Tools · Template
Real-Asset DDQ Template
A structured due-diligence questionnaire built for real-asset and RAIF-style funds. The questions below reflect what institutional LPs and allocators actually ask in 2026.
Firm & team
- Provide the legal name, domicile and regulatory status of the investment manager.
- List the senior investment team, their tenure and prior real-asset experience.
- Describe the key-person provisions and succession-planning framework.
Strategy & thesis
- State the fund's core strategy, target geographies and asset-class focus.
- Explain the sourcing edge and why the opportunity set is durable.
- Describe the intended debt / equity split and typical capital-stack position.
Track record
- Provide gross and net IRR, equity multiple and realised / unrealised split for prior vehicles.
- Attach case studies for the three most representative investments.
- Disclose any write-downs, restructurings or default events and the lessons drawn.
Structure & terms
- Confirm the vehicle type (RAIF, SCS, SICAV, Cayman feeder, etc.) and regulatory framework.
- State the management fee, carried interest, hurdle rate and catch-up mechanics.
- Detail the GP commitment, claw-back provisions and distribution waterfall.
Risk & compliance
- Attach the current risk-management policy and concentration / leverage limits.
- Confirm AML / KYC procedures and any regulatory findings in the last five years.
- Describe the business-continuity and cyber-security frameworks.
ESG
- State the ESG policy and whether the fund follows SFDR Article 8 or 9.
- Provide examples of ESG-driven value creation or risk mitigation.
- Confirm third-party ESG reporting and any PRI signatory status.
Operations & service providers
- Name the administrator, depositary, auditor and legal counsel.
- Confirm service-provider independence and any related-party arrangements.
- Describe the valuation policy, frequency and any use of external appraisers.
Download the full editable DDQ template
The complete template includes all seven sections, guidance notes for each question, and a red-flag checklist for LP-side reviewers. Free to download — no account required.
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