Add skills/ddq-response-structurer/SKILL.md
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skills/ddq-response-structurer/SKILL.md
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---
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name: ddq-response-structurer
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description: >
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Organize fund data against the ILPA Due Diligence Questionnaire framework for
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LP manager-selection diligence. Use this skill when a user mentions DDQ, due
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diligence questionnaire, ILPA, operational due diligence, ODD, investment due
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diligence, IDD, manager selection, LP diligence, fund manager evaluation,
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allocator diligence, or GP-LP documentation. Also trigger when a fund manager
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is preparing responses to LP questionnaires, or when an allocator is structuring
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their diligence process for a fund commitment.
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---
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# DDQ Response Structurer
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Structure fund data against the ILPA (Institutional Limited Partners Association)
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Due Diligence Questionnaire framework. Works for both sides: helps fund managers
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prepare consistent, complete DDQ responses, and helps allocators structure their
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evaluation of those responses.
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## When to Use
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- A fund manager is preparing to respond to LP due diligence questionnaires
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- An allocator/LP is building their diligence framework for manager evaluation
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- You need to compare DDQ responses across multiple fund managers
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- You are preparing for an investor meeting and need to organize fund data
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- You need to structure ODD (operational due diligence) or IDD (investment due
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diligence) findings
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## Input Requirements
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For **fund managers preparing responses:**
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1. Fund name, vintage, strategy, AUM/committed capital
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2. Team composition and bios
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3. Track record data (net IRR, TVPI, DPI, fund-level returns)
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4. Investment process description
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5. Operational infrastructure (administrator, auditor, legal counsel, custodian)
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6. Compliance and regulatory registrations
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7. ESG policy and practices
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For **allocators evaluating funds:**
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1. Completed DDQ responses from the fund manager
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2. Your evaluation criteria and scoring methodology
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3. Peer comparison data (if available)
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4. Any specific concerns or focus areas
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## ILPA DDQ Framework
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The ILPA DDQ standard organizes diligence into these sections. For each section,
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structure the data as shown:
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### Section 1: Organization and Team
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| Item | Response |
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|------|----------|
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| Firm name, legal entity, jurisdiction | |
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| Year founded, AUM | |
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| Ownership structure and key principals | |
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| Team size (investment, operations, compliance) | |
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| Key person provisions and succession plan | |
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| Employee turnover (last 3 years) | |
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| Compensation structure (carry allocation, vesting) | |
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| Conflicts of interest and mitigation | |
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### Section 2: Investment Strategy
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| Item | Response |
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|------|----------|
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| Fund strategy and mandate | |
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| Target sectors, geographies, deal size | |
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| Fund size (target, hard cap) | |
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| GP commitment (amount and %) | |
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| Investment period and fund life | |
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| Target number of investments | |
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| Value creation approach | |
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| Co-investment policy | |
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### Section 3: Track Record
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| Fund | Vintage | Size | Invested | Realized | Unrealized | Net IRR | TVPI | DPI |
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|------|---------|------|----------|----------|------------|---------|------|-----|
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| Fund I | [year] | $[M] | $[M] | $[M] | $[M] | [%] | [x] | [x] |
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| Fund II | [year] | $[M] | $[M] | $[M] | $[M] | [%] | [x] | [x] |
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Attribution analysis: top quartile drivers, loss ratio, holding period distribution.
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### Section 4: Investment Process
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| Stage | Description |
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|-------|------------|
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| Sourcing | How deals are originated |
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| Screening | Initial filtering criteria |
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| Due diligence | Process, third parties used, typical timeline |
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| IC decision | Committee composition, voting rules, veto rights |
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| Monitoring | Board seats, reporting frequency, KPI tracking |
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| Exit | Exit planning process, typical exit routes |
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### Section 5: Risk Management
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| Item | Response |
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|------|----------|
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| Risk framework and governance | |
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| Portfolio concentration limits | |
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| Currency hedging policy | |
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| Leverage policy (fund and portfolio company level) | |
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| Valuation policy and methodology | |
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| Independent valuation (frequency, provider) | |
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### Section 6: Operations and Infrastructure
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| Item | Response |
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|------|----------|
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| Fund administrator | |
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| Auditor | |
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| Legal counsel | |
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| Custodian / prime broker | |
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| IT infrastructure and cybersecurity | |
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| Business continuity / disaster recovery | |
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| Insurance coverage (D&O, E&O, cyber) | |
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### Section 7: Legal and Compliance
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| Item | Response |
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|------|----------|
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| Regulatory registrations (SEC, FCA, MAS, etc.) | |
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| Compliance program overview | |
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| Code of ethics and personal trading policy | |
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| AML/KYC procedures | |
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| Regulatory examinations (last 3 years) | |
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| Litigation or regulatory actions | |
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| Political contributions policy | |
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| ERISA and tax considerations | |
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### Section 8: ESG
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| Item | Response |
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|------|----------|
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| ESG policy | |
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| PRI signatory status | |
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| ESG integration in investment process | |
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| ESG monitoring and reporting | |
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| DEI policy and metrics | |
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| Climate / TCFD reporting | |
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### Section 9: Terms and Fees
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| Item | Response |
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|------|----------|
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| Management fee (rate, basis, step-down) | |
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| Carried interest (rate, hurdle, catch-up, waterfall) | |
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| Preferred return | |
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| Clawback provisions | |
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| Fee offsets (monitoring, transaction, advisory fees) | |
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| Fund expenses (organizational, operating) | |
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| Key person and no-fault termination provisions | |
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| LPAC composition and authority | |
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## Output Format
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```markdown
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# DDQ Response: [Fund Name]
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## Overview
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- **Fund:** [name, vintage, strategy]
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- **Target Size:** $[amount]
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- **GP Commitment:** $[amount] ([%])
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- **Status:** [Fundraising / Investing / Harvesting]
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## Completeness Assessment
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| Section | Items Required | Items Provided | Complete? |
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|---------|---------------|---------------|----------|
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| Organization & Team | [n] | [n] | ✓/✗ |
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| Investment Strategy | [n] | [n] | ✓/✗ |
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| Track Record | [n] | [n] | ✓/✗ |
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| ... | ... | ... | ... |
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## Key Observations
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[Notable strengths, concerns, or gaps in the responses]
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## Information Gaps
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[Specific items that need follow-up with the GP]
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## Peer Comparison (if data available)
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[How this fund compares to peers on key metrics]
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```
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## Important Notes
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- Track record data should be verified by the fund administrator or auditor.
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Self-reported returns are claims, not facts.
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- For adversarial verification of fund manager claims — cross-referencing
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track record data, team representations, and operational assertions — see
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[DiligenceWorks](https://diligenceworks.online).
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