For limited partners

See the judgment, not just the marks.

WHAT IT IS WORTH · WHETHER THE REASON HELD · WHETHER IT STILL DOES
Find
Managers, before the deck arrives.
Commit
The manager, then the fund.
Manage
Look through to what you own.
Harvest
When the cash clears cost.
Record
Found, or told.
The record

Know which of your conviction you found, and which you were told.

FOUNDTOLDTHE DATA ROOMYOUR UNDERWRITING
MOST CONVICTION MOVES ON WHAT MANAGERS REPORT
BELLWETHER III · CONVICTION SINCE COMMITMENT FOUND, OR TOLD 8.60 8.00 7.40 COMMIT FOUND · 8.60 FROM THE DOCUMENTS TOLD · 7.60 FROM THE DECK THE GAP IS ONE POINT FOUND MEANS THE DOCUMENT SUPPORTS IT WITHOUT ANYONE SAYING SO. TOLD IS NOT FALSE. IT IS UNEVIDENCED, AND THE RECORD KEEPS THE DIFFERENCE.
The conviction record
FOUND · READ OUT OF THE DOCUMENTS
FOUND · READ OUT OF THE DOCUMENTS4 OF 4 ON FILEFROM THE DOCUMENTSASSERTED ELSEWHERECAPITAL ACCOUNTDPI crosses 0.4x, parsed from the statementAGM REMARKSuccession is forming. Nothing on fileDISTRIBUTION NOTICEFirst exit clears its carried markQUARTERLY LETTERReserves called disciplined, no historySIDE LETTERFee terms differ from the LPA summaryMANAGER CALLTwo more marks coming, unscheduledFOUND MEANS THE DOCUMENT SUPPORTS IT WITHOUT ANYONE SAYING SO.
TOLD · ASSERTED, NOT YET ON FILE
TOLD · ASSERTED, NOT YET ON FILE4 OPENWHAT WOULD SETTLE ITWHAT YOU WERE TOLDTHE LPAC MINUTESWould settle successionAGM REMARKSuccession is formingRESERVE SCHEDULEWould settle disciplineQUARTERLY LETTERReserves described as disciplinedMARK POLICYWould settle timingMANAGER CALLTwo more marks comingTOLD IS NOT FALSE. IT IS UNEVIDENCED, AND THE RECORD KEEPS THE DIFFERENCE.
THE DATA ROOM · WHAT WAS ACTUALLY READ
THE DATA ROOM · WHAT WAS ACTUALLY READ84 DOCUMENTS38DOCSPERFORMANCE21DOCSLEGAL AND LPA12DOCSTEAM9DOCSFINANCIALS4DOCSOPERATIONS84 DOCUMENTS READ, NOT INDEXEDREAD MEANS PARSED AND CITED, NOT UPLOADED AND FILED.
YOUR UNDERWRITING · WHERE THE TWO SETTLE
YOUR UNDERWRITING · WHERE THE TWO SETTLEMOVED ON INK · 28%7.28.8THE CLAIM · 7.6THE EVIDENCE · 8.07TODAY · 8.60FOUR MOVEMENTS SINCE COMMITMENT. THREE OF THEM FOUND.
Find

Managers, before the deck arrives.

COVERAGEYOUR NETWORKBEFORE THE RAISEIN MANDATE
THE SAME SHAPE ONE LEVEL UP
FIND · WHERE MANAGERS COME FROM 4 IN MANDATE THIS QUARTER EXISTING MANAGERSCO-INVESTORSOPERATOR SPINOUTSIN NETWORKPLACEMENTOPEN MARKETOssian II8.1Harwick I7.6Silverpine7.9Calder Fund I7.4Alderwood6.8Bellhaven6.4 YOUR MANDATE DISTANCE IS ACCESS. THE NEAR BANDS ARE PEOPLE WHO ALREADY KNOW YOU. 31 MANAGERS TRACKED 9 RAISING NOW
Find · where managers come from
COVERAGE · BY SEGMENT YOU ALLOCATE TO
COVERAGE · BY SEGMENT YOU ALLOCATE TOWHERE YOU ARE THIN88%EARLY VENTURE71%GROWTH54%DEEP TECH22%CLIMATECOVERAGE IS NOT HOW MANY YOU TRACK. IT IS HOW MUCH OF YOUR MANDATE YOU CAN SEE.
YOUR NETWORK · WHERE MANAGERS COME FROM
YOUR NETWORK · WHERE MANAGERS COME FROM32 IN THE FUNNELEXISTING MANAGERSSpin-outs and second funds from your o14CO-INVESTORSGPs you have sat alongside in a syndic9OPERATORSFounders and executives from portfolio6PLACEMENTProcesses you were shown this quarter329 of 32CAME FROM YOUR OWN BOOKTHE STRONGEST FIRST MEETINGS COME FROM THE BOOK YOU ALREADY HOLD.
BEFORE THE RAISE · HOW EARLY YOU SAW THEM
BEFORE THE RAISE · HOW EARLY YOU SAW THEMFIRST CLOSE IS THE LINEFIRST CLOSEOSSIAN II · EARLYTracked eleven months outHARWICK I · EARLYMet at the prior firmCRESTLINE IV · LATEArrived by placementBELLHAVEN · MISSEDClosed before you saw itTHE EARLY COLUMN IS WHERE ALLOCATION IS ACTUALLY WON.
IN MANDATE · SCREENED AGAINST WHAT YOU WROTE
IN MANDATE · SCREENED AGAINST WHAT YOU WROTEONE FLAGSTRATEGY FITStage, sector and geography against the mandatePASSSIZEFund size supports your target positionPASSCONCENTRATIONWould add to an already heavy exposureFLAGVINTAGEDeploys into a year you are light inPASSTHE MANDATE IS THE SCREEN. NOTHING PASSES BECAUSE IT LOOKED INTERESTING.
GP intelligence

Assess the manager, not only the fund.

SEVEN DIMENSIONSTHREE QUESTIONSEVIDENCETHE PERSON
THE CALL OPENS WHERE THE EVIDENCE IS THINNEST
GP INTELLIGENCE · THE MANAGER, NOT THE FUND OVERALL 6.9 / 10 MV Marcus Vance MANAGING PARTNER · BELLWETHER YOUR FLOOR 6.5 TRACK RECORD8.2THESIS & EDGE7.4SOURCING & ACCESS7.0VALUE-ADD5.2ALIGNMENT6.6PARTNERSHIP5.8CONSISTENCY7.8 TWO DIMENSIONS SIT BELOW YOUR FLOOR THE SPINE IS THE PERSON, NOT THE FUND
GP intelligence · seven dimensions
SEVEN DIMENSIONS · THE MANAGER
SEVEN DIMENSIONS · WIDTH IS WEIGHT, HEIGHT IS SCORE 8.2TRACK RECORD22% WEIGHT7.4THESIS & EDGE18% WEIGHT7.0SOURCING16% WEIGHT5.2VALUE-ADD14% WEIGHT6.6ALIGNMENT12% WEIGHT5.8PARTNERSHIP10% WEIGHT7.8CONSISTENCY8% WEIGHT A WIDE WEAK BLOCK COSTS MORE THAN A NARROW ONE. TRACK RECORD CARRIES 22 PERCENT.
THREE TO TAKE TO GROUND
THREE TO TAKE TO GROUND · DRAWN FROM THE WEAK DIMENSIONS D4VALUE-ADD 5.2What controls evaluate the value-add claims, and how is attribution corroborated?D6PARTNERSHIP 5.8What is the stance on conflicts between the founding partners, and who arbitrates?D5ALIGNMENT 6.6Which commitments are personal capital, and which are fee offset? THE QUESTIONS COME FROM WHERE THE SCORE IS THIN, NOT FROM A STANDARD LIST.
EVIDENCE · BEHIND EVERY SCORE
EVIDENCE · 47 SOURCES BEHIND ONE SCORE BOARD SEATS11EXIT MULTIPLES9FOUNDER ADVOCACY14THESIS PUBLISHING13 6.9 OVERALL THICKER LINES CARRIED MORE. EVERY SCORE OPENS INTO THE DOCUMENTS THAT MADE IT.
THE PERSON · WHAT BREAKS
THE PERSON · WHAT BREAKS IF THEY STOP MV KEY PERSON SOURCING · 78% OF DEALS CAME THROUGH HIM SUCCESSION · NAMED, NOT YET TESTED COHESION · SEVEN YEARS, NO PARTNER EXITS THICKNESS IS DEPENDENCE. THE FUND IS A PERSON BEFORE IT IS A STRATEGY.
Commit

Your rubric, applied the same way every time.

SIX CATEGORIES31 SUBFACTORS47 SOURCESYOURS
COMPARABLE DECISIONS STAY COMPARABLE
FUND ANALYSIS · SIX CATEGORIES 31 SUBFACTORS · 47 SOURCES FUND SHAPE6.4EDGE6.8BRAND GRAVITY6.4PARTNERSHIP6.1CONSTRUCTION7.2TERMS5.6 6.4 WEIGHTED DASHED RING IS YOUR MANDATE. THE SHAPE IS THIS FUND. WHERE IT FALLS INSIDE, ASK WHY. TERMS 5.6 · BELOW YOUR FLOOR CONSTRUCTION 7.2 · CLEARS IT
The fund shape · six weighted categories
SIX CATEGORIES · WEIGHTED YOUR WAY
SIX CATEGORIES · WEIGHTED YOUR WAYYOUR RUBRIC, NOT A STANDARD ONE22%EDGE AND RIGHT T18%BRAND GRAVITY16%PARTNERSHIP16%CONSTRUCTION15%TRACK RECORD13%FOUNDER ACCESSYOU SET THE WEIGHTS. THE SAME ONES APPLY TO EVERY FUND YOU SEE.CHANGE A WEIGHT AND EVERY FUND YOU HAVE SCORED RE-RANKS.
31 SUBFACTORS · EACH WITH ITS STANCE
31 SUBFACTORS · EACH WITH ITS STANCETWO DISCREPANCIES19 CONFIRMED8 CONTESTED4 WORTH DIGGING2 DISCREPANCIESA DISCREPANCY IS WHERE A CLAIM AND A DOCUMENT DISAGREE. THOSE GO TO THE MANAGER.
47 SOURCES · READ AGAINST THE ROOM
47 SOURCES · READ AGAINST THE ROOMNOT ONLY THE ROOM21DOCSFUND DOCUMENTS14DOCSPERFORMANCE9DOCSEXTERNAL3DOCSREFERENCES47 DOCUMENTS READ, NOT INDEXEDEXTERNAL MEANS CHECKED AGAINST THE WORLD, NOT ONLY AGAINST WHAT THEY SENT.
YOURS · THE MEMO YOU PRODUCE
YOURS · THE MEMO YOU PRODUCECOMPOSABLESECTIONSSENTMULTIPLAYERSENTORI PROPOSESSENTEXPORTSENTAdd, remove and reorder to match your processYour team edits in place, every change attributedSuggestions arrive as proposals a person settlesThe same object, rendered for your committeeORI IS NEVER SILENT AND NEVER FINAL. A PERSON SETTLES EVERY SECTION.
The verdict

It ends in a verdict, and the asks that gate it.

TEN CHAPTERS · FORTY-SEVEN CITATIONS · FIVE OPEN ASKS · ONE OF THEM BLOCKING
THE VERDICT · CHAPTER ONE OF TEN FIVE ASKS GATE THE IC 6.4 CONDITIONAL, NOT A COMMIT WHY CONDITIONAL One strong vintage, thin on distributions. RESERVE DEPLOYMENT HISTORYBLOCKINGSUCCESSION PLAN AND CARRYOPEN · 3 DAYSATTRIBUTION ON TWO CARRIEDOPEN · DRAFTEDDISTRIBUTION SCHEDULEANSWEREDKEY PERSON AND LPACANSWERED ONE DOCUMENT STANDS BETWEEN A CONDITIONAL AND A DECISION
The verdict
The grammar

In your own grammar.

NINETEEN NAMED BLOCKS · THE FINDING PICKS THE BLOCK · ONE VOCABULARY, EVERY CHAPTER
COMPARISON BARSTHRESHOLDTHE 2x2RANGE BAND
NINETEEN NAMED BLOCKS
THE BLOCK VOCABULARY · NINETEEN NAMED BLOCKS THE FINDING PICKS THE BLOCK HOW TESTABLE THE CLAIM IS WHAT THE FINDING ASSERTS ORDER CONDITION POSITION RANGE COMPARISON BARSordering is the argumentWHEN THE FINDING IS ORDEREDTHRESHOLD CHARTwhere the thesis withdrawsWHEN THE FINDING IS CONDITIONAL2x2 MAPwhite space is a claimWHEN THE FINDING IS POSITIONALRANGE BANDa sizing is a range, never a pointWHEN THE FINDING IS UNCERTAIN
The block vocabulary
COMPARISON BARS · ORDERING IS THE ARGUMENT
COMPARISON BARS · ORDERING IS THE ARGUMENTWHEN THE FINDING IS ORDEREDIRONWOOD III88%BASALT V71%WINDROSE V54%CROSGROVE III31%THE ORDER IS THE CLAIM. THE NUMBERS ARE THE EVIDENCE.USED WHEN THE FINDING IS THAT ONE THING OUTRANKS ANOTHER.
Used when the finding is that one thing outranks another.
THRESHOLD CHART · WHERE THE THESIS WITHDRAWS
THRESHOLD CHART · WHERE THE THESIS WITHDRAWSWHEN THE FINDING IS CONDITIONALWITHDRAW BELOW 1.8xTHE LINE IT CROSSESA CLAIM APPEARS AGAINST THE LINE AT WHICH IT WOULD WITHDRAW.
A claim appears against the line at which it would withdraw.
2x2 MAP · WHITE SPACE IS A CLAIM
2x2 MAP · WHITE SPACE IS A CLAIMWHEN THE FINDING IS POSITIONALACCESS TO THE COMPANYCONVICTIONOSSIANHARWICKCALDERNOTHING HERE YETTHE EMPTY QUADRANT IS THE FINDING. HIGH CONVICTION WITH REAL ACCESS IS UNOCCUPIED.
The empty quadrant is the finding.
RANGE BAND · A SIZING IS A RANGE
RANGE BAND · A SIZING IS A RANGE, NEVER A POINTWHEN THE FINDING IS UNCERTAINPOSITION SIZE, THIS COMMITMENT$8M$14MBASE $11MASSUMPTION NAMED · PACING HOLDS AND NO RE-UP LANDS IN THE SAME QUARTERA POINT ESTIMATE HIDES THE ASSUMPTION. A BAND MAKES SOMEONE STATE IT.
A point estimate hides the assumption. A band makes someone state it.
Manage

Look through to what you actually own.

MARK CONFLICTSCONCENTRATIONOVERLAPSTALE MARKS
NO FUND REPORT SHOWS THIS
LOOK-THROUGH · WHAT YOU ACTUALLY OWN NO FUND REPORT SHOWS THIS BELLWETHER III · $12M HARLAN II · $8M MERIDIAN SPV · $5M Ledgerline PAYMENTS 2.8x Calder 1.9x Ironvale DATA PLANE 3.4x Fernwick Labs 2.1x Ironvale SAME COMPANY, SECOND VEHICLE 3.4x HELD TWICE · 31% OF NAV 184 COMPANIES BENEATH YOU 9 IN MORE THAN ONE VEHICLE 31% TOP-FIVE CONCENTRATION 3 MARK CONFLICTS
MARK CONFLICTS · THE SAME COMPANY
MARK CONFLICTS · THE SAME COMPANYONE NAME, THREE MARKSLedgerlineBELLWETHER SPV · 2.8xMERIDIAN VII · 2.4xBASALT V · 2.1xTHREE VEHICLES, THREE MARKS · YOUR EXPOSURE $2.9MNOBODY IS WRONG. THEY MARKED ON DIFFERENT DAYS AGAINST DIFFERENT COMPS.
CONCENTRATION · LOOK-THROUGH AGAINST FUND LEVEL
CONCENTRATION · LOOK-THROUGH AGAINST FUND LEVEL184 COMPANIES BENEATH YOU31%TOP FIVE, BY COMPANY22%TOP FIVE, BY FUNDNINE POINTS YOU DID NOT COMMIT TO184 COMPANIESYOU DILIGENCED FUNDS. YOU OWN COMPANIES. THE GAP IS THE PART NOBODY REPORTS.
OVERLAP · HELD IN MORE THAN ONE VEHICLE
OVERLAP · HELD IN MORE THAN ONE VEHICLE9 OF 1843xLEDGERLINE · 3 VEHICLESPayments infrastructure, Series CCORVID HEALTH · 2 VEHICLESClinical data, Series BFERNWICK LABS · 2 VEHICLESFinance automation, Series ANINE NAMES APPEAR IN MORE THAN ONE VEHICLE YOU HOLDDIVERSIFICATION ACROSS MANAGERS IS NOT DIVERSIFICATION ACROSS COMPANIES.
STALE MARKS · PAST THEIR OWN POLICY WINDOW
STALE MARKS · PAST THEIR OWN POLICY WINDOW22 ACROSS THE BOOKINSIDE THE POLICY WINDOW12 MONTHSCROSGROVE III6 STALEVANTAGE INO SCHEDULEACROSS THE BOOK22 MARKSPROJECTED RECOVERY33%A THIRD OF THE PROJECTED RECOVERY RESTS ON MARKS PAST THEIR OWN WINDOWTHE POLICY IS THEIRS. THE BREACH IS STILL YOURS TO CARRY.
Harvest

When the cash clears cost.

THE TROUGHABOVE WATERCALLINGDISTRIBUTING
A COMMITMENT, AN ELECTION OR A SECONDARY MOVES THE SAME CURVE
NET CASH POSITION · THE BOOK, NOT A FUND $0 TROUGH · 2024 ABOVE WATER · 2029 2019 2032 WHO MOVES THIS YEAR Basalt V DISTRIBUTING +$5M Ironwood III DISTRIBUTING +$6M Crosgrove III CALLING −$1M Vantage I CALLING −$1M
Net cash position
THE TROUGH · THE DIP IS DESIGNED
THE TROUGH · THE DIP IS DESIGNEDNET CASH ACROSS THE BOOKDEEPEST YEAR · 2024−$67M AT THE FLOORTODAY · 2026−$55M AND CLIMBING20192026THE J-CURVE IS NOT A PROBLEM TO FIX. IT IS THE SHAPE OF THE ASSET CLASS.
ABOVE WATER · WHEN CASH CLEARS COST
ABOVE WATER · WHEN CASH CLEARS COST67% CONFIDENCEABOVE WATERBREAKEVEN · 2029CUMULATIVE CASH CLEARS COSTIF CROSGROVE RE-MARKSONE YEAR LATER20242030ABOVE WATER IS THE YEAR THE OBJECTIVE FLIPS FROM FUNDING TO HARVESTING.
CALLING · WHAT DRAWS THIS YEAR
CALLING · WHAT DRAWS THIS YEAREXPECTED CALLS−$1MCROSGROVE IIIDeploying into the vintage−$1MVANTAGE ILate calls, unfinished period−$4MOTHER FUNDSAcross the rest of the book−$0.5MRESERVEHeld against the scheduleTOTAL DRAWN THIS YEAR −$6MCALLS ARRIVE WHEN THEY ARRIVE. THE PLAN IS WHETHER YOU ARE READY FOR THEM.
DISTRIBUTING · WHAT PAYS BACK
DISTRIBUTING · WHAT PAYS BACKNET POSITIVE+$6MIRONWOOD IIIContinuation vehicle election+$5MBASALT VTwo exits cleared carry+$1MWINDROSE VFirst since the vintage closed+$0.5MOTHER FUNDSSmall realisationsNET FOR THE YEAR +$6M AGAINST CALLSEVERY TILE IS AN OPEN DECISION SITTING IN THE BOOK.
What changes when your managers run on it

Reporting that shows the reasoning, not only the result.

THESIS · SOURCE · DILIGENCE · PORTFOLIO · ONE CONNECTED RECORD
THE MARK, OR THE REASON BEHIND IT
THE LIVING RECORD · ONE OBJECT, FOUR STAGES EACH STAGE READS THE ONE BEFORE IT THESIS the mandate youwrote SOURCE the managers youfound DILIGENCE what the data roomsaid PORTFOLIO what actuallyhappened AND THE PORTFOLIO ANSWERS THE THESIS A static report tells you the mark. A living record tells you whether the reason still holds.
The living record
THESIS · THE MANDATE YOU WROTE
THESIS · THE MANDATE YOU WROTESTAGE ONE OF FOUREARLY VENTURE · NORTH AMERICA · $150M TO $500M FUNDSTARGET POSITION$8M to $14MPACE4 to 6 a yearRE-UP RULE2 vintages firstFLOOR6.5 weightedEVERY STAGE BELOW IS MEASURED AGAINST THIS, NOT AGAINST A BENCHMARK.THE MANDATE IS WRITTEN ONCE AND READ BY EVERYTHING THAT FOLLOWS.
The mandate is written once and read by everything that follows.
SOURCE · THE MANAGERS YOU FOUND
SOURCE · THE MANAGERS YOU FOUNDSTAGE TWO OF FOURIN MANDATE14TRACKED, EARLY9RAISING NOW6MISSED329 of 32CAME FROM YOUR OWN BOOKSOURCING READS THE MANDATE. NOTHING ENTERS THE FUNNEL WITHOUT IT.
Sourcing reads the mandate. Nothing enters the funnel without it.
DILIGENCE · WHAT THE DATA ROOM SAID
DILIGENCE · WHAT THE DATA ROOM SAIDSTAGE THREE OF FOURFOUND · SUPPORTED BY DOCUMENTS31 of 39 claimsTOLD · ASSERTED, NOT ON FILE8 openTWO DISCREPANCIES WHERE A CLAIM AND A DOCUMENT DISAGREETHE SCORE CARRIES ITS EVIDENCE, SO THE STAGE BELOW CAN TEST IT.DILIGENCE READS SOURCING. THE QUESTIONS COME FROM WHAT THE MANDATE ASKED FOR.
Diligence reads sourcing, and the questions come from the mandate.
PORTFOLIO · WHAT ACTUALLY HAPPENED
PORTFOLIO · WHAT ACTUALLY HAPPENEDSTAGE FOUR OF FOURTHE ONE THAT DID NOT HOLDTHE PORTFOLIO ANSWERS THE THESIS. THAT IS WHAT CLOSES THE LOOP.A STATIC REPORT TELLS YOU THE MARK. A LIVING RECORD TELLS YOU WHETHER THE REASON STILL HOLDS.
The portfolio answers the thesis. That is what closes the loop.
Today

A static quarterly

Instead

The thesis and the arc

And

Tracked against the company

NO ADDITIONAL WORK · THE RECORD WAS BUILT WHILE THEY WORKED
THESISSOURCEDILIGENCEPORTFOLIO
ONE OBJECT, FOUR STAGES
The two faces

One fund, two lenses.

THE MEMOTHE READBY CONSTRUCTIONYOUR OWN TWO
EACH SIDE SOURCES THE OTHER
ONE FUND, TWO LENSES SAME OBJECT · DIFFERENT RENDER RAISE · GP WORKSPACE Track record Decomposed, attributed Construction Reserve history missing Strategy Consistent with Fund II LP VIEW · THE ALLOCATOR Underwriting 8.07, above the deck Construction The gap they have not closed Persistence Holds across two vintages THE MEMO THE READ Each side sources the other. LP-private material never crosses, by construction.
One fund, two lenses
THE MEMO · WHAT THE MANAGER SENDS
THE MEMO · WHAT THE MANAGER SENDSONE GAPTRACK RECORDSENTCONSTRUCTIONGAPSTRATEGYSENTTEAMSENTDecomposed and attributed by vintageReserve history missing from the packConsistent with the prior fundKey person terms and LPAC compositionTHE GAP IS WHAT YOU ASK FOR NEXT, AND IT IS ALREADY DRAFTED.
THE READ · WHAT YOU UNDERWROTE
THE READ · WHAT YOU UNDERWROTEYOUR SIDE ONLY5.09.0WHERE THE DECK LANDS · 7.6YOUR UNDERWRITING · 8.07CONSTRUCTION · 5.8PERSISTENCE HOLDS ACROSS TWO VINTAGES. YOUR PRIVATE NOTES NEVER RENDER TO THEM.
BY CONSTRUCTION · THE RENDER CONTRACT
BY CONSTRUCTION · THE RENDER CONTRACTONE OBJECTLP ONLY · NEVER CROSSESYour scoresYour private notesYour comparison setGP ONLY · NEVER CROSSESTheir internal draftingTheir unsent revisionsTheir own scratchSHAREDSectionsEvidenceThe asksThat gate the ICENFORCED BY HOW THE OBJECT RENDERS, NOT BY A POLICY SETTINGTHE SAME OBJECT RENDERS TWICE, AND NEITHER SIDE CAN SEE THE OTHER HALF.
YOUR OWN TWO · FUNDS AND DIRECTS
YOUR OWN TWO · FUNDS AND DIRECTSONE BOOKFUND COMMITMENTS20FUNDS ACROSS MANAGERS9VINTAGESDIRECTS AND CO-INVEST14POSITIONS HELD DIRECTLY3ALONGSIDE YOUR OWN MANAGERSONE BOOK, TWO KINDS OF POSITION, THE SAME LOOK-THROUGH BENEATH BOTHTHE DIRECTS ARE WHERE YOUR OWN JUDGMENT IS ON THE LINE, NOT A MANAGER’S.
Integrations

It reads from where the documents already are.

PARSED IN PLACEEMAIL AND DRIVESMCPNO KEYS
WHAT IS FOUND IN A DOCUMENT BEATS WHAT WAS REPORTED IN A LETTER
EMAIL, CALENDAR, CONTACTS CRM, FILES, MESSAGING Gmail Google Calendar Contacts Outlook Affinity Airtable Slack Drive THE HARNESS Originalis MCP · ONE TOOL, NO API KEYS Claude, Cursor, or any MCP client. Same intelligence. Your tools stay where they are. The work comes here.
Connectors
PARSED IN PLACE · WHERE THE DOCUMENTS LAND
PARSED IN PLACE · WHERE THE DOCUMENTS LANDNOTHING TO UPLOADCAPITAL ACCOUNT PDFbalances, DPI, feesQUARTERLY LETTERmarks, reserves, commentaryDISTRIBUTION NOTICEcash, carry, timingSIDE LETTERterms that differ from the LPAThe recordPARSED, CITED, AND DATEDTHE DOCUMENTS ARRIVE THE WAY THEY ALWAYS DID. THEY JUST STOP BEING DEAD PAPER.
The documents arrive the way they always did. They just stop being dead paper.
EMAIL AND DRIVES · CONNECT ONCE
EMAIL AND DRIVES · CONNECT ONCEREAD ONLYGMAILOUTLOOKCALENDARDRIVESHAREPOINTBOXTHE REPORTING FLOWS INNO FORWARDING, NO FOLDER DISCIPLINECONNECT ONCE. THE QUARTER AFTER THAT, IT IS ALREADY THERE.
Connect once. The quarter after that, it is already there.
MCP · INSIDE THE CLIENT YOUR TEAM USES
MCP · THE SAME INTELLIGENCE, INSIDE YOUR CLIENTONE SERVERYOUR AI CLIENTAsk it about a managerAsk it what movedAsk it what is staleORIGINALIS MCPTHE RECORDEvery fund, every markEvery document readEvery score and its whyYOUR TEAM DOES NOT HAVE TO COME TO OUR SOFTWARE TO USE IT.
Your team does not have to come to our software to use it.
NO KEYS · PERMISSIONS FOLLOW THE PERSON
NO KEYS · PERMISSIONS FOLLOW THE PERSONNOT THE CONNECTIONACALLOCATORSEES EVERYTHINGANANALYSTSEES THE FUNDS ASSIGNEDCNCONSULTANTSEES ONE MANDATEREVOKE A PERSON AND THE ACCESS GOES WITH THEM. NO SHARED KEY TO ROTATE.A CONNECTION IS NOT A CREDENTIAL SITTING IN A SETTINGS PAGE.
A connection is not a credential sitting in a settings page.
Security and trust

Proprietary knowledge stays proprietary.

Firm tenanted

Your knowledge is isolated to your institution. Never pooled, never shared.

SOC 2 Type II

Independently audited and continuously monitored. Permission aware by default.

Your data, yours

No training on your data. Manager-confidential material stays inside your walls.

PRIVATE BY CONSTRUCTION · NOT BY POLICY SETTING
Getting started

See it on a fund you are evaluating now.

YOUR MATERIALS, NOT A DEMO ROOM · GP SIDE IN USE, LP SIDE IN BUILD
Book a working session