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Blueprint Intelligence / Data Room and DDQ / Fund terms, presenting what counsel already drafted the way a DDQ expects
Data Room and DDQ
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.
The DDQ should describe the fund’s terms as they stand, including fees, carry, any preferred return, recycling and extension provisions. Work from counsel’s current documents. If a term is still proposed, label it as proposed; a questionnaire response does not settle or amend the LPA.
ILPA and ILPA DDQ are marks of the Institutional Limited Partners Association. Blueprint is not affiliated with, endorsed by, or certified by ILPA.
Group the current terms so an allocator can find and compare them. Preserve their meaning when summarizing legal language, and have counsel review questions of interpretation. If the key terms sheet and LPA appear to disagree, resolve that with counsel rather than choosing the wording that reads best.
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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Upload the LP questionnaire and your current fund materials. Blueprint drafts what the evidence supports and flags what still needs your confirmation.