceed anyway?

Decision Room — who actually signs off?

• Who are the decision-makers and influencers we should prepare for (roles, not names)? Options: CIO, Investment Committee members, Head of Alternatives, Risk Officer/CRO, Treasury/Chief Investment Officer, General Counsel/Legal, Chief Operating Officer, Other
• What are the non-negotiable criteria your investment committee uses to approve a new manager?
• How long is your typical approval runway from first meeting to committee vote? Options: < 1 month, 1–3 months, 3–6 months, 6–12 months, Variable/unpredictable
• Describe a recent approval that took longer or failed—what bottleneck created the delay or rejection?
• What would make a committee move faster—additional analytics, manager commitments, pilot structures, or something else? Options: Pilot/SMA with gating, Enhanced analytics and scenario work, Stronger references and site visits, Preferential economic terms, Operational assurances (audit/admin), Other

Operational Realities — the checklist that actually matters

• Which operational items are absolute deal-stoppers for you? Options: No independent fund administration, No annual audit, Unclear custody arrangements, Unresolved regulatory or litigation history, Manager unwilling to provide position-level transparency, Inadequate KYC/AML procedures, Other
• What reporting cadence and detail level do you require to feel comfortable (e.g., monthly P&L only, monthly position-level, intraday risk)? Options: Monthly P&L and attribution, Monthly position-level (managed accounts), Weekly risk snapshots, Intraday exposure reporting, Quarterly high-level only, Other
• Do you require third-party operational due diligence (OPDD) or independent verification of controls before committing? Options: Yes, mandatory, Often, depending on size, Case-by-case, No, not required
• Where have you seen operational handoffs fail between manager and allocator, and what would you change in that handoff?
• Are there specific service providers or custodians you prefer or require (list names or types)?

Fees, Structures, and the Terms That Matter

• When you read a fee schedule, where do you draw the line—what's acceptable vs. non-starter? Options: Standard 2/20 is acceptable, Lower management fee expected (<2%), Performance fee only above hurdle, Prefer fixed-fee SMA arrangements, Other
• Which vehicle types are you open to for an initial allocation? Options: Flagship commingled fund, Separate Managed Account (SMA), Co-investment, Feeder fund, Fund of one / bespoke vehicle, Undecided
• Are side letters or special terms something you routinely require? If so, what terms are typical? Options: Prefer standard terms only, Liquidity accommodations, Fee breaks, Reporting/notice rights, Most-favored-nation (MFN), Other
• Which legal or commercial clauses have caused you to walk away in the past?
• Would you consider a temporary pilot or phased commitment as a way to bridge concerns? If yes, what structure would be most persuasive? Options: Short-term SMA trial, Smaller initial allocation with upsizing option, Performance-based ramp, Co-invest on deal-by-deal, Not interested in pilots

How Will We Know This Is Working? — measurable signals

• What are the top 3 metrics you would use to judge early success (first 6–18 months)? Options: Absolute return, Drawdown control, Volatility vs expectation, Correlation vs benchmark/portfolio, Liquidity profile performance, Operational smoothness, Manager engagement
• What minimum performance or risk thresholds would trigger a review vs. an outright redemption?
• How often would you want a formal performance review with portfolio managers in the first year? Options: Monthly, Quarterly, Semi-annually, Annually, On-demand
• Would you expect an on-site visit or an in-person deep-dive before committing? If so, who typically attends? Options: Yes — Investment team only, Yes — Investment + Ops + Legal, Yes — Full committee, No — virtual acceptable, Undecided
• Which reference checks or third-party validations carry the most weight for you (current LPs, prime brokers, auditors, OCIOs)? Options: Current LP references, Prime broker feedback, Independent audit reports, Third-party risk reports, OCIO endorsements, Other

What Would Make You Say 'Yes' Faster?

• If everything else checked out, what single remaining issue would most likely stop you from approving an allocation today?
• What additional materials or analyses do you need from a manager to satisfy your committee? Options: Full position-level data, Enhanced scenario stress tests, Independent OPDD report, Detailed team succession plan, Custom fee/legal proposal, Other
• Who else (roles) should we bring into the conversation now to accelerate alignment?
• How much runway and what resources would you need to complete an approval in the next 60–90 days? Options: We can move fast (≤60 days), 60–90 days, 3–6 months, Longer than 6 months, Not sure
• If you were to pilot a small allocation immediately, what would feel like a low-friction first step?

Final Check — logistics, permissions, and next steps

• Are there regulatory, KYC/AML, or procurement processes we should pre-anticipate that could delay onboarding? Options: Yes — regulatory approvals, Yes — internal procurement, Yes — external counsel review, No major issues expected, Unsure
• Which documents should we prepare and share first to make your diligence efficient (e.g., PM bios, strategy paper, audited financials, sample reporting)? Options: PM bios and CVs, Strategy whitepaper and process, Audited financial statements, Sample monthly reports / position-level data, Operational questionnaire (SSAE SOC), Legal docs/PPM
• What’s the best way to keep your team updated during diligence—weekly email summaries, short calls, shared data room, or a combination? Options: Weekly email summaries, Regular short calls, Shared data room access, Ad-hoc outreach only, Combination
• Who should we schedule a follow-up with and when would a next meeting be most useful?
• Is there anything we didn’t ask that would materially affect your view of a prospective manager? Tell us what we missed.

• Current State & Consequence Alignment
• Scenario Modeling Workshop — Drawdown & Correlation Proof
• Liquidity Profile & Implementation Fit Session
• Team Continuity, Governance & Reference Validation
• Validation & Trade-off Decision Session

• Agree and schedule reference calls or operational due diligence checkpoints required by the customer.
• Schedule follow-up runs if the customer requests calibration or extra scenarios.
• Restate Customer Liquidity Constraints & Objectives
• Confirm which vehicle(s) meet the customer's liquidity and operational constraints.
• Prove that the recommended vehicle preserves the modeled drawdown and correlation outcomes under stressed liquidity events.
• Identify operational gaps and assign owners for resolution prior to Solution Scope.
• Provide a vehicle comparison memo (liquidity mapping, gating risk, reporting differences).
• Ops to produce a checklist for any reconciliation, custody, or reporting integrations required.
• Assign an implementation lead and circulate contact details and preliminary timeline.
• Introduce Key Investment & Risk Personnel
• Reassure the customer on team stability and that succession plans are actionable.
• Confirm governance and escalation protocols satisfy the customer's acceptance criteria.
• Introductions & Meeting Objectives
• Share detailed bios, org chart, and the formal continuity/succession plan documents.
• Provide anonymized reference case studies and contact details for agreed reference checks.
• Ops to prepare an evidence pack for operational due diligence (audit reports, admin details, controls).
• Executive Recap: Current State, Consequence, Future State
• Obtain explicit customer validation that the solution meets the defined future-state acceptance criteria.
• Surface and document remaining trade-offs and commercial points that must be negotiated in Solution Scope.
• Secure agreement on next steps, owners, and timeline to move into Solution Scope and eventual Mutual Commit.
• Produce a final validation memo tying scenario proof to each acceptance criterion with signatures or email confirmations.
• Prepare a draft commercial term outline and proposed Solution Scope agenda for the next meeting.
• List outstanding items and assign responsible parties with deadlines to resolve before Solution Scope.
• Produce a single definitive current-state sentence the team will use in all models.
• Quantify the financial and operational consequence of the current-state problem in customer terms.
• Agree and document a one-sentence future-state outcome that will be proven by scenarios.
• Secure customer sign-off on the scenario inputs, data deliverables, and timeline for modeling.
• Capture and circulate the finalized current-state, consequence, and future-state sentences.
• Customer to deliver validated portfolio snapshot and any restricted-data placeholders by agreed date.
• Team to publish the scenario modeling plan and assumptions document for customer review.
• Recap Preconditions
• Demonstrate, with the customer's data, that our strategies achieve the defined future-state metrics or identify gaps.
• Explain the causal mechanisms (attribution) that produce the improvements so the customer trusts the result.
• Obtain explicit validation of model assumptions and agree any recalibrations required.
• Agree next steps for deeper or alternative scenario runs if necessary.
• Deliver the scenario output pack (charts, tables, assumptions) and an executive one-page proof memo.
• Customer to confirm any requested assumption changes or additional stress cases within 3 business days.
• Continuity & Succession Plan Review
• Proof Summary: Scenario Outcomes vs Acceptance Criteria
• One-Sentence Current State (Customer Confirms)
• Model Assumptions & Inputs Review
• Vehicle Mapping: Model Results to Vehicles
• Trade-offs & Commercial Implications
• Explicit Consequence Statement
• Cashflow & Redemption Stress Tests
• Baseline (No-Change) Scenario Results
• Governance & Decision Protocols
• Strategy Implementation Scenarios (Proof Steps)
• Reference Case Studies & Operational Evidence
• Customer Validation Round (Force Yes/No on Key Points)
• One-Sentence Future State Definition
• Operational & Reporting Implications
• Comparative Attribution & Correlation Decomposition
• Confirm Implementation Recommendation & Customer Acceptance
• Confirm Inputs & Pre-Work for Scenario Modeling
• Validation Q&A & Reference Follow-Up
• Decision & Next Steps to Solution Scope
• Forced Validation & Calibration
• Close: Validation & Next Steps

• Monthly Performance Attribution Report
• Factor Exposure and Risk Decomposition
• Position-Level Transparency Package
• Real-Time Risk Dashboard Access
• Full Trade Blotter Export (CSV/Excel)
• Independent Fund Administrator Statements
• Annual Audited Financial Statements
• Bespoke Separately Managed Account Implementation
• Co-Investment Allocation and Execution
• Liquidity and Redemption Schedule Documentation
• Counterparty and Leverage Disclosure Pack
• Quarterly Investment Review Presentation
• On-Demand Portfolio Manager Access
• Prime Broker Margin and Financing Statements

Monthly Performance Attribution Report

• Do you require monthly attribution at the fund level, account level, or both? Options: Fund-level, Account/Client-level, Both, No
• Which attribution breakdowns are essential for your review (select all that apply)? Options: Gross vs Net Returns, Strategy/Desk, Asset Class, Sector/Industry, Geography, Currency Impact, Custom/Other
• What level of netting and fee treatment do you expect in the report? Options: Gross returns only, Net of management fees, Net of management and performance fees, Both gross and net
• What delivery formats do you want for the monthly attribution? Options: PDF summary, Detailed CSV/Excel export, Interactive dashboard, API feed
• Who are the intended recipients/stakeholders for the monthly report (titles or roles)?
• Are there regulatory, GP/LP agreement, or internal template requirements we must follow for the attribution layout? Options: Yes, No

Factor Exposure and Risk Decomposition

• Which factor frameworks do you require (select primary preference)? Options: Proprietary multi-factor, Standard academic factors (e.g., Fama-French), Macro factor set (rates, FX, commodity), Custom factor set provided by investor
• What decomposition granularity do you need? Options: Total portfolio level, Strategy/desk level, Asset class + strategy level, Position-level risk attribution
• How frequently should factor exposures and risk decomposition be reported? Options: Daily, Weekly, Monthly, Quarterly, On-demand
• Do you require stress-test / scenario decomposition outputs alongside historical risk decomposition? Options: Yes, No
• What output formats are required for downstream analysis (select all that apply)? Options: CSV/Excel (machine-readable), PDF narrative, Dashboard/API, Analyst-ready slide deck
• Are there specific benchmarking or normalization rules we should apply (benchmark, lookback, volatility-scaling)?

Position-Level Transparency Package

• Do you require full position-level disclosure or a partially anonymized view? Options: Full position-level disclosure, Partially anonymized (aggregated or masked names), No position-level visibility
• What fields must be included for each position? Options: Issuer/Name, ISIN/CUSIP, Quantity, Notional, Market Value, Weight, Average Price, Cost Basis, Counterparty
• What reporting frequency and latency do you expect for position-level data? Options: EOD (next business day), Intraday (hourly), Real-time (stream), Weekly, Monthly
• Are there any legal, regulatory, or contractual restrictions on position-level disclosure we should respect? Options: Yes, No
• Preferred delivery methods for position-level files (select all that apply)? Options: Secure SFTP, API / HTTPS, Email (encrypted), Portal download
• If partial anonymization is required, please specify which elements must be masked or aggregated (e.g., counterparty names, strategy identifiers).

Real-Time Risk Dashboard Access

• Do you require interactive real-time access to a risk dashboard? Options: Yes, live access, Yes, with refresh intervals, No, periodic exports only
• Which risk metrics must be visible on the dashboard (select all that apply)? Options: VaR (various methodologies), Stress losses, Factor exposures, Liquidity metrics, Real-time P&L, Concentration metrics, Margin usage
• How many named users should have dashboard access initially? Options: 1-3, 4-10, 11-25, 25+
• Do you require single sign-on (SSO) / enterprise identity integration (e.g., SAML, OIDC)? Options: Yes, No, Not sure – need guidance
• Do you need dashboard data exported to your systems via API or scheduled file drops? Options: API push/pull, Scheduled CSV/Excel, No export needed
• What maximum latency is acceptable for 'real-time' metrics (e.g., seconds, minutes)?

Full Trade Blotter Export (CSV/Excel)

• Do you require a full trade blotter feed for all executed trades? Options: Yes, all trades, Yes, trades above threshold, No
• What fields are mandatory in the trade blotter (select all that apply)? Options: Trade ID, Timestamp, Instrument ID, Quantity, Price, Counterparty, Exec venue, Broker, Commission/fees
• What delivery cadence and latency do you require for the blotter export? Options: Real-time/near real-time, End of day, Daily with T+1, Weekly
• Preferred file format and schema requirements for the blotter? Options: CSV with header, Excel workbook, Normalized JSON via API, Other (provide spec)
• How far back should historical trade exports go for onboarding (e.g., 12 months, 36 months)? Options: 12 months, 24 months, 36+ months, Custom
• Are there any access controls or redaction rules for trade-level data (e.g., hide broker names)? Options: Yes, No

Independent Fund Administrator Statements

• Do you require monthly statements from an independent fund administrator? Options: Yes, monthly, Quarterly, Semi-annual, No
• Which outputs from the administrator are needed (select all that apply)? Options: NAV statements, Cash reconciliations, Position reconciliations, Fee calculation schedules, Investor capital activity
• Do you require statements to follow specific accounting standards or chart of accounts? Options: Yes – specify, No preference
• Preferred delivery mechanism for admin statements? Options: Secure portal download, SFTP, Email (encrypted), API
• Will you require administrator contact details and SLAs for reconciliations and queries? Options: Yes, No
• If you have a preferred administrator or existing relationship, please name the firm and any contractual expectations.

Annual Audited Financial Statements

• Do you require annual audited financial statements delivered to investors? Options: Yes, No
• Which audit firm or level of auditor accreditation do you expect (if any)? Options: Big Four, Top-tier regional, No preference, Investor-specified
• Which ancillary schedules are required (select all that apply)? Options: Management discussion, Fee waterfall, Related party disclosures, Side letter summary, Risk disclosures
• What is the expected timing for audited statements relative to fiscal year end? Options: Within 60 days, Within 90 days, Within 120 days, Custom
• Do you require distribution of audited statements to a list of specific investor contacts? Options: Yes, No
• Are there any jurisdictional reporting constraints we should be aware of (e.g., multi-jurisdiction funds)?

Bespoke Separately Managed Account Implementation

• Are you considering a bespoke SMA or mandating custom investment parameters? Options: Yes – SMA required, Possibly – want options, No – commingled fund only
• Which governance or mandate customizations are required (select all that apply)? Options: Specific risk limits, Custom prohibited securities list, Tailored liquidity profile, Tax-aware harvesting, Custom reporting cadence
• Preferred custodial and prime broker relationships for the SMA?
• What is your target implementation timeline for an SMA (e.g., onboarding completion)? Options: <30 days, 30-60 days, 61-120 days, 120+ days
• Do you require bespoke legal documentation or review of manager-side templates? Options: Yes, investor legal review required, Manager templates acceptable, Hybrid – limited changes
• Expected initial AUM or target allocation size for the SMA?

Co-Investment Allocation and Execution

• Are you requesting co-investment access or capacity commitments? Options: Yes – capacity required, Yes – on invitation, No
• Preferred allocation methodology for co-invests? Options: Pro-rata by AUM, Priority carve-outs, Deal-by-deal negotiation, First-come/first-served
• What execution and settlement timelines are acceptable for co-invest opportunities? Options: Same-day, T+1, T+2 or longer, Deal-specific
• Do you require separate reporting and valuation for co-invest positions? Options: Yes, No
• Are there concentration, compliance, or disclosure constraints for co-invest exposures? Options: Yes, No
• If yes, please describe any limits, locked-up capital expectations, or approval processes.

Liquidity and Redemption Schedule Documentation

• What redemption frequency do you require or expect for this vehicle? Options: Monthly, Quarterly, Semi-annual, Annual, Lock-up with specific windows
• What notice period do you expect for redemptions? Options: Immediate, 5 business days, 30 days, 60+ days, Custom
• Do you require gating, side-pocketing, or temporary suspension provisions documented? Options: Yes – include details, No
• Are there minimum/maximum redemption amounts or liquidity tranches to document? Options: Minimum only, Maximum limits apply, Both minimum and maximum, No limits
• Do you require modeled liquidity profiles under stress scenarios (e.g., 1-in-10, 1-in-100)? Options: Yes, No
• Please specify any cash-sweep, in-kind redemption, or deferred settlement preferences.

• Commercial Term Sheet
• Subscription Agreement
• Fund Governing Documents (LPA / Operating Agreement)
• Side Letter(s)
• Statement of Work (SOW) — Managed Account / Operational Onboarding
• Subscription Mechanics & Funding Instructions
• Regulatory & Compliance Certifications (KYC/AML/FATCA/CRS)
• Legal Counsel Coordination & Redline Resolution Log
• Governance & Acceptance Certificate
• Execution Checklist & Close Confirmation

• Initial Performance & Success Signals Review
• Operational Delivery & Controls Review
• Success Signals Validation Workshop
• Issue Triage & Enhancements Cadence Setup
• Governance Review & Allocation Path Decision

• Prioritize enhancement requests and commit to delivery windows for high-priority items.
• Customer to confirm whether the presented consequences align with their Investment Committee's tolerance and next committee date.
• Objectives and Pre-work Checklist
• Confirm operational readiness and that no unresolved ops issues threaten the customer's acceptance criteria.
• Define a prioritized remediation plan with owners and deadlines for control exceptions.
• Agree on reporting formats and delivery cadence that prove the future state of operational transparency.
• Ops team to deliver a remediation tracker (issue, root cause, resolution steps, owner, due date) within 24 hours.
• Administrator to provide updated reconciliations and confirmation of NAV accuracy for the most recent period within 2 business days.
• Set up test feed of investor reporting (sample encrypted file) to customer's portal and confirm successful receipt.
• One-sentence Current State Recap
• Produce a customer-signed set of success metrics and thresholds that define acceptance.
• Agree the evidence package and timeline that will prove the future state to the Investment Committee.
• Establish the monitoring cadence and escalation steps for breaches of agreed thresholds.
• Draft and circulate the signed Success Signals & Evidence Pack for customer signature within 2 business days.
• Build the monitoring dashboard (scorecard) keyed to agreed metrics and share access credentials with the customer.
• Schedule the sign-off checkpoint (date for committee memo submission) and owner responsible for submission.
• Review Outstanding Issues List
• Set up a single shared channel with clear access and notification rules to be the authoritative place for issues.
• Define triage workflow and SLAs so the customer knows expected response and resolution times.
• Opening & Objectives
• Create the shared channel (CustomerNode workspace or chosen tool), invite cross-functional owners, and distribute access instructions.
• Populate the triage workflow document with owners and SLAs and circulate for acknowledgment.
• Deliver a prioritized enhancements backlog with target delivery dates for top-3 items within 5 business days.
• Executive Summary (one-slide)
• Secure a clear governance decision on the customer's allocation path with documented sign-off.
• Ensure commercial and operational steps required to enact the decision are identified and owners assigned.
• Set the next governance checkpoint and deliverables required for that meeting.
• Prepare a committee-ready one-page memo summarizing the decision rationale and required actions within 24 hours.
• If allocation changes, update subscription documentation and coordinate with legal/ops for execution timelines.
• Schedule the next governance checkpoint and circulate the expected evidence pack and attendees required.
• Establish a single, crystal-clear statement of current state: realized performance vs agreed signals.
• Surface explicit consequences of the current state on the customer's allocation and risk budget.
• Agree immediate corrective or confirmation actions and owners to be executed within defined timelines.
• Obtain customer validation that the diagnosis reflects their view of performance drivers.
• Deliver a detailed attribution pack (position-level and factor decomposition) within 3 business days.
• If performance misses signals, propose two remedial options (risk overlays, allocation pacing) with quantified impact within 5 business days.
• Pre-work/Data Confirmation
• Performance vs Success Signals
• Ops Scorecard: Status vs SLA
• Define Severity Levels & SLAs
• Explicit Consequence Mapping
• Operational Readiness Confirmation
• Current State Snapshot
• NAV & Reconciliation Findings
• Define Future-State Outcomes
• Choose Shared Channel & Access Controls
• Triage Workflow & Owner Roster
• Attribution & Scenario Drivers
• Recommended Allocation Path & Rationale
• Incident & Control Exceptions Review
• Metric & Threshold Alignment
• Consequence Assessment
• Commercial & Legal Considerations
• Operational Remediation Plan
• Proof Plan: What We Will Show
• Enhancements Roadmap Prioritization
• Validation & Customer Confirmation
• Validation Mechanism & Sign-off Process
• Recurring Cadence & Reporting
• Reporting & Delivery Validation