A Quick Snapshot of Your World

• Please describe your role and primary responsibilities within the family office (how you engage with external managers and capital allocation).
• Which best describes your function on investment decisions? Options: Chief Investment Officer / Head of Investments, Investment Director / Portfolio Manager, Principal / Family Member with final say, Delegate to external manager or advisor, Shared committee responsibility, Other
• What is the approximate range of investable assets under the family’s control? Options: <$500M, $500M–$1B, $1B–$3B, $3B–$10B, >$10B, Prefer not to disclose
• How many full-time investment professionals are on your internal team? Options: 1–2, 3–5, 6–10, 11–20, 21+
• Roughly what percentage of investable assets is currently allocated to hedge funds / liquid alternatives? Options: 0–5%, 6–15%, 16–30%, 31–50%, 51%+
• What is your primary objective for hedge fund exposures over the next 3–5 years? (e.g., absolute return, diversification, volatility dampening, alpha enhancement)

Who's Really Calling the Shots?

• When a compelling opportunity arrives, where do decisions most often get stalled — and how has that cost you in the past?
• Who are the definitive decision-makers for new manager commitments? (select all who apply) Options: Family principal(s), Investment committee, CIO / Head of Investments, External investment consultant, Trusted advisor / gatekeeper, Family council, Other
• What threshold requires full committee or principal sign-off for a new allocation? Options: Any new manager, Commitments > $1M, Commitments > $5M, Commitments > $10M, Percentage of portfolio-based thresholds, No formal threshold
• How regularly does your governance body meet to review investment opportunities? Options: Weekly, Bi-weekly, Monthly, Quarterly, Ad hoc / as needed
• Which external advisors are typically consulted before a commitment is made? (select all that apply) Options: Tax counsel, Estate planning advisor, External investment consultant, Family counsel, Private bank / custodian, None, Other
• Tell me about one time governance or a key stakeholder vetoed an allocation — what happened and what would you change about that process?

Where Liquidity Quietly Breaks Plans

• Has liquidity requirements ever forced you to miss or unwind an investment you later wished you hadn’t? Tell us what unfolded.
• What is your target liquidity profile for hedge fund exposures? Options: Daily / Weekly liquidity, Monthly liquidity, Quarterly liquidity, Annual / Locked periods acceptable, Willing to accept multi-year lock-ups for right access
• What is the shortest liquidity window you must preserve for family cash needs? Options: <1 month, 1–3 months, 3–6 months, 6–12 months, 12+ months
• Which liquidity mechanisms do you prefer or accept? (select all that apply) Options: Open-ended commingled fund with regular redemptions, Managed account with daily settlements, Co-investment / sidecar with defined funding windows, Fund with quarterly redemptions and gates, Long-dated closed vehicle with secondary options, Other
• When cash needs arise unexpectedly, how do you typically prioritize between rebalancing, using reserves, or selling alternative positions? Options: Use cash reserves first, Rebalance liquid public holdings, Sell alternative positions despite loss, Draw on credit / margin facilities, Depends on family member preference
• Describe a recent liquidity shock (what triggered it, how you responded, and what you learned).

The Unspoken Trade-offs You're Making

• Which trade-off do you feel you tolerate most because ‘that’s the market’ — higher fees, limited access, tax complexity, or operational burden? Options: Higher fees, Limited / no co-invest access, Tax inefficiency, Operational / reporting burden, I don't tolerate any — we push back
• How sensitive are you to headline fees versus net-of-fees expected return? Options: Headline fee matters most, Net-of-fees performance matters most, Balanced — both matter, Depends on the manager and offering
• Which fee structures are you most willing to consider? (select all that apply) Options: Standard management + incentive, Reduced management fee + performance kickers, Tiered fees based on AUM, Hurdle-based performance fees, Flat advisory fee for managed accounts, Custom negotiated fee schedules
• How important is tax-efficient structuring (offshore vehicles, blocker corporations, passthroughs) to your willingness to commit? Options: Critical — cannot commit without it, Very important, Moderately important, Not a major factor
• How much operational complexity are you willing to accept to obtain preferred economics or co-invest rights? Options: High complexity acceptable, Moderate complexity acceptable, Prefer simple solutions, Only minimal additional complexity
• Give an example of a trade-off you regret making with a manager (what you gave up and what you wish you'd negotiated differently).

When A Manager Really Wins Your Trust

• Has a manager ever broken your trust despite strong performance? What did that reveal about what you actually value?
• Which signals matter most when building trust? (select up to three) Options: Consistent net-of-fees performance, Transparent, frequent reporting, Regular direct access to PMs/CIO, Alignment of economics (co-invests, fees), Operational transparency / independent custodian, Responsiveness and partnership mentality
• How important is regular face time with the investment team (one-on-one calls, dinners, site visits)? Options: Critical — must be frequent, Important but occasional, Nice to have, Not important
• What cadence of formal reporting would keep you comfortable (performance, exposures, risk analytics)? Options: Quarterly deep-dive, Ad hoc on request, Daily P&L and positions, Weekly summary, Monthly detailed reports
• Tell us about the best manager relationship you have — what behaviors or structures made it work?
• What would prompt you to accelerate capital deployment with a manager (e.g., co-invest offer, fee concession, exclusivity, proven downside protection)? Options: Co-invest opportunities, Preferential fee terms, Confirmed liquidity accommodations, Direct governance involvement, Demo/trial allocation with performance hurdle, Other

Designing an Investment Solution That Fits Your Family

• Would you accept somewhat lower headline returns in exchange for a structure that eliminates tax surprises and gives tailored liquidity? Options: Yes — value the structural fit, Maybe — depends on trade-off scale, No — returns are primary
• Which vehicle types are you most interested in exploring? (select all that appeal) Options: Managed account / Separately Managed Account (SMA), Co-invest sidecar, Customized feeder fund, Fund-of-one, Offshore master-feeder, Standard commingled fund, Other
• Which elements would you insist on writing into the legal module? (select all that apply) Options: Co-invest rights, Reduced or tiered fees, Redemption notice flexibility, Liquidity protections / gates, Investor protective covenants, Reporting standards / audit rights, Other
• Do you have custodial or clearing provider requirements we must meet? Options: Yes — specific custodian(s) required, Prefer certain custodians but flexible, No specific requirements
• What onboarding timeline is realistic for you from term agreement to funded position? Options: <2 weeks, 2–4 weeks, 1–2 months, 2–3 months, 3+ months
• Who on your side will be the primary owner of operational coordination (KYC, legal, funding)? Options: Internal operations team, CIO / Head of Investments, External back-office / outsourced provider, Family principal, Other
• Are there specific tax or estate structuring constraints we should design around? Please describe.

Are You Ready to Move — and How?

• If all commercial terms matched your needs today, what would be the single biggest reason you would delay committing for 30–90 days?
• What is your current readiness to allocate new capital — select the best fit Options: Ready now — capital allocated and available, Ready in next 30 days, Ready within 2–3 months, No near-term capacity but open to pipeline, Undecided / requires further internal alignment
• Which operational or legal obstacles most often slow your onboarding? (select all that apply) Options: KYC / accredited investor documentation, Tax structuring and counsel sign-off, Custodian setup, Investment committee scheduling, Family principal approval, Counterparty or compliance concerns, Other
• How comfortable is your office with the KYC/AML and onboarding documentation typically required for hedge fund vehicles? Options: Very comfortable — streamlined process, Moderately comfortable — some friction, Uncomfortable — significant internal barriers, We rely on external ops provider
• Would you prefer a staged approach to partnership (pilot allocation, co-invest first, then scale) or an immediate full commitment if terms align? Options: Staged / pilot first, Immediate full commitment, Hybrid — small initial then accelerate, Depends on manager and terms
• What would you want the Host to deliver next to make progress easiest for you? (select up to two) Options: Draft commercial term sheet / templates, Introductory calls with PMs / CIO, Preliminary tax and legal checklist, A pilot/co-invest opportunity, Operational onboarding plan and owners, Case studies / references
• Any other questions, constraints, or signals you want us to know before we propose a tailored solution?

Starting Gentle: Who's Actually at the Table?

• Who typically makes the final call on new hedge fund commitments for the family? Options: Family principal, Single-family CIO, Investment committee, Trustee/board, External advisor, Other
• Roughly how many people are involved in a typical investment decision from first conversation to final approval? Options: 1–2, 3–4, 5–6, 7 or more
• Who do you involve most often for commercial vs. legal/tax decisions (names or roles)?
• When a recommended manager is introduced, who do we need to convince first—relationship owner, CIO, or the principal? Options: Relationship owner/CFO, CIO/Investment Director, Principal/Family member, External adviser, Other
• Is decision authority centralized or shared—and how does that affect speed? Options: Centralized (one final approver), Shared (committee consensus), Delegated with thresholds, Mixed depending on size

If Approval Gets Slower, What Breaks?

• When approvals take longer than expected, which outcome worries you most—missed opportunity, pricing change, or internal fatigue? Options: Missed allocation opportunity, Adverse economics/terms, Stakeholder frustration, Relationship damage, Operational backlog
• What are your formal approval thresholds by dollar amount or percentage of portfolio? Options: <$5M, $5–25M, $25–100M, >$100M, Percentage-based thresholds
• How often does your investment committee meet and how flexible is that cadence for timing-sensitive opportunities? Options: Weekly, Bi-weekly, Monthly, Quarterly, Ad-hoc/On demand
• Tell us about a recent decision that was delayed—what caused the delay and how did it affect the outcome?
• What internal approval steps can be done asynchronously to speed things up (e.g., pre-signed templates, delegated authority)? Options: Delegated signatory, Pre-approved legal modules, Threshold-based fast-track, Conditional LOI, None currently

What Liquidity Constraints Would Make You Say No?

• What's the maximum percentage of the family's investable assets you are comfortable allocating to illiquid or lock-up vehicles? Options: <2%, 2–5%, 5–10%, 10–20%, >20%
• Which liquidity features are non-negotiable—redemption frequency, notice periods, hard lockups, secondary options, or capital call flexibility? Options: Quarterly/redemptions, 90–180 day notice, Hard lockup (1–3 yrs), Secondary market access, Capital call timing control, Other
• How does liquidity planning interact with the family’s larger cash needs—estate settlements, philanthropy, lifestyle?
• Have you previously rebalanced or delayed allocations because of unexpected liquidity needs? What happened?
• If we proposed a bespoke structure that improved tax efficiency but extended lockup by 12 months, how would you weigh that trade-off? Options: Acceptable, Would need committee approval, Unlikely to accept, Depends on economics

Are Tax & Estate Advisors Invited Early—or Too Late?

• Do you routinely involve tax and estate advisers before approving a vehicle, or only after terms are agreed? Options: Before terms are set, After commercial terms, before docs, Only during legal review, Rarely involve them
• Which advisors do we need to brief up front (name, firm, role)?
• What structural concerns do your advisers raise most often (e.g., PFIC, UBTI, treaty issues, estate exposure)? Options: PFIC/foreign fund rules, UBTI considerations, Estate/gift tax exposure, Residency/tax domicile, Succession planning impacts, Other
• Have tax or estate inputs ever changed a deal materially? Tell us a story and the consequence.
• Would you prefer we prepare a short tax/estate memo for your advisers before the term sheet is finalized? Options: Yes — always, Yes — for bespoke structures, Maybe — on request, No

Who Owns Operational Risk When Things Don’t Go As Planned?

• When operational issues arise (custody, funding timing, reporting gaps), who is responsible for resolving them internally? Options: CIO/Investment team, Family office COO, Third‑party administrator, External counsel, Combination
• Which operational requirements would stop you from completing onboarding (e.g., custodian mandate, KYC complexity, advisor sign-off)? Options: Custodian restrictions, KYC/AML burden, Counsel review time, Investment policy constraints, Reporting feed limitations
• How do you prefer to receive and verify operational checklists—live calls, shared tracker, or periodic status emails? Options: Live status calls, Shared online tracker, Weekly status emails, Ad-hoc as needed
• Tell us about an operational failure you experienced and the emotional cost to the family (frustration, loss of trust, financial impact).
• Would assigning a single operations owner from our side to your ops lead help you feel more comfortable? Options: Yes — essential, Helpful but not required, Not necessary

Would You Trade Fees for Control or Access?

• If you could secure priority co-investment rights or bespoke liquidity, how much additional base fee would you tolerate (basis points or percent)? Options: 25–50 bps, 50–100 bps, 100+ bps, 0–25 bps, Prefer fixed carry adjustments
• Which of these concessions matters most: lower management fee, reduced carry, customized reporting, or direct PM access? Options: Lower mgmt fee, Reduced carry, Custom reporting, Direct PM/CIO access, Preferred redemption terms
• How do you evaluate whether a negotiated fee is fair—peer comps, net-of-fee IRR, demonstrated alpha, or relationship value? Options: Peer comps, Net-of-fee returns, Quantitative attribution, Manager relationship/trust, Other
• Have you accepted higher fees for bespoke terms before? What made you comfortable doing so?
• Would you consider a hybrid solution (e.g., lower base fee + performance kicker + share of co-invests)? Options: Yes, Maybe, No

Signals That Say 'We’re Close' — What Do They Look Like?

• What is the smallest, credible signal you use internally to move from interest to active diligence (e.g., LOI, term sheet approval, soft commit)? Options: Non-binding LOI, Term sheet approval, Soft commit memorandum, Preliminary capital allocation, Other
• What paperwork or internal approvals do you require before we begin legal drafting? Options: Committee sign-off, Principal sign-off, Tax memo sign-off, No formal requirement, Other
• How long between a credible sign and funding have you historically needed to mobilize capital? Options: <2 weeks, 2–4 weeks, 1–3 months, 3+ months
• Who on your side must be engaged during the onboarding-to-funding window (ops, counsel, custodian, principal)? Options: Operations, External counsel, Custodian, Principal/treasurer, Tax adviser
• What practical obstacles usually slow down that final push to funding, and how can we help remove them?

When Past Decisions Bite You, What Did You Wish You’d Seen?

• Think of a manager you passed on and later regretted—what signals did you miss?
• Conversely, think of a painful decision to invest—what warning signs were ignored and what were the consequences?
• How do those memories influence your current checklist and emotional bar for new managers? Options: Raise threshold for evidence, Demand stronger reference checks, Prefer longer track record, Require bespoke terms, Other
• What kind of reporting or governance would have prevented the negative outcome in that example?
• If we showed you a short case study demonstrating similar risks handled well, would that change your willingness to move faster? Options: Yes — would be persuasive, Maybe — depends on relevance, No

What Keeps You Up at Night About Entrusting Capital?

• What are the top three emotional or reputational fears tied to allocating significant capital to an external manager? Options: Loss of capital, Loss of control, Perceived favoritism, Operational failure, Tax/estate surprises, Other
• Which proof points calm you fastest—live PM access, audited track record, third-party due diligence, or contractual protections? Options: Live PM/CIO access, Audited performance, Third-party DD, Contractual/legal protections, Prefer all
• How important is personal access to the investment team in your decision relative to quant metrics? Options: More important, Equally important, Less important, Not important
• Describe one small courtesy or reassurance from a manager that has shifted your trust quickly in the past.
• Would a brief governance roadmap from us (what approvals we’ll seek and when) reduce anxiety for your stakeholders? Options: Yes — very helpful, Somewhat helpful, No

Readiness Map — What Needs to Be True to Say Yes?

• Which items are already in place for this opportunity: tax memo, committee availability, custodian acceptance, or allocated capital? Options: Tax memo prepared, Committee time reserved, Custodian pre-approved, Capital allocation reserved, None of the above
• Which remaining items would block you from proceeding to legal docs within 30 days? Options: Tax sign-off, Principal approval, Custodian agreement, KYC/AML completion, Operational checklist
• What is your ideal timeline from term sheet to funding for a typical allocation of your size? Options: <2 weeks, 2–4 weeks, 1–3 months, 3+ months
• Who on your team should we coordinate with first to get the internal path moving (name/role and best contact method)?
• If we propose a clear, milestone-driven onboarding plan now, how confident are you that your internal team can meet it? Options: Very confident, Somewhat confident, Uncertain, Unlikely

A Short Getting-to-Know-You

• How would you describe your current relationship with external hedge fund managers? Options: Very hands-on and direct, Relationship-driven with a few trusted managers, Broad but transactional, Mainly through allocators/consultants, Rarely invest in hedge funds
• What's the single phrase that best describes your family's investment posture right now?
• Who typically signs off on new manager commitments for the family? Options: Family principal, Investment committee, CIO, External advisor / counsel, Other
• Roughly how many active hedge fund relationships does your office maintain today? Options: 1–3, 4–10, 11–20, 20+
• Tell us about one past hedge fund relationship that felt exceptionally aligned — what made it work?

Are You Settling for Referral Comfort?

• What if the conversations you rely on (referrals, dinners, introductions) are keeping you from finding a materially better manager — how would that land for you? Options: Very possible, Somewhat possible, Unlikely, Not sure
• Describe how you currently source new managers and the relative effort behind each channel. Options: Introductions from peers, Introductions from managers, Allocator/FO network, Conferences, Direct outreach, Consultants
• Tell us about one time a referral led to a disappointing outcome — what happened and how did you respond?
• Beyond track record, which three selection criteria do you consistently prioritize when evaluating a manager? Options: Alignment of interests, Liquidity terms, Fee structure, Tax efficiency, Access to PMs, Operational robustness, Other
• How much does the strength of the personal relationship influence your decision versus quantitative diligence? Options: Mostly relationship, Balanced relationship and quant, Mostly quantitative, Depends on the situation

What Keeps You Up at Night About Liquidity & Tax?

• Has a liquidity mismatch or an unexpected tax consequence ever forced you to change family plans? Options: Yes — materially, Yes — but manageable, No, Not sure
• Describe the liquidity horizon you plan against for hedge fund allocations. Options: < 1 year, 1–3 years, 3–5 years, 5+ years
• Which structures do you currently use (or prefer) to manage tax and estate implications for alternative investments? Options: Offshore fund, Onshore tax-efficient wrapper, Managed account, Trust structure, No special vehicle, Other
• Which tax or estate advisors would need to sign off on a new structure (names, roles, or firm)?
• Have prior fund structures created unexpected tax, reporting, or compliance burdens? Give an example.

When Fees Eat the Alpha: Are You Quietly Losing More Than You Think?

• Are headline fees masking the true net-of-fees value you receive? Options: Yes — often, Sometimes, Rarely, Not at all
• What net-of-fee return target do you expect from hedge fund allocations (be specific)?
• Which fee structures would you consider or prefer? Options: Traditional 2/20, Reduced management fee + performance, Tiered fees by AUM, Hurdle rate, Fee credits for co-invests, Custom arrangement
• Share an example where fee negotiation altered your commitment decision — what did you ask for and what was the outcome?
• How do you track and hold managers accountable for net performance and fee justification? Options: Monthly reporting, Quarterly review meetings, Annual deep-dive, Formal KPIs tied to fees, Ad-hoc conversations

Beyond Track Record: What Does True Access Look Like?

• If 'access' is often a calendar invite, are you getting anything meaningfully different from managers who call everyone 'VIP'? Options: No — access is shallow, Sometimes meaningful, Often meaningful, Access is exceptional
• Which forms of access matter most to you and why? Options: Regular PM calls, Private dinners, Quarterly deep dives, On-site visits, Early access to strategies, Co-invest opportunities, Other
• How frequently do you expect direct interaction with senior investment staff (PMs / CIO)? Options: Weekly, Monthly, Quarterly, Semi-annually, Ad-hoc
• Describe a positive or negative access experience that shaped your expectations — what specifically stood out?
• Would you trade fee or liquidity flexibility for demonstrably deeper access? If yes, what would that exchange look like?

How Does Your Governance Actually Slow Things Down?

• Is your governance structure creating a bias toward inaction that kills timely opportunities? Options: Yes — frequently, Sometimes, Rarely, No
• What approval thresholds typically trigger full committee review or external counsel involvement? Options: Any new commitment, >$5M, >$25M, >$50M, Other
• What is your typical cadence for committee decisions around new allocations? Options: Immediate (days), Weeks, Monthly committee, Quarterly, Ad-hoc
• Which stakeholders must sign final legal/tax documents before funding can occur? Options: Family principal, CIO, Investment committee, External counsel, Trustee, Bank/custodian
• What’s the longest delay you’ve experienced between agreement-in-principle and actual funding — and what caused it?

Build-With-Us: What Would You Insist On in a Bespoke Vehicle?

• If you could design a vehicle with zero constraints, what single provision would you insist on?
• Which vehicle types best match your needs today? Options: Co-invest vehicle, Sidecar, Managed/separate account, Onshore fund, Offshore fund, Other
• What minimum liquidity terms would you require from a bespoke vehicle? Options: Daily/Weekly, Quarterly, Semi-annual, Annual lock-up with gates, Multi-year lock
• What reporting cadence and level of transparency would make you comfortable (choose all that apply)? Options: Monthly P&L, Position-level detail, Quarterly commentary, Annual audited statements, Custom KPIs/attribution
• Would you expect co-invest rights, and if so, at what allocation size or trigger would you want them?
• Are there any legal, custodian, or counterparty restrictions we must design around?

Timing Is Everything: Where Are the Real Funding Windows?

• Have you ever committed and then missed your own funding window — what typically causes that to happen? Options: Governance delays, Liquidity shortfall, Counsel/tax delays, Custodian setup, No — we haven't missed
• How soon could you realistically fund a new commitment if all approvals and docs were ready? Options: Immediately, Within 30 days, 30–90 days, 3–6 months, 6+ months
• What internal events typically drive your capital deployment timing (tax year, liquidity events, portfolio rebalancing, other)? Options: Tax planning, Realization events, Liquidity needs, Portfolio rebalancing, Estate planning, Other
• Which operational steps have historically been the biggest blockers to timely funding? Options: KYC/AML, Legal review, Custodian onboarding, Tax structure finalization, Board/committee approval, Other
• What would make you prioritize a commitment and accelerate funding on short notice?

Measure Success: How Will We Know This Was Worth It?

• Is your primary metric for success financial, relational, operational, or a mix — and do you feel it’s the right mix today? Options: Financial returns, Access/relationship quality, Liquidity match, Tax efficiency, Operational simplicity, Mixed
• What time horizon do you use to judge hedge fund performance before deciding to stay or reallocate? Options: 12 months, 24 months, 36+ months, Strategy-dependent
• Name three non-financial signals that would make you stay with a manager for a decade. Options: Transparent communication, Consistent access, Aligned economics, Proactive problem-solving, Robust risk management, Operational reliability
• How would you prefer performance and relationship reviews to be packaged and discussed? Options: Quarterly written report + call, Monthly dashboard, Ad-hoc deep dives, Annual in-person review, Other
• If expectations aren’t met, what are your usual remediation steps (examples: fee adjustment, pause, redemption, deeper oversight)?

Unpacking Your Investment DNA

• How would you describe your family's current approach to hedge fund allocations in one sentence? Options: Conservative, income-focused, Growth-oriented, Diversifying alternatives, Tactical/opportunistic, No formal allocation / ad-hoc
• Who ultimately signs off on new manager commitments for the family? Options: Family principal, Small investment committee, CIO / Investment Director, External advisor / MFO, Other
• How many active hedge manager relationships does your office typically maintain? Options: 1–3, 4–6, 7–10, 10+
• What percent of your investable assets is currently allocated to hedge funds (approximate)? Options: <5%, 5–10%, 10–20%, 20–40%, >40%
• Tell us briefly about one manager relationship that feels like a model for how you want others to work—what made it successful?

Are You Comfortable with the Status Quo?

• Which is riskier for your family right now—sticking with familiar managers or missing managers that may better match your liquidity and tax needs? Options: Sticking with familiar managers, Missing better-aligned managers, Both equally risky, Unsure
• How often do referral introductions result in unexpected misalignment around fees, liquidity, or governance? Options: Very often, Sometimes, Rarely, Never
• Describe a recent situation where governance timing or approval thresholds delayed a commitment—what was the consequence?
• When you look back, which recurring friction in manager relationships frustrates you most?
• If you could change one long-accepted practice in how you source or evaluate managers, what would it be?

What’s Actually Driving Decisions — Not Just Documents

• When the chips are down, whose view tends to decide whether a new allocation happens—and why does that voice carry weight? Options: Family principal, Investment committee majority, CIO / Investment Director, External tax/estate counsel, Other
• How would you describe your governance cadence and approval thresholds (e.g., monthly/quarterly; dollar thresholds)? Options: Monthly meetings, flexible thresholds, Quarterly meetings, flexible thresholds, Quarterly with set approval thresholds, Ad-hoc approvals, Other
• Which external advisers are typically involved before you commit (select all that apply)? Options: Tax counsel, Estate planning adviser, Custody/operations adviser, Family attorney, Outside CIO or consultant, None regularly involved
• How often does input from tax or estate counsel materially change the structure you need? Options: Frequently, Occasionally, Rarely, Never
• Are there family members or future generations whose preferences must be surfaced before a commitment? How are they engaged?

Where Liquidity Lives (and Dies)

• Have you ever felt trapped by a liquidity schedule you couldn’t realistically manage? Options: Yes, frequently, Occasionally, Rarely, Never
• Which liquidity profile best aligns with your planning horizon for these allocations? Options: Daily / managed account, Monthly or quarterly redemptions, Annual lock-ups with windows, Multi-year lockups, Co-invest only / ad-hoc
• How does your treasury or cash planning process accommodate capital calls and funding windows?
• What maximum share of near-term spendable capital can you commit to illiquid vehicles without creating strain? Options: <5%, 5–10%, 10–20%, >20%
• When liquidity stress has occurred in the past, how long did it take to resolve and what steps helped most? Options: Days, Weeks, Months, Over a year, N/A

The Fees Conversation Nobody Likes — But We Must

• If lower fees meant less direct access to PMs and fewer co-invest rights, would you prefer cheaper economics or deeper access? Options: Prefer lower fees, Prefer access / co-invest rights, Need a balance, Depends on the strategy
• Which fee structures would you consider acceptable? (select all that apply) Options: Standard management + performance, Reduced management fee with higher carry, Tiered fees by AUM, Hurdle rate + performance fee, Flat advisory fee for managed accounts, Other
• How transparent do you expect fee application and allocation mechanics to be in reporting? Options: Full line-item transparency, High-level fee summary, Benchmarked fee reporting, As legally required only
• Has a fee conversation ever changed your perception of a manager's net performance? Tell us about that instance.
• Would you be open to fee concessions in exchange for priority co-invest access, bespoke liquidity windows, or other rights? Options: Yes, Maybe, No

What Success Actually Looks Like (Beyond IRR)

• If this relationship were wildly successful in three years, what concrete changes would you point to?
• Which outcomes matter most to you right now? (pick up to three) Options: Absolute return, Downside protection / volatility control, Predictable liquidity, Access to co-invests, Tax efficiency, Direct access to PMs, Operational simplicity
• How do you currently assess manager alignment with family interests—what signals do you trust most? Options: Personal access / transparency, GP commitment / skin in the game, Consistent reporting and disclosure, Legal & fee alignment, Third-party audits
• What reporting cadence and level of granularity would make you feel proactively informed rather than reactive? Options: Daily P&L and risk, Monthly NAV + commentary, Quarterly deep-dive, Ad-hoc on request, Other
• How would you like us to surface early warning signs of strategy drift or concentration risk?

Deal Mechanics — Can We Make This Work For You?

• What is the single non-negotiable term that would prevent you from committing, even to a strategy you otherwise like?
• Which vehicle types are you most comfortable considering? (select all that apply) Options: Fund of one / segregated managed account, Co-invest sidecar, Offshore tax-efficient feeder, Institutional commingled fund, Feeder with preferred economics, Other
• What custodial, reporting, or operational requirements must we meet before you onboard? Options: Specific custodian required, Independent monthly NAV, Third-party valuation, Independent audit, Daily reconciliation, Other
• How important is bespoke legal documentation versus using standardized legal modules for your team? Options: Very important — bespoke required, Somewhat important — amend standard modules, Prefer standard to speed onboarding, Unsure
• What timeline for onboarding and initial funding would align with your capital plan? Options: <30 days, 30–60 days, 60–90 days, 3–6 months, Flexible

How Would You Like Us to Communicate — and When?

• When a strategy underperforms, what response from a manager has frustrated you most—and what would you have preferred instead?
• Which communication methods do you prefer for routine updates and strategic conversations? (select all that apply) Options: Direct calls with CIO/PM, Monthly email brief, Quarterly video review, In-person meetings/dinners, Secure portal with documents, Ad-hoc texts for material events
• How often do you want performance, risk, and liquidity analytics delivered? Options: Daily, Weekly, Monthly, Quarterly, On-demand
• What tone and level of candor do you expect from managers when discussing underperformance? Options: Very candid and direct, Measured and constructive, High-level only, Prefer to discuss only on request
• Would you prefer proactive introductions to co-invests or only those that tightly match your mandate? Options: Proactively share all opportunities, Share only tightly matched opportunities, Do not introduce co-invests, Unsure

Are the Back-Office Pieces in Place?

• If onboarding hits a legal, tax, or KYC snag, what usually breaks down internally—and how long does it take to fix?
• Do you bring pre-approved legal language, or do you require bespoke negotiating on key clauses? Options: Pre-approved templates only, Require bespoke review for key clauses, Mix depending on deal, Unsure
• What level of tax-structuring support do you expect from a manager (select one)? Options: Full in-house tax structuring, Coordinate closely with our tax counsel, Minimal support — we lead, Other
• Which KYC/AML or cross-jurisdictional issues tend to be the biggest blockers for you? (select all that apply) Options: Complex beneficial ownership, Slow verification timelines, Cross-border documentation, Sanctions screening concerns, Other
• Who on your side will own operations and funding coordination for onboarding? Options: CIO / Investment Director, Operations lead, Family principal, External COO / MFO, Other

Decision & Next Steps — Can We Commit?

• What is the one internal conversation or approval that could derail a near-term commitment if it goes poorly?
• Based on what we’ve covered, how ready do you feel to enter term negotiation? Options: Ready to negotiate, Need additional due diligence, Need legal/tax input first, Not ready
• What specific materials or analyses would you want from us in the next 7–14 days to help you move forward?
• Who else should be part of the next conversation (role and how they influence the decision)?
• Would a pilot allocation or size-limited initial commitment make you more comfortable proceeding? Options: Yes, Maybe, No
• When would you prefer a follow-up meeting to review next steps and any requested materials? Options: This week, Next week, In two weeks, Within a month, Flexible