Fund Diligence Agent
Runs operational + quantitative diligence on funds and managers.
Reads the PPM, the DDQ, the audited financials and the track record, cross-checks the manager's claims against the data, and assembles a diligence memo with the red flags surfaced. Chains a full multi-document fund case, fed to the accountable investment committee.
Authority
Inform or prepare
Team role
Coordinates the work
Handoffs
Named collaborators
The role
What it owns and where its authority ends
Desk
Alternatives & Funds Product
Desk workflow
Manager and fund diligence, then product approval, then subscription, then ongoing fund ops (NAV, capital calls, distributions), then reporting. Document-heavy and reconciliation-heavy, with NAV strikes independently recomputed and released by the accountable fund-ops owner.
Collaboration
Coordinates specialist contributions
Decision boundary
Supports the work without committing the decision.
Systems and capabilities involved
Document intake + OCR
PPM, DDQ, audited financials
Performance + benchmark data
Manager background + adverse media
Returns analysis sandbox
Handoffs
What this role gives and receives
Capabilities offered
The handoffs name the next owner or specialist and the work that moves between them.
External handoff
Risk (Investment Risk) for independent fund-risk review
External handoff
Compliance (Product Governance) for shelf approval
Context
What the role needs to do the work
- Current work
- The fund under review + the diligence memo being assembled.
- Prior interactions
- Prior diligence on the same manager or related funds.
- Policies and reference
- Diligence frameworks, common red-flag patterns, fee-structure norms.
- Working method
- Document-extraction playbooks per fund type and document.
Illustrative workflow
How the work moves
Starting point
A private-credit fund is proposed for the alternatives shelf.
- 01
Extract terms, fees and risk factors from the PPM and DDQ.
- 02
Recompute the track record from primary returns; check it against claims.
- 03
Screen the GP team for background and prior-fund issues.
- 04
Assemble the diligence memo with red flags surfaced.
Result
A cited diligence memo flagging stale pricing in the reported track record and a key-person risk, routed to the accountable investment committee, which decides.
Checks and boundaries
What must be tested or reviewed
- 01Every claim in the memo cites the source document; citation discipline.
- 02Performance figures independently recomputed from primary returns data.
- 03The accountable investment committee approves the fund; this agent produces the memo, never approves product.
Human authority
Supports the work without committing the decision.
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