Methodology v3.0
How the Argus rating works
What the score is
A number from 0 to 100 comparing this deal's disclosed facts with reference values for deals of its type, across six pillars. Money never changes it; disclosure can move it either way. Each of the six pillars carries a fixed maximum: Track record 20, Alignment 20, Terms and structure 15, Risk profile 15, People and operating capability 15, Transparency and candor 15. A pillar's score is its maximum times the coverage-weighted average of its input scores, and the rating is the sum across pillars.
Weight is the share of a pillar's points this input carries. Weights within a pillar add up to 100%.
What the range is
How much of the standard question set the record answers. A narrow range means most questions are answered; a wide one means the score rests on what a typical deal of this type looks like. The half-width is 25 times the share of the item list that is undisclosed, weighted by pillar. A fully disclosed record has a range of zero width.
How much of the range one open item is worth: the band factor times the item's weight within its pillar. Answering it narrows the range by up to that much.
How the comparison set is chosen
The typical values for each input, per deal type, that undisclosed facts are scored at. Built from observed deals and published on the methodology page; values with no observed source are marked assumed.
From 10 deals of a type on the platform, reference values switch to the live peer median for that type, recomputed on every engine run. Until then the signed reference set is used. The switch happens per archetype at 10 deals.
The category the deal is compared within, such as venture fund or real estate development. Every comparison in the score is against deals of the same type.
What the score is compared against right now: the Argus reference set until 10 deals of the type are on the platform, then the deals themselves.
What happens when a fact is missing
An undisclosed input is scored at its reference value, so it counts as typical for its type: silence earns no credit and costs no points in the five factual pillars. Silence shows up in two places instead: the range widens, and the coverage input inside Transparency and candor falls. Disclosing the real figure replaces the reference, so the score can move either way.
One thing the sponsor can resolve: an unanswered input, a flag, or a correction. Resolving an item narrows the range and can move the score either way.
What verification means
Whether a fact is backed by a third party. Verification is shown, never scored: self-reported inputs render faded, verified inputs solid.
A finding that would mislead an investor if unaddressed, such as documents conflicting on binding economics. Resolving it means a mitigation statement or a document, reviewed by Argus.
A finding worth an investor's attention that does not contradict binding terms. It appears in the open items queue for the sponsor to address.
A document the sponsor keeps out of processing entirely: never extracted, never sent to a model, never previewed or exported. Investors see its name and can request access.
An investor's ask to see an NDA file. The sponsor sees the investor's name and email, grants with an expiry or declines, and every open of the file is logged.
What the score is not
This score compares disclosed facts with reference values for deals of this type. It is not a recommendation and does not estimate returns. Projected returns are displayed as stated facts and never scored. No payment, subscription, or relationship with Argus moves any number on this page.
Track record. What the principals have done before and what investors actually received. Worth 20 of the 100 points.
Alignment. Whether the sponsor wins and loses with investors: co-investment, fee offsets, clawbacks. Worth 20 of the 100 points.
Terms and structure. The economics of the deal against its type: fees, promote, preferred return. Worth 15 of the 100 points.
Risk profile. How the deal loses money and how well its assumptions are supported. Worth 15 of the 100 points.
People and operating capability. Who does the work, what happens if they cannot, and whether the operation is administered. Worth 15 of the 100 points.
Transparency and candor. How much of the standard question set is answered, and the reporting and oversight around it. Worth 15 of the 100 points. This is the one pillar disclosure itself moves.
The reference sets, per deal type
Signed on September 3, 2026. A value marked assumed has no observed source yet and is replaced the moment one exists.
Real estate: value-add equity
| Input | Pillar | Weight | Reference | Source | Rule |
|---|---|---|---|---|---|
| What is the principals' full prior deal history, including before this entity? | TR | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Which prior deals are realized, and what did investors actually receive versus projections? | TR | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Which deal did not go to plan, and what changed as a result? | TR | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Can any part of the track record be verified by a third party? | TR | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| GP co-investment as a share of the raise | AL | 35% | 10% | corpus RE_DEV stand-in (n=3) | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Which fees are earned regardless of outcome, and which offset the promote? | AL | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| What happens to sponsor economics on underperformance, and is there a clawback? | AL | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Is the sponsor compensated by any party other than investors? | AL | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Management fee | TS | 30% | 1% | corpus RE_VA (n=2) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Promote above the preferred return | TS | 30% | 30% | corpus RE_VA (n=6) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Preferred return | TS | 20% | 8% | corpus RE_VA (n=4) | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Acquisition or origination fee | TS | 20% | 2% | corpus RE_VA (n=3) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Leverage (LTV or LTC) | RP | 30% | 60% | corpus RE_VA (n=3) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| How the deal loses money: named scenarios with the numbers at which each bites | RP | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Key value drivers supported by market data (no unsupported-driver findings) | RP | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Exit assumption versus market | RP | 15% | 5.79% | corpus RE_VA (n=3) | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Who does the work day to day, with roles and background | PO | 35% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Key-person provision exists | PO | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Administrator, auditor, and outsourced functions named | PO | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Current portfolio load and capacity for this deal | PO | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Coverage: the share of the archetype item list that is disclosed | TC | 40% | coverage ratio | spec section 2.1 | Scored as the coverage ratio itself. This is the one place disclosure moves the score. |
| Reporting cadence, with actuals against original projections | TC | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Independent audit or third-party administration | TC | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Conflicts of interest disclosed | TC | 10% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Litigation, regulatory, or bankruptcy history disclosed | TC | 10% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
Real estate: ground-up development
| Input | Pillar | Weight | Reference | Source | Rule |
|---|---|---|---|---|---|
| What is the principals' full prior deal history, including before this entity? | TR | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Which prior deals are realized, and what did investors actually receive versus projections? | TR | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Which deal did not go to plan, and what changed as a result? | TR | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Can any part of the track record be verified by a third party? | TR | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| GP co-investment as a share of the raise | AL | 35% | 10% | corpus RE_DEV (n=3) | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Which fees are earned regardless of outcome, and which offset the promote? | AL | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| What happens to sponsor economics on underperformance, and is there a clawback? | AL | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Is the sponsor compensated by any party other than investors? | AL | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Management fee | TS | 30% | 1% | corpus RE_DEV (n=4) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Promote above the preferred return | TS | 30% | 30% | corpus RE_DEV (n=8) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Preferred return | TS | 20% | 7% | corpus RE_DEV (n=6) | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Acquisition or origination fee | TS | 20% | 2% | corpus RE_DEV (n=5) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Leverage (LTV or LTC) | RP | 30% | 58.5% | corpus RE_DEV (n=6) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| How the deal loses money: named scenarios with the numbers at which each bites | RP | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Key value drivers supported by market data (no unsupported-driver findings) | RP | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Exit assumption versus market | RP | 15% | 5% | corpus RE_DEV (n=5) | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Who does the work day to day, with roles and background | PO | 35% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Key-person provision exists | PO | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Administrator, auditor, and outsourced functions named | PO | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Current portfolio load and capacity for this deal | PO | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Coverage: the share of the archetype item list that is disclosed | TC | 40% | coverage ratio | spec section 2.1 | Scored as the coverage ratio itself. This is the one place disclosure moves the score. |
| Reporting cadence, with actuals against original projections | TC | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Independent audit or third-party administration | TC | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Conflicts of interest disclosed | TC | 10% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Litigation, regulatory, or bankruptcy history disclosed | TC | 10% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Hard-cost contingency | RP | 10% | 5% | assumed | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
Real estate: core and core-plus income
| Input | Pillar | Weight | Reference | Source | Rule |
|---|---|---|---|---|---|
| What is the principals' full prior deal history, including before this entity? | TR | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Which prior deals are realized, and what did investors actually receive versus projections? | TR | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Which deal did not go to plan, and what changed as a result? | TR | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Can any part of the track record be verified by a third party? | TR | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| GP co-investment as a share of the raise | AL | 35% | 5% | corpus RE_CORE (n=2) | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Which fees are earned regardless of outcome, and which offset the promote? | AL | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| What happens to sponsor economics on underperformance, and is there a clawback? | AL | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Is the sponsor compensated by any party other than investors? | AL | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Management fee | TS | 30% | 1% | corpus RE_DEV stand-in (n=4) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Promote above the preferred return | TS | 30% | 30% | corpus RE_CORE (n=4) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Preferred return | TS | 20% | 7.5% | corpus RE_CORE (n=2) | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Acquisition or origination fee | TS | 20% | 2% | corpus RE_VA stand-in (n=3) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Leverage (LTV or LTC) | RP | 30% | 18% | corpus RE_CORE (n=2) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| How the deal loses money: named scenarios with the numbers at which each bites | RP | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Key value drivers supported by market data (no unsupported-driver findings) | RP | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Exit assumption versus market | RP | 15% | 5.79% | corpus RE_VA stand-in (n=3) | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Who does the work day to day, with roles and background | PO | 35% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Key-person provision exists | PO | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Administrator, auditor, and outsourced functions named | PO | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Current portfolio load and capacity for this deal | PO | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Coverage: the share of the archetype item list that is disclosed | TC | 40% | coverage ratio | spec section 2.1 | Scored as the coverage ratio itself. This is the one place disclosure moves the score. |
| Reporting cadence, with actuals against original projections | TC | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Independent audit or third-party administration | TC | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Conflicts of interest disclosed | TC | 10% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Litigation, regulatory, or bankruptcy history disclosed | TC | 10% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
Private credit and direct lending
| Input | Pillar | Weight | Reference | Source | Rule |
|---|---|---|---|---|---|
| What is the principals' full prior deal history, including before this entity? | TR | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Which prior deals are realized, and what did investors actually receive versus projections? | TR | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Which deal did not go to plan, and what changed as a result? | TR | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Can any part of the track record be verified by a third party? | TR | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| GP co-investment as a share of the raise | AL | 35% | 5% | assumed | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Which fees are earned regardless of outcome, and which offset the promote? | AL | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| What happens to sponsor economics on underperformance, and is there a clawback? | AL | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Is the sponsor compensated by any party other than investors? | AL | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Management fee | TS | 30% | 1.75% | corpus PC (n=3) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Promote above the preferred return | TS | 30% | 30% | corpus PC (n=3) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Preferred return | TS | 20% | 8% | corpus PC (n=3) | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Acquisition or origination fee | TS | 20% | 2% | corpus PC (n=2) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Leverage (LTV or LTC) | RP | 30% | 57.7% | corpus PC (n=3) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| How the deal loses money: named scenarios with the numbers at which each bites | RP | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Key value drivers supported by market data (no unsupported-driver findings) | RP | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Who does the work day to day, with roles and background | PO | 35% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Key-person provision exists | PO | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Administrator, auditor, and outsourced functions named | PO | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Current portfolio load and capacity for this deal | PO | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Coverage: the share of the archetype item list that is disclosed | TC | 40% | coverage ratio | spec section 2.1 | Scored as the coverage ratio itself. This is the one place disclosure moves the score. |
| Reporting cadence, with actuals against original projections | TC | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Independent audit or third-party administration | TC | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Conflicts of interest disclosed | TC | 10% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Litigation, regulatory, or bankruptcy history disclosed | TC | 10% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Downside case in numbers, and where principal is impaired | RP | 15% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
Real-asset yield (energy, timber, agriculture, infrastructure)
| Input | Pillar | Weight | Reference | Source | Rule |
|---|---|---|---|---|---|
| What is the principals' full prior deal history, including before this entity? | TR | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Which prior deals are realized, and what did investors actually receive versus projections? | TR | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Which deal did not go to plan, and what changed as a result? | TR | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Can any part of the track record be verified by a third party? | TR | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| GP co-investment as a share of the raise | AL | 35% | 5% | corpus RA (n=2) | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Which fees are earned regardless of outcome, and which offset the promote? | AL | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| What happens to sponsor economics on underperformance, and is there a clawback? | AL | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Is the sponsor compensated by any party other than investors? | AL | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Management fee | TS | 30% | 1.25% | corpus RA (n=3) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Promote above the preferred return | TS | 30% | 15% | corpus RA (n=3) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Preferred return | TS | 20% | 9% | corpus SL stand-in (n=9) | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Acquisition or origination fee | TS | 20% | 2% | corpus RA (n=3) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Leverage (LTV or LTC) | RP | 30% | 65% | corpus SL stand-in (n=8) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| How the deal loses money: named scenarios with the numbers at which each bites | RP | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Key value drivers supported by market data (no unsupported-driver findings) | RP | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Who does the work day to day, with roles and background | PO | 35% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Key-person provision exists | PO | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Administrator, auditor, and outsourced functions named | PO | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Current portfolio load and capacity for this deal | PO | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Coverage: the share of the archetype item list that is disclosed | TC | 40% | coverage ratio | spec section 2.1 | Scored as the coverage ratio itself. This is the one place disclosure moves the score. |
| Reporting cadence, with actuals against original projections | TC | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Independent audit or third-party administration | TC | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Conflicts of interest disclosed | TC | 10% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Litigation, regulatory, or bankruptcy history disclosed | TC | 10% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Downside case in numbers, and where principal is impaired | RP | 15% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
Operating company (buyout, roll-up, search)
| Input | Pillar | Weight | Reference | Source | Rule |
|---|---|---|---|---|---|
| What is the principals' full prior deal history, including before this entity? | TR | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Which prior deals are realized, and what did investors actually receive versus projections? | TR | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Which deal did not go to plan, and what changed as a result? | TR | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Can any part of the track record be verified by a third party? | TR | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| GP co-investment as a share of the raise | AL | 35% | 2% | assumed | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Which fees are earned regardless of outcome, and which offset the promote? | AL | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| What happens to sponsor economics on underperformance, and is there a clawback? | AL | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Is the sponsor compensated by any party other than investors? | AL | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Management fee | TS | 30% | 2% | assumed | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Promote above the preferred return | TS | 30% | 20% | assumed | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Preferred return | TS | 20% | 8% | assumed | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Acquisition or origination fee | TS | 20% | 1% | assumed | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Leverage (LTV or LTC) | RP | 30% | 50% | assumed | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| How the deal loses money: named scenarios with the numbers at which each bites | RP | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Key value drivers supported by market data (no unsupported-driver findings) | RP | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Who does the work day to day, with roles and background | PO | 35% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Key-person provision exists | PO | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Administrator, auditor, and outsourced functions named | PO | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Current portfolio load and capacity for this deal | PO | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Coverage: the share of the archetype item list that is disclosed | TC | 40% | coverage ratio | spec section 2.1 | Scored as the coverage ratio itself. This is the one place disclosure moves the score. |
| Reporting cadence, with actuals against original projections | TC | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Independent audit or third-party administration | TC | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Conflicts of interest disclosed | TC | 10% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Litigation, regulatory, or bankruptcy history disclosed | TC | 10% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Downside case in numbers, and where principal is impaired | RP | 15% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
Venture capital and growth fund
| Input | Pillar | Weight | Reference | Source | Rule |
|---|---|---|---|---|---|
| What is the principals' full prior deal history, including before this entity? | TR | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Which prior deals are realized, and what did investors actually receive versus projections? | TR | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Which deal did not go to plan, and what changed as a result? | TR | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Can any part of the track record be verified by a third party? | TR | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| GP co-investment as a share of the raise | AL | 35% | 2% | assumed | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Which fees are earned regardless of outcome, and which offset the promote? | AL | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| What happens to sponsor economics on underperformance, and is there a clawback? | AL | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Is the sponsor compensated by any party other than investors? | AL | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Management fee | TS | 30% | n/a | assumed | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Promote above the preferred return | TS | 30% | n/a | assumed | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Preferred return | TS | 20% | n/a | assumed | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Acquisition or origination fee | TS | 20% | 0% | assumed | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| How the deal loses money: named scenarios with the numbers at which each bites | RP | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Key value drivers supported by market data (no unsupported-driver findings) | RP | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Who does the work day to day, with roles and background | PO | 35% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Key-person provision exists | PO | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Administrator, auditor, and outsourced functions named | PO | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Current portfolio load and capacity for this deal | PO | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Coverage: the share of the archetype item list that is disclosed | TC | 40% | coverage ratio | spec section 2.1 | Scored as the coverage ratio itself. This is the one place disclosure moves the score. |
| Reporting cadence, with actuals against original projections | TC | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Independent audit or third-party administration | TC | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Conflicts of interest disclosed | TC | 10% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Litigation, regulatory, or bankruptcy history disclosed | TC | 10% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Follow-on reserves and portfolio construction disclosed | RP | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Milestones to the next raise, and what happens if missed | RP | 15% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
Startup direct (single company, SPV, or secondary)
| Input | Pillar | Weight | Reference | Source | Rule |
|---|---|---|---|---|---|
| What is the principals' full prior deal history, including before this entity? | TR | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Which prior deals are realized, and what did investors actually receive versus projections? | TR | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Which deal did not go to plan, and what changed as a result? | TR | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Can any part of the track record be verified by a third party? | TR | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| GP co-investment as a share of the raise | AL | 35% | 5% | assumed | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Which fees are earned regardless of outcome, and which offset the promote? | AL | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| What happens to sponsor economics on underperformance, and is there a clawback? | AL | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Is the sponsor compensated by any party other than investors? | AL | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Management fee | TS | 30% | 0% | assumed | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Promote above the preferred return | TS | 30% | 20% | assumed | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Preferred return | TS | 20% | 0% | assumed | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Acquisition or origination fee | TS | 20% | 0% | assumed | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Leverage (LTV or LTC) | RP | 30% | 0% | assumed | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| How the deal loses money: named scenarios with the numbers at which each bites | RP | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Key value drivers supported by market data (no unsupported-driver findings) | RP | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Who does the work day to day, with roles and background | PO | 35% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Key-person provision exists | PO | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Administrator, auditor, and outsourced functions named | PO | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Current portfolio load and capacity for this deal | PO | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Coverage: the share of the archetype item list that is disclosed | TC | 40% | coverage ratio | spec section 2.1 | Scored as the coverage ratio itself. This is the one place disclosure moves the score. |
| Reporting cadence, with actuals against original projections | TC | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Independent audit or third-party administration | TC | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Conflicts of interest disclosed | TC | 10% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Litigation, regulatory, or bankruptcy history disclosed | TC | 10% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Milestones to the next raise, and what happens if missed | RP | 15% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
Hedge fund and liquid alternatives
| Input | Pillar | Weight | Reference | Source | Rule |
|---|---|---|---|---|---|
| What is the principals' full prior deal history, including before this entity? | TR | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Which prior deals are realized, and what did investors actually receive versus projections? | TR | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Which deal did not go to plan, and what changed as a result? | TR | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Can any part of the track record be verified by a third party? | TR | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| GP co-investment as a share of the raise | AL | 35% | 5% | assumed | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Which fees are earned regardless of outcome, and which offset the promote? | AL | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| What happens to sponsor economics on underperformance, and is there a clawback? | AL | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Is the sponsor compensated by any party other than investors? | AL | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Management fee | TS | 30% | 1.25% | corpus SL stand-in (n=9) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Promote above the preferred return | TS | 30% | 20% | corpus SL stand-in (n=7) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Preferred return | TS | 20% | 9% | corpus SL stand-in (n=9) | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Leverage (LTV or LTC) | RP | 30% | 65% | corpus SL stand-in (n=8) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| How the deal loses money: named scenarios with the numbers at which each bites | RP | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Key value drivers supported by market data (no unsupported-driver findings) | RP | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Who does the work day to day, with roles and background | PO | 35% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Key-person provision exists | PO | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Administrator, auditor, and outsourced functions named | PO | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Current portfolio load and capacity for this deal | PO | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Coverage: the share of the archetype item list that is disclosed | TC | 40% | coverage ratio | spec section 2.1 | Scored as the coverage ratio itself. This is the one place disclosure moves the score. |
| Reporting cadence, with actuals against original projections | TC | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Independent audit or third-party administration | TC | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Conflicts of interest disclosed | TC | 10% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Litigation, regulatory, or bankruptcy history disclosed | TC | 10% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Downside case in numbers, and where principal is impaired | RP | 15% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Ongoing cost of ownership | TS | 20% | 1.25% | corpus SL stand-in (n=5) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
Crypto and digital-asset mining
| Input | Pillar | Weight | Reference | Source | Rule |
|---|---|---|---|---|---|
| What is the principals' full prior deal history, including before this entity? | TR | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Which prior deals are realized, and what did investors actually receive versus projections? | TR | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Which deal did not go to plan, and what changed as a result? | TR | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Can any part of the track record be verified by a third party? | TR | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| GP co-investment as a share of the raise | AL | 35% | 5% | assumed | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Which fees are earned regardless of outcome, and which offset the promote? | AL | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| What happens to sponsor economics on underperformance, and is there a clawback? | AL | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Is the sponsor compensated by any party other than investors? | AL | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Management fee | TS | 30% | 2% | assumed | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Promote above the preferred return | TS | 30% | 20% | assumed | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Preferred return | TS | 20% | 8% | assumed | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Acquisition or origination fee | TS | 20% | 0% | assumed | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Leverage (LTV or LTC) | RP | 30% | 30% | assumed | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| How the deal loses money: named scenarios with the numbers at which each bites | RP | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Key value drivers supported by market data (no unsupported-driver findings) | RP | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Who does the work day to day, with roles and background | PO | 35% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Key-person provision exists | PO | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Administrator, auditor, and outsourced functions named | PO | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Current portfolio load and capacity for this deal | PO | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Coverage: the share of the archetype item list that is disclosed | TC | 40% | coverage ratio | spec section 2.1 | Scored as the coverage ratio itself. This is the one place disclosure moves the score. |
| Reporting cadence, with actuals against original projections | TC | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Independent audit or third-party administration | TC | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Conflicts of interest disclosed | TC | 10% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Litigation, regulatory, or bankruptcy history disclosed | TC | 10% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Downside case in numbers, and where principal is impaired | RP | 15% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
Semiliquid and evergreen funds
| Input | Pillar | Weight | Reference | Source | Rule |
|---|---|---|---|---|---|
| What is the principals' full prior deal history, including before this entity? | TR | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Which prior deals are realized, and what did investors actually receive versus projections? | TR | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Which deal did not go to plan, and what changed as a result? | TR | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Can any part of the track record be verified by a third party? | TR | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| GP co-investment as a share of the raise | AL | 35% | 1% | corpus SL (n=2) | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Which fees are earned regardless of outcome, and which offset the promote? | AL | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| What happens to sponsor economics on underperformance, and is there a clawback? | AL | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Is the sponsor compensated by any party other than investors? | AL | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Management fee | TS | 30% | 1.25% | corpus SL (n=9) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Promote above the preferred return | TS | 30% | 20% | corpus SL (n=7) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Preferred return | TS | 20% | 9% | corpus SL (n=9) | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Leverage (LTV or LTC) | RP | 30% | 65% | corpus SL (n=8) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| How the deal loses money: named scenarios with the numbers at which each bites | RP | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Key value drivers supported by market data (no unsupported-driver findings) | RP | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Who does the work day to day, with roles and background | PO | 35% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Key-person provision exists | PO | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Administrator, auditor, and outsourced functions named | PO | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Current portfolio load and capacity for this deal | PO | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Coverage: the share of the archetype item list that is disclosed | TC | 40% | coverage ratio | spec section 2.1 | Scored as the coverage ratio itself. This is the one place disclosure moves the score. |
| Reporting cadence, with actuals against original projections | TC | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Independent audit or third-party administration | TC | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Conflicts of interest disclosed | TC | 10% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Litigation, regulatory, or bankruptcy history disclosed | TC | 10% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Downside case in numbers, and where principal is impaired | RP | 15% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Ongoing cost of ownership | TS | 20% | 1.25% | corpus SL (n=5) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
Secondaries and continuation vehicles
| Input | Pillar | Weight | Reference | Source | Rule |
|---|---|---|---|---|---|
| What is the principals' full prior deal history, including before this entity? | TR | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Which prior deals are realized, and what did investors actually receive versus projections? | TR | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Which deal did not go to plan, and what changed as a result? | TR | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Can any part of the track record be verified by a third party? | TR | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| GP co-investment as a share of the raise | AL | 35% | 2% | assumed | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Which fees are earned regardless of outcome, and which offset the promote? | AL | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| What happens to sponsor economics on underperformance, and is there a clawback? | AL | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Is the sponsor compensated by any party other than investors? | AL | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Management fee | TS | 30% | 1.25% | assumed | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Promote above the preferred return | TS | 30% | 12.5% | assumed | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Preferred return | TS | 20% | 8% | assumed | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Acquisition or origination fee | TS | 20% | 0% | assumed | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Leverage (LTV or LTC) | RP | 30% | 0% | assumed | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| How the deal loses money: named scenarios with the numbers at which each bites | RP | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Key value drivers supported by market data (no unsupported-driver findings) | RP | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Who does the work day to day, with roles and background | PO | 35% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Key-person provision exists | PO | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Administrator, auditor, and outsourced functions named | PO | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Current portfolio load and capacity for this deal | PO | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Coverage: the share of the archetype item list that is disclosed | TC | 40% | coverage ratio | spec section 2.1 | Scored as the coverage ratio itself. This is the one place disclosure moves the score. |
| Reporting cadence, with actuals against original projections | TC | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Independent audit or third-party administration | TC | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Conflicts of interest disclosed | TC | 10% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Litigation, regulatory, or bankruptcy history disclosed | TC | 10% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Downside case in numbers, and where principal is impaired | RP | 15% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
Other / uncategorized
| Input | Pillar | Weight | Reference | Source | Rule |
|---|---|---|---|---|---|
| What is the principals' full prior deal history, including before this entity? | TR | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Which prior deals are realized, and what did investors actually receive versus projections? | TR | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Which deal did not go to plan, and what changed as a result? | TR | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Can any part of the track record be verified by a third party? | TR | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| GP co-investment as a share of the raise | AL | 35% | 5% | assumed | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Which fees are earned regardless of outcome, and which offset the promote? | AL | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| What happens to sponsor economics on underperformance, and is there a clawback? | AL | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Is the sponsor compensated by any party other than investors? | AL | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Management fee | TS | 30% | 1.25% | corpus SL stand-in (n=9) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Promote above the preferred return | TS | 30% | 20% | corpus SL stand-in (n=7) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| Preferred return | TS | 20% | 9% | corpus SL stand-in (n=9) | Higher is better. Full credit at or above reference, zero credit at half the reference, linear between. |
| Leverage (LTV or LTC) | RP | 30% | 65% | corpus SL stand-in (n=8) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |
| How the deal loses money: named scenarios with the numbers at which each bites | RP | 30% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Key value drivers supported by market data (no unsupported-driver findings) | RP | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Who does the work day to day, with roles and background | PO | 35% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Key-person provision exists | PO | 25% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Administrator, auditor, and outsourced functions named | PO | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Current portfolio load and capacity for this deal | PO | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Coverage: the share of the archetype item list that is disclosed | TC | 40% | coverage ratio | spec section 2.1 | Scored as the coverage ratio itself. This is the one place disclosure moves the score. |
| Reporting cadence, with actuals against original projections | TC | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Independent audit or third-party administration | TC | 20% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Conflicts of interest disclosed | TC | 10% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Litigation, regulatory, or bankruptcy history disclosed | TC | 10% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Downside case in numbers, and where principal is impaired | RP | 15% | 0.5 | assumed | Presence-scored: 1.0 credit when disclosed and confirmed by a labelled finding, 0 when contradicted. Undisclosed scores at the reference credit. |
| Ongoing cost of ownership | TS | 20% | 1.25% | corpus SL stand-in (n=5) | Lower is better. Full credit at or below reference, zero credit at 2x reference, linear between. |