Working Through a Due Diligence Questionnaire as an Endowment

Adapted for endowment staff from Chapter 10 of The Single Family Office by Richard C. Wilson.

The due diligence questionnaire is the main document in full diligence. In the book I described DDQs running from 50 to 200 questions. They cover structure, past performance, audits, references, operations and more.

They are also where momentum goes to die. Both sides get stuck in the details and a good fit can drift for months.

Use a standard template

Many institutions start from an industry template and add their own questions. A standard form saves managers time and makes answers easier to compare. Larger managers usually have an investor relations or compliance person who turns these around quickly. Smaller firms take longer, so plan for it.

Read these answers first

Not all 200 questions matter equally. Staff should go to these sections before anything else:

  1. Ownership and key people. Who owns the firm, and what happens if a founder leaves?
  2. Service providers. Auditor, administrator, custodian, legal counsel. Are they real, independent and known?
  3. Valuation. Who prices hard-to-value assets, and how often?
  4. Track record basis. Is the record audited? Does it include every account or a selected set?
  5. Conflicts. Side letters, personal trading, related-party deals.
  6. Regulatory history. Any disclosures on file.

Check what you read

A DDQ is the manager's own description. Confirm the important parts. Call the auditor and administrator. Run background checks on key people. Ask references specific questions about how the manager acted in a hard year.

Get help where you need it

In the book I noted that many investors use a consultant or staff member who knows how to dig into DDQ answers. For a small endowment office, an outside operational diligence firm can review the operations side while staff focus on the investment case.

Keep it moving

Set a timeline with the manager at the start. Questions back within two weeks, follow-ups within one. If a manager can't meet a reasonable timeline during diligence, ask what client service will look like after you invest.

Frequently asked questions

Is there a standard DDQ for endowments?

Industry groups publish templates that many institutions adapt.

Should investment and operational diligence be separate?

Many endowments separate them so a strong investment story doesn't hide operational gaps.

How long does full diligence take?

Often several weeks to a few months, depending on the manager and the asset class.

Sources

  1. The Single Family Office, Chapter 10, Richard C. Wilson .

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