Getting to know your investment priorities

• How would you prioritize this family's top investment objective right now, income preservation, growth, volatility dampening, or something else? Options: Income preservation, Absolute growth, Relative return versus benchmark, Volatility reduction, Other
• Describe the family's time horizon for hedge fund allocations, both for the current mandate and for any strategic refresh you expect in the next 24 months. Options: Under 1 year, 1 to 3 years, 3 to 7 years, 7+ years, Varies by mandate
• Who typically makes the final call on new manager allocations, and which advisors or family members most influence that decision?
• Estimate the target net-of-fees return range you expect from this sleeve, using net percentages where possible. Options: Under 5%, 5% to 8%, 8% to 12%, 12%+, Not yet set
• Share a recent allocation you made that felt like a good fit for the family, what specifically aligned, and what you would repeat next time.
• Does any single investment objective or restriction exist that would immediately rule out a manager, and what is it?

Where the current plan stalls

• What current friction with existing managers would make you stop allocating more capital immediately?
• Walk me through a recent decision that felt stalled or delayed, who owned the delay, and what the consequence was for the portfolio.
• Which parts of your monitoring and reporting process consume the most of your team's time? Options: Performance reconciliation, Capital call tracking, Sideletter compliance, Tax and residency reporting, Manager meetings and access
• Has a governance or reporting mismatch ever caused you to withdraw or pause a commitment, and what stopped the issue from being resolved quickly? Options: Yes, withdrew, Yes, paused, No, issue resolved, No, never occurred
• If one recurring operational or governance issue remained unresolved, would that stop you from committing to a new fund? Options: Yes, immediate stop, Possibly, needs discussion, Not if other factors compensate

Liquidity and cashflow truths

• What mismatch between promised liquidity and your family's cash needs would make you walk away from a strategy?
• List the typical liquidity windows or lockups you can tolerate for new commitments. Options: Monthly/Quarterly liquidity, Semi-annual gates, Annual redemptions, Multi-year lockups with sidecars, Dedicated managed account only
• Who manages the cash forecasting for distributions and capital calls in your office, and how often do they update their forecasts? Options: Family CFO, In-house investment team, External financial office, Outsourced operations partner, Shared responsibility
• Would delayed or irregular reporting from a manager change your planned liquidity buffer, and by about what percentage of deployable capital? Options: No change, Increase by 5% to 10%, Increase by 10% to 25%, Increase by 25%+
• Tell me about a capital call that caught you by surprise, how you handled it, and what process change followed.
• Could your current liquidity constraints exclude funds with multi-year lockups? Options: Yes, No, Maybe, needs review

Taxes, structure, and governance red flags

• Which tax or structure feature would be an absolute blocker for this investment, for example withholding exposure or unsuitable entity jurisdiction?
• Explain who on your side reviews tax and sideletter language, how they prefer to receive drafts, and the typical turnaround time. Options: In-house tax counsel, External tax counsel, Family legal advisor, Combined review process
• Are there vehicle types you will not consider for fiduciary, estate, or governance reasons? Options: Offshore fund with no managed account option, Blind pool private vehicles, Funds without independent admin, No hard restrictions
• To what extent does customization to sideletter terms trigger external tax counsel signoff, for example standard exceptions or full legal review? Options: Minor carveouts only, Any tax-impacting change, Only for material economics, Always requires external counsel
• If an essential tax or governance change was required by the manager, could the family accept it within your current governance timetable? Options: Yes, within current timetable, Only with expedited reviews, No, would delay decision
• Identify any residency or beneficial owner issues that would cause unacceptable delays to onboarding or funding.

Decision criteria and who signs off

• Name the single performance or relationship outcome that would make the family commit this year.
• List the stakeholders who sit on your investment committee and indicate who must be present for final approval.
• Rank the importance of fee level, liquidity, co-invest access, and reporting clarity when you evaluate a manager. Options: Fees, Liquidity, Co-invest access, Reporting clarity
• Does anyone internally advocate for building the capability yourself instead of using an external manager, and who would run that effort? Options: Yes, front office, Yes, operations, No internal proposal, Other
• Assuming the manager met your top three criteria in a pilot, what internal approvals would still be required before a signed commitment?
• Select which due diligence items are non-negotiable for your committee. Options: Audited financials, Independent administrator confirmation, Key person clause, Sideletter review, Onsite manager meeting

The other paths you're considering

• Identify the alternatives you are actively evaluating besides external managers, including incumbents and internal options. Options: Existing incumbent manager, Expanded allocation to public markets, Internal team build, Managed account providers, Other external managers
• Under what conditions would your current approach remain preferable to switching to a new manager?
• Has anyone proposed an internal build to replace outside manager relationships, and who would own that roadmap? Options: Yes, senior investment team, Yes, operations, No internal proposal, Other
• Would you still consider switching if the incumbent or an internal solution matched the manager on fees and access? Options: Yes, relationship matters, No, prefer incumbent, Depends on implementation risk, Unsure
• Select the incumbent relationships or internal teams involved in your alternatives evaluation. Options: Current external manager A, Current external manager B, In-house investment team, Family CFO office, External advisors

Can operations deliver on your timeline

• Point to any missing operational capability on your side that would prevent beginning onboarding on your target schedule.
• Name the external systems or platforms that must integrate with fund operations for reporting or transfers, for example accounting, treasury, or custody platforms.
• Tell me who owns KYC, AML, and beneficial owner verification tasks and whether they are resourced to meet a compressed timeline. Options: In-house compliance, External provider, Family office admin, Shared with manager
• Rate the readiness of your entity and tax data for import into onboarding systems in terms of completeness and accuracy. Options: Ready today, Mostly ready with minor gaps, Significant cleanup required, Not ready
• Choose any regulatory or legal steps that could delay a subscription beyond 6 weeks. Options: Local tax clearance, Complex beneficial owner issues, High touch sideletter negotiation, Third party legal review, Passporting or cross-border approvals

Commitment signals and next steps

• State whether the absence of agreed co-invest or reporting rights would stop you from proceeding, and why. Options: Yes, would stop, No, would proceed, Depends on other concessions
• Outline the minimal commercial and legal milestones you need to see before instructing capital, for example sideletter agreement, tax memo, and subscription documents.
• Confirm who on your side will own the subscription signing and funding coordination and whether they are enabled to act on schedule.
• Choose the latest acceptable close date for this allocation. Options: Within 2 weeks, Within 4 weeks, Within 8 weeks, Flexible beyond 8 weeks
• Point out any internal barrier that would prevent a signature within 30 days even if the pilot proves expected net returns.
• When can you provide completed KYC and entity paperwork once requested? Options: Within 48 hours, Within 1 week, Within 2 to 3 weeks, Longer than 3 weeks

• Strategy Walkthrough Session

• Confirm the current state and what it is costing you
• You confirm the presented scenarios eliminate the specific allocation uncertainty you described and that the projected net-of-fee outcomes are credible.
• Deliver a tailored scenario comparison (onshore vs offshore vs managed account vs sidecar) with projected net-of-fee returns and estimated tax impact within five business days.
• You validate that one recommended structure and fee/liquidity combination fits your governance and liquidity calendar well enough to take to the family principal.
• Scenario 1, taxable onshore versus offshore structure
• Provide your upcoming liquidity calendar and authorized tax counsel contact for a targeted tax-impact readout.
• Scenario 2, fee schedules and liquidity tradeoffs
• You identify remaining tax or operational evidence required from counsel or operations before a final commitment.
• Confirm the preferred scenario and schedule a decision review with the family principal within two weeks.
• Co-invest rights and reporting access proof
• Validate the mapped recommendation

• Strategy Walkthrough Session
• Strategy Walkthrough Deck
• Strategy Walkthrough Brief

• meeting
• slides
• document

• Establish Co‑Investment Sidecar Vehicle
• Create Tax‑Efficient Offshore Fund Wrapper
• Set Up Separately Managed Account (SMA)
• Negotiate Fee, Carry and Waterfall Terms
• Customize Liquidity and Redemption Schedule
• Execute Subscription Documents and Onboarding
• Manage KYC/AML and Investor Compliance
• Administer Capital Calls and Distributions
• Provide Direct CIO and Portfolio Manager Access
• Deliver Bespoke Reporting Dashboards and Cadence
• Implement Tax Reporting and Year‑End Packets
• Coordinate External Tax and Estate Counsel Communication
• Organize Private Dinners and Investor Access Events

Establish Co‑Investment Sidecar Vehicle

• Which legal vehicle type do you prefer for the sidecar (single‑member LLC, limited partnership, segregated cell, managed account)? Options: Single‑member LLC, Limited partnership, Segregated cell/umbrella, Managed account/SMAs
• Specify the target capital commitment for the sidecar and the expected funding cadence (USD amount and number of closings).
• Who will produce the first draft of the operating agreement or limited partnership agreement (your counsel, our counsel, third‑party counsel)? Options: You provide draft, We provide draft, Third‑party counsel provides draft, Undecided
• What defines acceptance of the sidecar setup (for example: fully executed operating agreement, administrator onboarded, first closing funded)?
• Identify the administrator, prime broker or custodian intended to service the sidecar and list required onboarding documents (e.g., DDA, FATCA forms, anti‑money laundering checklist).

Create Tax‑Efficient Offshore Fund Wrapper

• Which offshore jurisdiction do you prefer for the wrapper and why (Cayman Islands, British Virgin Islands, Jersey, other)? Options: Cayman Islands, British Virgin Islands, Jersey, Other
• Specify the tax objectives the wrapper must achieve (for example: blocker entity for corporate investors, pass‑through for U.S. taxable principals, treaty access requirements).
• Do you have external tax counsel engaged to review cross‑border structure drafts and the private placement memorandum (PPM)? Options: Yes, counsel will review drafts, No, please introduce counsel, Engaged but not yet available
• Which investor categories must the wrapper accommodate for withholding and FATCA/CRS reporting (U.S. taxable individuals, U.S. tax‑exempt, non‑U.S. persons, pension funds)? Options: U.S. taxable individuals, U.S. tax‑exempt entities, Non‑U.S. persons, Pension/sovereign funds, Other
• Specify required tax deliverables and timing for the wrapper (for example: draft tax memo by DD, Form K‑1 issuance timing, annual withholding statements).

Set Up Separately Managed Account (SMA)

• Select the SMA structure you need for your allocation (new discrete SMA agreement, sub‑account under an existing master SMA, managed account overlay). Options: New discrete SMA agreement, Sub‑account under existing master, Managed account overlay, Undecided
• List bespoke investment restrictions or mandate parameters to encode in the SMA mandate (specific security exclusions, sector caps, concentration limits, ESG screens).
• Provide the custodian and prime broker account identifiers that will receive SMA assets and indicate whether custody will be fully segregated.
• Who will be your authorized signer for the SMA agreement and can you provide a specimen signature and corporate resolution? Options: Named authorized signer (provide details), Legal counsel will sign, TBD
• Specify required SMA reporting fields and cadence (for example: daily blotter, monthly pre‑fee NAV, realized/unrealized P&L).

Negotiate Fee, Carry and Waterfall Terms

• Choose the fee structures you would accept for this mandate (examples: management fee % and performance fee %, hurdle rate, catch‑up). Options: Standard 2/20, Reduced mgmt fee / lower carry, Hurdle rate plus catch‑up, Custom - provide details
• Indicate preferred carry crystallization frequency and high‑water mark approach (annual crystallization, upon realization events, rolling high‑water mark, fixed high‑water mark). Options: Annual crystallization, On realization events, Rolling high‑water mark, Fixed high‑water mark, Custom
• Provide precedent language or clauses you want reflected in sideletters for fee offsets, fee rebates on co‑investments, or tiered fee schedules.
• Identify audit and verification rights you require to validate carried interest and NAV calculations (administrator reports, third‑party valuation, annual audit). Options: Administrator statements, Third‑party valuation, Annual audited financials, Other
• State any fixed‑term constraints we must honor in negotiations (for example: minimum annual commitment, locked management fee band, ramp schedule).

Customize Liquidity and Redemption Schedule

• Select the redemption frequency and notice window that matches your liquidity planning (monthly with 30‑day notice, quarterly with 60‑day notice, semi‑annual, annual). Options: Monthly (30 days), Quarterly (60 days), Semi‑annual, Annual
• Specify any lock‑up duration and permitted early redemption mechanics (hard lock, soft lock with penalty, gates based on AUM).
• Identify acceptable redemption settlement methods and in‑kind options (cash only, pro rata in‑kind, select asset election with valuation method). Options: Cash only, Pro rata in‑kind, Select asset election
• Describe limits you require for suspension or side‑pocketing language in stressed markets and acceptable notice periods.
• Who will administer redemption processing and provide posting to transfer agent records (fund administrator, third‑party transfer agent)? Options: Fund administrator, Third‑party transfer agent, Internal accounting team

Execute Subscription Documents and Onboarding

• Which subscription package components must be completed at close (signed subscription agreement, investor questionnaire, executed sideletter, required tax forms)? Options: Signed subscription agreement, Investor questionnaire, Executed sideletter, Required tax forms
• Which tax forms do you require with the subscription (for example: W‑9 for U.S. persons, W‑8BEN‑E for foreign entities)? Options: W‑9, W‑8BEN‑E, Local tax residency certificate, Other
• Who is your authorized subscription signer and what is the expected signing timeline from issuance of documents?
• What evidence will validate subscription completion (for example: executed subscription agreement on file, cleared funds in designated account, KYC fully verified)?
• Select e‑signature and wet‑ink preferences for investor execution and whether original wet‑ink must be couriered post‑execution. Options: E‑signature acceptable, Wet‑ink required, E‑signature with wet‑ink for certain investors

Manage KYC/AML and Investor Compliance

• List the KYC documents you will provide for each investor type (government ID, proof of address, corporate formation documents, beneficial owner register).
• Which AML screening lists and sanctions checks must be applied during onboarding (OFAC, EU consolidated list, UN sanctions, PEP screening)? Options: OFAC, EU consolidated list, UN sanctions list, PEP screening, Other
• Who will own remediation for incomplete or deficient KYC files and what SLA do you expect for remediation (e.g., 10 business days)? Options: You remediate, We remediate, Administrator remediates
• Indicate the beneficial ownership threshold that triggers enhanced due diligence for your investors (for example: 10% UBO trigger). Options: 10%, 25%, 50%, Custom
• Are source‑of‑fund or source‑of‑wealth attestations required for any investors and which supporting documents are acceptable (bank statements, sale agreements)? Options: Yes - bank statements, Yes - sale agreements, No, Other

Administer Capital Calls and Distributions

• Provide the capital call notice template you prefer and required lead time for notices (for example: 7 business days with wire instructions and tax stub).
• How will you confirm that a distribution or capital call is complete (bank confirmation of wire, transfer agent posting, administrator reconciliation)? Options: Bank confirmation of wire, Transfer agent posting, Administrator reconciliation, Other
• Specify the distribution waterfall priority you expect (return of capital first, preferred return X%, then carried interest) and the calculation method for IRR or return metrics.
• Who will perform day‑to‑day reconciliation between the fund NAV and investor statements (fund administrator, auditor, internal accounting)? Options: Fund administrator, Auditor, Internal accounting team
• State the bank account and routing details policy for calls and distributions and whether you require segregated accounts by investor class.

Provide Direct CIO and Portfolio Manager Access

• Which access cadence do you prefer with the CIO and portfolio managers (monthly update calls, quarterly strategy reviews, ad‑hoc calls on request)? Options: Monthly calls, Quarterly reviews, Ad‑hoc on request, Annual deep‑dives
• Who on your side will coordinate scheduling and pre‑read circulation for access sessions (name, role, email)?
• Confirm any confidentiality or nondisclosure terms that must be in place before position‑level or trade‑level discussions (NDA required, limited topic list). Options: NDA required, NDA on file, Limited topic list acceptable, No NDA required
• Specify limits on position‑level disclosure during investor sessions and whether anonymized examples suffice for portfolio walkthroughs. Options: Position‑level allowed, Anonymized examples only, Restricted by asset class
• Would you like invitations to portfolio manager site visits or prefer virtual deep‑dives? Options: In‑person site visits, Virtual deep‑dives, Both

Deliver Bespoke Reporting Dashboards and Cadence

• Which KPIs and metrics must appear on your reporting dashboard (for example: net‑of‑fees IRR, time‑weighted return, exposure by sector, VaR)? Options: Net‑of‑fees IRR, Time‑weighted return, Exposure by sector, Value at Risk (VaR), Other
• What reporting cadence and formats do you require (monthly PDF package, interactive quarterly dashboard, annual audited report)? Options: Monthly PDF, Quarterly interactive dashboard, Annual audited report, Ad‑hoc custom reports
• Which data integrations are needed to populate reports (administrator NAV feeds, custodian statements, prime broker blotter, internal accounting feed)? Options: Administrator NAV feed, Custodian statements, Prime broker blotter, Internal accounting feed, Other
• Who should have read‑only versus full access to dashboards and do you require single‑sign‑on (SSO) integration with your identity provider? Options: Read‑only users, Full access users, Require SSO, SSO optional
• Specify reconciliation tolerances and SLAs for receiving administrator NAV and performance data (for example: administrator NAV within 5 business days of month‑end).

Implement Tax Reporting and Year‑End Packets

• Which annual tax deliverables must be included in the year‑end pack (Form K‑1, consolidated tax report, withholding summaries)? Options: Form K‑1, Consolidated tax report, Withholding summaries, Other
• When do you need a draft year‑end pack for tax counsel review relative to calendar year‑end (for example: by Jan 31, by Feb 28)? Options: By Jan 31, By Feb 28, By Mar 31, Custom timeline
• Who will sign off on final year‑end tax deliverables (your tax counsel, external accountant, in‑house CFO)? Options: Your tax counsel, External accountant, In‑house CFO
• Specify investor‑level tax data fields required in the pack (gross income allocations, foreign tax credits, state allocations).
• Are any investors on an alternate fiscal year or requiring bespoke tax deferral documentation that must be included in the packet? Options: Yes - alternate fiscal year, Yes - tax deferral docs, No

Coordinate External Tax and Estate Counsel Communication

• Provide contact details for the external tax and estate counsel we should engage (name, firm, email) and preferred communication channel.
• List the information‑sharing protocols you require between counsel and the fund (for example: access to redlines, formal comment rounds, counsel‑to‑counsel calls). Options: Redline access, Formal comment rounds, Counsel‑to‑counsel calls, Other
• Specify timing constraints for counsel review of sideletters and PPM (for example: 10 business days for initial review). Options: 5 business days, 10 business days, 15 business days, Custom
• Do you require privileged or confidential handling rules when we share materials with your counsel (restricted circulation, encrypted file transfer)? Options: Restricted circulation, Encrypted transfer, No special handling
• Indicate whether you want a counsel‑to‑counsel kick‑off call to align on tax and estate issues and suggested dates for that call. Options: Yes - please schedule, No - not required, Maybe - suggest dates

• Subscription Agreement
• Fund Governing Agreement
• Investor Side Letter
• Tax Certification & Withholding Forms
• Subscription Confirmation & Capital Schedule
• Operational & Acceptance Obligations Record
• Wiring and Escrow Instructions
• KYC/AML & Beneficial Owner Certification
• Closing Certificate & Conditions-to-Closing Statement

• Go-live Health Check (weeks 1-4)
• First Measurement Review (weeks 4-10)
• Acceptance Gate Review (around day 90)
• Ongoing Quarterly Relationship & Reporting Review

• Publish the next quarter's investor communications calendar and list of forthcoming priority access opportunities.
• For any unmet criteria, capture specific remediation tasks and resolution timelines that will close the gap.
• Confirm the named buyer signatory or documented owner who records the acceptance decision.
• Publish the acceptance decision record that lists pass/fail for each Investment Scope criterion.
• Create a remediation register for any failed criteria with owners and fix-by dates.
• Schedule a follow-up verification checkpoint to confirm remediation items are complete if any criteria were conditional.
• Performance review versus Investment Scope targets
• Confirm whether the rolling quarterly net-of-fee return trend meets or diverges from the Investment Scope success signals.
• Reduce the number of open operational issues older than 30 days and verify SLA adherence for reporting delivery.
• Ensure the buyer continues to receive priority access opportunities and that any outstanding co-invest items have clear next steps.
• Deliver a quarterly performance attribution pack tied to the Investment Scope targets.
• Close or update the top three operational issues with committed resolution dates in the issue tracker.
• Re-confirm success criteria and owners
• Confirm investor reporting feeds and NAV publication are active and accessible by the named signatories.
• Log all critical blockers with owners and agreed resolution dates.
• Confirm the reporting cadence and primary escalation contacts for ongoing issues.
• Produce a deployment validation checklist showing which feeds and reports are live and share it with the buyer.
• Resolve any access or permission issues and confirm successful signatory logins.
• Publish the remediation tracker with owners and target dates for open blockers.
• Present first-period performance and delivery metrics
• Determine whether net-of-fee monthly return and report delivery timeliness are moving toward the targets recorded in Investment Scope.
• Document root causes for each identified gap and commit to corrective actions with dates.
• Set the acceptance gate timeline and required evidence for the day 90 assessment.
• Deliver a performance variance report that reconciles net-of-fee returns to the buyer's success signals and Investment Scope targets.
• Provide a report-delivery audit showing on-time rate and steps to eliminate late reports.
• Publish the acceptance-gate evidence checklist and confirm owners and delivery dates.
• Restate acceptance criteria and numeric targets
• Produce a documented acceptance decision against the targets recorded in Investment Scope.
• Deployment and feed validation
• Present outcome data against each criterion
• Root-cause diagnosis for any gaps
• Operational issue log and SLA review
• Agree corrective actions and timelines
• Early adoption and access signals
• Priority access and co-invest update
• Document pass/fail per criterion and formal decision
• Communications and escalation protocol
• Agree remediation and close-the-loop items
• Confirm path to the acceptance gate
• Blockers and remediation plan