Blueprint Intelligence / Data Room and DDQ / Fund terms, presenting what counsel already drafted the way a DDQ expects
Data Room and DDQ
Fund terms, presenting what counsel already drafted the way a DDQ expects
The fund formation checklist covers deciding these terms before they get drafted. This section is the other side of that same work, presenting the terms as already-settled fact, in the form an allocator's diligence process actually expects to review them.
By the time a fund reaches this section of the DDQ, its actual terms, management fee, carry, hurdle, preferred return, recycling policy, and extension provisions, have already been decided and drafted into the LPA. This section is not where those decisions get made. It is where they get presented in the specific, complete form an allocator's diligence process expects, and a fund that gets the terms right but presents them inconsistently across documents still fails the section.
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The terms this section documents
- Management fee, and whether it steps down after the investment period.
- Carry percentage and any hurdle or preferred return that must clear before it accrues.
- Recycling and reinvestment provisions, stated exactly as the LPA specifies them, not as a general description.
- The key-person clause and the fund's extension provisions, cross-referenced against the succession and key-persons section of this pillar rather than restated inconsistently.
This is a presentation question, not a drafting one
A GP who has already worked through the emerging manager fund formation checklist has made these decisions and fed them to counsel. What remains is presenting them here exactly as drafted, formatted the way an allocator's own review process expects to find them, fee, term, governance, and reporting terms grouped together rather than scattered. A fund that restates its own terms slightly differently in this section than in the key terms sheet has not made a new decision. It has introduced an inconsistency that reads as one.
Where extension provisions connect to governance
A fund's investment period extension mechanics are not purely a fund-terms question. Where an LP advisory committee holds consent rights over an extension, that connection belongs in this section too: stating not just that extensions exist, but who has to approve one and under what notice period. A fund terms answer that omits the LPAC's role in an extension is technically accurate and functionally incomplete.
The figures in this section need to match the key terms sheet and the LPA exactly. This is the same internal-consistency discipline that applies everywhere else in the room, applied to the terms an allocator reviews most closely.
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