What is manager level due diligence?
Updated
Manager level due diligence assesses the firm running the money rather than a single investment. It tests whether the track record is attributable to the people presenting it, whether the investment process is repeatable across deals, and whether the operational and governance foundations hold, with each conclusion tied to evidence rather than to a meeting impression.
Private markets diligence runs at six levels: asset or portfolio company, deal, vehicle, fund, manager and portfolio. At manager level the subject is the firm: the GP, its team and track record across funds, its process and its controls. A commitment usually relies on several levels at once, because a strong vehicle run by a firm with weak controls is still an operational risk.
The recurring difficulty is that almost all the evidence is supplied by the manager. That is not a reason to discount it, but it is a reason to record what was asserted separately from what was independently confirmed. A completed questionnaire is self-reported evidence. An audited statement, a service provider confirmation or a regulatory register entry is independent. Reuben AI tiers each claim accordingly, so a memo shows where confidence rests.
The other difficulty is that manager assessments go stale. Service providers change, partners leave, policies are revised. Holding the assessment as a maintained record on the manager profile means the annual review updates existing evidence rather than rebuilding the file each year.
How Reuben AI compares
What each level of diligence takes as its subject.
| Attribute | Reuben AI | Company level | Fund level |
|---|---|---|---|
| Subject | The firm: people, process, controls | A single asset or company | A vehicle and its portfolio |
| Core question | Is the record attributable and the process repeatable | Is this asset worth owning | Are the structure, terms and portfolio sound |
| Primary evidence | Track record detail, policies, service providers, references | Data room documents and management | Fund documents and holdings through to underlying holdings |
| Review cadence | Maintained, revisited periodically | Per transaction, then monitored | At commitment, then monitored |
Frequently asked questions
Is operational due diligence the same thing?
Operational due diligence is one workstream inside manager diligence, covering valuation policy, cash controls, service providers, conflicts, technology and continuity. Manager diligence also covers attribution, team and process.
Who runs manager level diligence?
Allocators, funds of funds, family offices and multi-family offices selecting third-party managers. Managers also run it on themselves to prepare evidenced answers before an allocator asks.
How does it connect to the funds a manager runs?
Manager, fund and holding records are connected, so the firm assessment sits alongside its vehicles and the companies inside them, and exposure can be read across all three.
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