DUE DILIGENCE CALENDAR
PRISM advises clients to conduct a full scope operational due diligence review on every hedge fund investment at least every 18 months, but ideally every 12 months. This operational due diligence review should be in addition to any investment or qualitative monitoring, any initial and ongoing manager background checks, your year-end financial statement review, and your annual FORM ADV review.
PRISM’S OPERATIONAL DUE DILIGENCE CALENDAR:
- Prior to making an investment: Initial full scope Operational Due Diligence Review
- Monthly: Review of NAV statements and fact sheets
- Quarterly: Review of manager quarterly letters
- Annual Every March – April: Annual audited financial statement review
- Annual Every March – April: Annual SEC FORM ADV Updates
- Annual Ongoing: A full scope annual Operational Due Diligence Review every 12-18 months
- Ongoing: Manager background checks every 12-24 months
- Daily: Media monitoring
- Ongoing: Social media monitoring
- Ongoing: Request redlined versions of any updated manager DDQs
- Quarterly: Conduct a manager website review for developments in the firm
Not an all inclusive list.