📊 Fund Performance & Economics
NAV & Valuation
Current NAV and valuation methodology
Fair value hierarchy (Level 1, 2, 3 assets)
Third-party valuation reports
NAV movement trends (last 3 years)
Discount/premium to NAV analysis
Financial Performance
Historical IRR (gross and net)
DPI, RVPI, TVPI metrics
Cash flow history (capital calls & distributions)
Remaining unfunded commitment amount
J-curve position
📑 Legal & Structural
Fund Documents
Limited Partnership Agreement (LPA)
Side letters and preferential terms
Transfer restrictions and ROFR clauses
GP consent requirements
Key person provisions
GP & Management
GP track record and reputation
Key person events or departures
Management fee structure
Carry and promote terms
GP conflicts of interest
💼 Portfolio Analysis
Portfolio Composition
Number and list of portfolio companies
Industry/sector concentration
Geographic concentration
Vintage year distribution
Top 10 holdings (concentration risk)
Asset Quality
Unrealized vs. realized returns
Problem/watch list companies
Restructuring or bankruptcy situations
Follow-on capital requirements
Exit pipeline (companies preparing for exit)
⚠️ Red Flags & Risk Factors
Critical Issues
Pending litigation or regulatory issues
GP succession or stability concerns
Significant valuation write-downs
Covenant breaches (fund or portfolio level)
Liquidity constraints
📁 Data Room Completeness
Required Documents
Complete LPA and amendments
Last 12 months of capital account statements
Annual audited financials (last 3 years)
Quarterly investor reports (last 8 quarters)
Portfolio company financials and valuations
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