Operational Due Diligence Software

    Structure the operational review, separate what was asserted from what was verified, and keep the assessment current.

    Operational due diligence is usually run as a questionnaire followed by a call. The questionnaire is self-reported, the call is unstructured, and the resulting memo is a summary of both with no way to tell which parts rest on evidence.

    Reuben AI structures the review so each answer carries its source and tier, and the assessment remains a maintained record rather than a document filed at commitment.

    What an operational review covers

    Valuation policy and who applies it. Cash controls and payment authorisation. Service providers including administrator, auditor and custodian. Conflicts and allocation policy. Technology, data handling and cyber posture. Business continuity. Regulatory permissions in each jurisdiction the firm operates in. Reporting obligations and actual reporting behaviour.

    Each of these is a workstream with its own evidence requirements rather than a question with a free-text answer.

    Questionnaire answers are evidence, at a tier

    A completed questionnaire is useful and it is self-reported. Treated as evidence at that tier, it can then be tested against independent documents: audited financials, service provider confirmations, policy documents, regulatory registers.

    Where an answer is confirmed independently it moves tier. Where it cannot be confirmed, that is recorded rather than smoothed over. The distinction between asserted and verified is the entire value of the review.

    Comparable across managers

    Allocators assess many managers, and the difficulty is comparison rather than any single review. When operational findings are structured to the same requirements, one manager's controls can be read against another's rather than against a differently written memo.

    Gaps are visible as gaps, which is more useful to an investment committee than a uniformly confident narrative.

    A review that stays current

    Operational risk changes: a service provider is replaced, a key person leaves, a policy is revised. When the assessment is a maintained record on the manager profile, the annual review updates it rather than rebuilding it.

    That also answers the question asked after an incident, which is what the allocator knew and when.

    Structure your operational review

    Book a demo and see an ODD workstream with tiered evidence behind each answer.

    Common questions

    Related reading

    Operational due diligence: what allocators review

    Operational due diligence reviews how a manager runs the business behind the strategy: governance, valuation policy, controls, service providers, compliance, cyber security and business continuity. It is separate from investment diligence and can stop an allocation on its own.

    Software helps by keeping questionnaire answers, evidence and follow-ups linked to the manager record, so the next review starts from what was found last time.

    How it works on one record: Reuben AI connects evidence across the asset or portfolio company, deal, vehicle, fund, manager, portfolio. An operational finding on valuation policy stays linked to the manager and every fund it manages. The same fully sourced record carries context from discovery through diligence, committee decisions and ownership review. Judgement stays human. See the six levels of private markets diligence, managers: one record from research to reporting and manager due diligence.

    What is operational due diligence?

    A review of a fund manager's governance, controls, valuation, service providers, compliance and operational resilience.

    Who performs operational due diligence?

    Allocators such as pension funds, endowments, family offices and fund of funds, often with specialist advisers.