Venture & Private Equity · LP diligence pack + simulator
A first-time fund underwritten for a university endowment
A first-time $75M venture fund underwritten for a university endowment: what’s attributable, what’s borrowed, commit or decline.
The brief, verbatim
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.
What the room did
The twenty-page LP diligence pack: attribution and risks lead, then the reference-call plan, the portfolio construction math, the fee and terms read, and the memo closing on recommendation and sizing. The returns simulator opens the five levers in the browser.
The deliverable
Build your own
You have a fund to underwrite. Brief the studio in plain English and watch a room of specialists build the pack.
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