∞直接答案
直接答案
先核对使命，再检查公司、团队、所有权、条款和关键风险。记录已知事实与缺失内容。设定明确的停止点。这是审查流程，不是配置建议或回报预测。[1] [2] [3]
先看使命和范围
Only review deals that fit the family office mandate. A mandate is the written limit for where and how the office may invest. Check stage, sector, place, cheque size, control needs, and time horizon. If a deal fails one limit, stop.
Write the decision owner and the people who must approve it. UBS reports that 74% of surveyed family offices had an investment committee. A committee is a group that reviews and decides. [1]
- Mandate fit and any hard stop.
- Decision owner and conflicts check.
- Documents needed for the next step.
核对公司的证据
Ask for a short data room. A data room is a secure set of company files. Check the product, customer proof, cash plan, and cap table. A cap table records who owns shares. Match each claim to a file or named source.
Separate facts from views. Mark missing, old, or unclear data. Do not fill gaps with a founder story or a model. British Business Bank describes desk work, meetings, and market knowledge as parts of diligence. [3]
- Product use and customer evidence.
- Cash, debts, and planned spending.
- Ownership, rights, and past funding.
- Open questions with an owner and date.
审查团队、条款和风险
Check the team’s roles, skills, time, and plan for key hires. Speak with references when the stage and risk justify it. Check who can make decisions and how founders and investors work together.
Read proposed terms with legal help. Terms set rights, price, fees, votes, and future dilution. Dilution means a lower share after new shares are issued. Ask about conflicts, reporting, and investor protections. ILPA’s DDQ gives investors a standard question set and a basis for ongoing monitoring. [2]
- Team roles, gaps, and references.
- Price, rights, fees, and dilution.
- Legal, regulatory, and data risks.
- Risks that need advice, not guesses.
作出有边界的决定并跟进
Write a one-page review. State the mandate fit, evidence, open risks, and next check. Choose only among review, pause, or stop. Do not turn a gap into a score or a return claim. A clear limit protects the office and founders.
Set follow-up before any commitment. Ask for reports, material changes, and a review date. British Business Bank treats diligence as ongoing engagement, not a one-time task. [3] This process is for early-stage mandates only. It does not set portfolio allocation.
- Decision: review, pause, or stop.
- Named owner for each open item.
- Reporting cadence and change triggers.
- Legal and tax advice where needed.
FAQ
常见问题
What should a family office check first?
Check the mandate first. If stage, sector, place, or cheque limit does not fit, stop before deep review.
How much evidence is enough?
Enough to test each key claim and expose key risks. Record missing evidence. Do not treat a model or interest as proof. [2]
Does this process tell us how much to invest?
No. It tests fit and evidence. It does not give allocation advice, a price opinion, or a return forecast.
Should diligence end after a decision?
No. Set reporting and review dates before any commitment. Ongoing checks can catch material changes. [3]
REF
资料来源
- 1
- 2
Institutional Limited Partners Association (ILPA)
Due Diligence Questionnaire ↗ - 3
British Business Bank
Due diligence ↗