Investment Due Diligence Questionnaires

Upload your fund or manager due diligence questionnaire and valuation policies, committee minutes, and valuation reports. Word, Excel, PowerPoint and PDF files all work.

Separate the documented valuation process from the independence and review evidence still needed. The questionnaire comes back in its original format.

Yes. Each answer shows its source documents, and yellow highlights mark details your files do not cover.

It is the set of questions an investor, consultant or allocator sends a fund manager before committing capital. Typical sections cover the firm, the investment team and strategy, valuation, risk management, operations, compliance and service providers. XiCLOPS drafts the manager’s answers from the policies, minutes and reports you upload, and highlights the review evidence those files do not contain.

Yes. The ILPA Due Diligence Questionnaire is a standard template many limited partners use to assess private fund managers, covering the firm, team, strategy, fund terms, valuation and reporting. XiCLOPS answers questionnaires uploaded as Word, Excel, PowerPoint or PDF files, so an ILPA DDQ is uploaded and answered the same way as any other DDQ.

Investors want to know who prepares values for illiquid holdings, which methods are used, how often values are reviewed, who approves them, and whether anyone independent of the deal team challenges them. The valuation policy answers the process questions. Committee minutes and valuation reports show what happened in practice, so upload them with the policy.

A policy can say who should challenge the estimates, but investors usually want evidence that it happened: minutes recording the challenge, a named reviewer outside the deal team, or a third-party valuation report. If your files describe the process without showing the review, the draft answers the documented part and highlights the independence evidence still needed.

Operational due diligence looks at how the manager runs the business: valuation, trade operations, cash controls, compliance, cybersecurity, business continuity and service providers. The usual evidence is the compliance manual, valuation policy, business continuity plan, service provider details and recent committee minutes. Upload what the questionnaire calls for, and the draft shows which details those files leave open.

Level 3 assets are valued with significant unobservable inputs, so investors ask about methods, key assumptions, the sources of inputs and how often values are tested. The valuation policy and valuation reports usually set this out, and audited financial statements may disclose the fair value hierarchy. The draft answers from whichever of these you upload and highlights what they do not cover.

Investors usually ask for the administrator, auditor, custodian, legal counsel and any prime broker, and how the manager oversees them. Those names are often spread across the offering memorandum, audited financial statements and policies rather than listed in one place. XiCLOPS is set up to draft from whatever material covers the subject, wherever it sits in your files, and Sources shows which documents it used.

Investors ask whether side letters exist, which terms they grant, such as fee discounts, reporting rights or most favored nation provisions, and how the manager tracks its obligations under them. Answers come from the side letters and any compliance procedure for monitoring them. If your files do not show how those obligations are tracked, the draft highlights it.

Yes. Match a completed template, such as a DDQ you answered last year, and XiCLOPS uses its tone, structure and level of detail. You can instead pick a Concise, Balanced or Detailed style, or write custom instructions. Whichever you choose, the facts in each answer still come from your source documents.

Leave them visibly open rather than filling them with general wording. Each detail your files do not cover is highlighted in yellow, so investor relations or compliance can add evidence or a reviewed statement before the DDQ goes out. You can then regenerate the answer with the documents and instructions you choose, or edit it yourself.

Each paid run answers up to 100 questions from up to 1,500 source pages. A long DDQ or a large set of fund documents uses more runs, because crossing either limit moves the job into another run. You see the run count before you commit, and a retry after a system failure does not use another run.

They stay on file between runs, with no extra fee to store or reuse them, and you can add or replace files when the next DDQ arrives. Customer data is retained according to contractual requirements and securely deleted under documented procedures when no longer required. Customer documents are not used to train underlying AI models.

Investment due diligence asks whether the strategy, team and track record justify a commitment. Operational due diligence asks whether the business behind the fund runs safely, covering valuation, controls, compliance and service providers. Investors often send a separate questionnaire for each, and XiCLOPS answers both from your files, with performance questions usually drawing on reports and process questions on policies and minutes.

Investors ask for returns such as net IRR and multiple of invested capital, realized and unrealized deals, and how each figure was calculated. Those numbers should come from performance reports or fund financial statements, and XiCLOPS is set up to quote them, with their dates, exactly as they appear there. If a period or the calculation basis is missing from your files, the draft highlights it.

They ask how the manager allocates opportunities between funds and accounts, offers co-investment, handles transactions between its own funds and records conflicts as they arise. The allocation policy, compliance manual and offering memorandum usually hold the answers. Upload them, and any part of a question they leave open, such as how a particular conflict was resolved, is highlighted for compliance to answer.

Investors ask who the key persons are, what the key person provision triggers if one leaves or stops devoting enough time, and how the team has changed since the last fund. The limited partnership agreement sets the key person terms, while organization charts and team biographies show who is in place. The draft answers from those and highlights any departure or succession detail they omit.

Many DDQs now include a responsible investment section, asking about the manager’s policy, how ESG factors enter investment decisions and what is reported to investors. Answers come from the responsible investment policy, investment committee papers and any ESG reports you share. Where your files describe the policy but not how it is applied in practice, the draft highlights the missing evidence.

Yes. The free trial includes 1 run on your own documents, with no card required.