Greenline Infrastructure Fund II

Ask for these

• Tearsheet or factsheet needed · the manager or the introducer
  carries the strategy, the fees, the terms and the headline record on one page
• Pitchbook · the manager
  the fuller version of the same claims, if they sent one
• DDQ, if it arrived unprompted · the manager
  rare this early, but it names the service providers
• The introduction email thread needed · whoever introduced them
  who vouched for the manager and what they said about them

Not ticked off — the app can’t tell which uploaded file is which.

Capture these

• ✓ Fund Size / Target Raise 850,000,000
  the tearsheet — a target raise on a fund still raising, and a real number only at final close
• ✓ Firm AUM 2,100,000,000
  the tearsheet — context for capacity and whether the firm is a business
• ✓ Length of Track Record (Years) 8
  the tearsheet, as CLAIMED. Replaced at Due Diligence by audited years running this strategy at this firm
• ✓ Net Return Since Inception (Ann.) 12.4
  the tearsheet's headline number. Replaced at Underwriting by our own rebuild net of all fees
• ✓ Sharpe Ratio (net) 1.1
  the tearsheet, if printed. Replaced at Underwriting — this is the deck number we are checking
• ✓ Annualized Volatility 7
  the tearsheet, if printed. Replaced at Underwriting
• ✓ Max Drawdown 9
  the tearsheet, if printed. Replaced at Underwriting
• ✓ Management Fee 1.5
  the tearsheet's fee line. Replaced at Due Diligence by the LPA, and again at Negotiation by our share class
• ✓ Incentive Fee / Carry 20
  the tearsheet's fee line. Replaced at Due Diligence by the LPA, and again at Negotiation
• ✓ Hurdle / Preferred Return 8
  the tearsheet. Zero here is a knockout question, not a blank — it means the incentive fee starts at the first dollar of gain
• ✓ Minimum Investment 5,000,000
  the tearsheet, checked against what we would actually want to commit
• ✓ Lockup (Years) 10
  the tearsheet. Replaced at Due Diligence by what the LPA actually says, gate language included
• ✓ Redemption Notice (Days) 90
  the tearsheet. Replaced at Due Diligence by the LPA
• – What we'd commit, roughly
  our own number, written onto the deal. No metric field exists for it — it lives in the deal record and in the Screening Note's money strip
  No field for this yet — put it in a note.

Only you can answer these

• — Does our check sit between their minimum and an uncomfortably large share of the fund — and if the minimum forces us up, is that a bet we actually want?
• — The tearsheet does not name an administrator, an auditor or a custodian. Is that sloppy marketing or the finding itself?
• — Can we live with the lockup and the notice period at all, before anyone spends a call on this?
• — Your gut, 1-10, before you have any reason to be talked out of it.