Graduation rate, winner multiple, loss rate: the fund math live

I run a $900M university endowment's private investments sleeve. A first-time venture fund is raising: Halcyon Ventures I (fictional fund, real standards), $75M target, two GPs — one ex-operator who sold a logistics SaaS for $340M, one former principal at a brand-name firm with six unicorn board seats but no lead-check track record of her own. Thesis is pre-seed B2B software in supply chain and industrials, 40 checks of $1M, 2 and 20 with a 1 percent GP commit.

Give me the LP diligence pack: how to underwrite a first-time manager when the track record is borrowed from prior firms — what's attributable and what isn't; the reference call plan — founders, co-investors, former partners, and exactly what to ask each; portfolio construction math — does 40 names at their check size and reserves strategy actually return a fund of this size in that market; the fee and terms read versus market; red flags specific to two-GP first funds; and the memo to our investment committee with a commit or decline recommendation and sizing if commit.