A practical checklist for evaluating managers: strategy edge, team, track record, fees, liquidity, operations, and governance.
Sources of alpha, process discipline, risk framework.
Tenure, decision rights, turnover, key‑person protections.
Attribution, dispersion, drawdowns, benchmark choice.
Management fees, performance fees/carry, hurdles, clawbacks.
Lockups, gates, redemptions (hedge funds); capital calls, recycling, extensions (private funds).
Valuation policies, pricing sources, counterparty and cyber risk.
GP commitment, LPAC, side‑letter policies, co‑invest.
Offering exemptions, investor eligibility, reporting.