9 pieces
May 8, 2026
Which Facts Change an Investor's Rights?
A diligence questionnaire maps continuity risk. The partnership agreement defines the narrower events that automatically change the parties' rights.
6 min readApril 5, 2026
What a Fund's Operations Look Like From the Outside.
Operational due diligence examines how a fund actually operates, then asks the harder question: how much of it can be supported by more than the word of the person who runs it.
6 min readFebruary 11, 2026
Can You Rebuild the Mark You Reported?
A fund can defend a mark only by showing how it was built — work that is necessary to a defense, not proof the number was right.
6 min readJanuary 22, 2026
The Broken-Deal Expense Is a Fiduciary Question.
A broken-deal expense may be legitimate while its allocation still conflicts with the fund's documents, disclosures, or the adviser's fiduciary duties.
6 min readDecember 26, 2025
When does an audit stop being optional?
A first-time manager treats the audit as a cost to defer. An institutional LP treats it as a precondition.
5 min readNovember 9, 2025
What does the ILPA Performance Template actually change?
The deadline is 2027. The preparation starts today.
5 min readOctober 14, 2025
Why redemption gates exist.
An evergreen fund promises periodic liquidity, not unlimited liquidity — and the redemption gate is what makes that promise possible.
5 min readSeptember 4, 2025
Why capital call notices needed a common language.
The math behind every capital call was already the same. The language describing it never was.
5 min readJuly 6, 2025
How top fund administrators think about document hygiene.
Retrievability was designed in, not hoped for — the difference was never discipline.
8 min read