01 · Executive summary
4 statements · 2 openA €40m commitment is proposed to a European mid-market buyout fund with a repeatable operational playbook and a concentrated realised record. Two evidence gaps and one document contradiction remain open at the date of this pack.
Recommended commitment: €40m, representing 3.3% of the fund's €1.2bn target and 0.8% of the private-markets programme.
Recalculated net IRR of 16.9% for the predecessor fund, against 18.4% as reported by the manager. The difference is explained in section 04.
The key-person clause contains no successor provision, which fails the house knock-out criterion on team continuity.
Total cost ratio cannot be verified: no cost information sheet has been provided.
02 · Investment thesis
3 statementsThe manager buys founder-owned industrial and business-services companies in the DACH and Nordic regions, then applies a standardised operational programme in the first 200 days. The thesis rests on repeatability of that programme rather than on multiple expansion.
Nine of eleven realised deals followed the documented 200-day operating plan, with EBITDA growth as the primary value driver in seven.
Realised performance is concentrated: two 2018-vintage assets account for 61% of realised gains. The downside case isolates this concentration.
Entry multiples averaged 8.4× EBITDA against a stated market average of 10.1× for comparable transactions.
03 · Fund and manager facts
3 statementsBaseline facts are populated from the house DDQ and the executed documents, each with the passage attached. Anything the manager confirmed is labelled as their confirmation, not as independent verification.
Target size €1.2bn with a €1.4bn hard cap; GP commitment of 2.5% satisfies the house minimum of 2%.
Investment period of five years from final close; fund term of ten years with two one-year extensions.
Firm assets under management of €18.4bn as at 31 March 2026 could not be verified: only fund-level audited statements were provided.
04 · Track-record analysis
4 statements · 3 openPerformance is recalculated from the underlying cash-flow events where the documents support it, then reconciled line by line against the manager's reported figures.
Recalculated: net IRR 16.9%, TVPI 1.88×, DPI 0.71×, RVPI 1.17×, from 41 cash-flow events across the predecessor fund.
A €0.6m recallable distribution is treated as a return of capital by the manager and as a distribution in the notice; the analyst applied the notice treatment.
The March 2026 NAV differs by €0.7m between the quarterly report and the valuation appendix; the lower figure is used.
No gross-to-net bridge was provided for the 2018 vintage, so fee drag on that vintage is not verifiable from source.
05 · Portfolio construction
3 statementsExpected exposure is modelled against the existing programme to test concentration limits by strategy, geography, sector and vintage.
Post-commitment buyout exposure reaches 34% of the private-markets programme, within the 40% policy limit.
DACH exposure rises to 27%, approaching the 30% regional soft limit and worth noting for the committee.
Expected pacing: 65% of the commitment drawn within three years, based on the predecessor fund's drawdown profile.
06 · Terms and economics
3 statements · 1 openEconomic terms are read from the executed documents. Where the total cost picture depends on a document that is absent, the pack says so rather than estimating.
Management fee of 1.85% on commitments during the investment period, stepping down to 1.5% on invested capital thereafter.
Carried interest of 20% over an 8% preferred return, with a whole-of-fund European waterfall and a 100% catch-up.
The total cost ratio cannot be reconciled without the cost information sheet or a PRIIPS KID.
07 · Key risks
3 statements · 2 openRisks are stated with the evidence behind them and the mitigation the manager proposes, separated from the analyst's own assessment.
Team continuity: no successor provision for the key-person clause. The manager proposes an Advisory Committee approval process, which is not yet documented.
Concentration: 61% of realised gains from two assets in one vintage limits the evidence of repeatability.
Valuation: two assets moved to a market-multiple basis in the latest quarter without a documented rationale.
08 · Operational and legal findings
3 statements · 1 openOperational due diligence covers the administrator, auditor, valuation governance, cyber posture and regulatory standing, each with its source document.
Third-party administrator and Big Four auditor in place for the predecessor fund and the new vehicle.
Valuation committee meets quarterly with two independent members; minutes were provided for four quarters.
The firm structure chart was not provided, so ownership, control and conflicts could not be fully mapped.
09 · Open questions carried to committee
3 statements · 3 openOpen questions travel with the pack rather than being resolved by assumption. The committee decides whether to proceed, defer or condition the commitment.
Which LP majority applies to key-person removal - the 75% in the LPA or the 66.7% in the comparable side letter?
Will the manager provide a gross-to-net bridge for the 2018 vintage before final close?
Which March 2026 NAV is correct, and does the difference affect the carried-interest calculation?
10 · Recommendation inputs
4 statementsThe pack presents the inputs to a decision and the conditions the analyst proposes. It does not present a decision, and no figure in it is generated without a source.
Proposed condition: satisfactory written clarification of the key-person successor process before final close.
Proposed condition: receipt of the cost information sheet and the gross-to-net bridge.
Proposed condition: written confirmation of the March 2026 NAV and the valuation-basis change.
Head of Private Markets sign-off is outstanding at the date of this pack.
11 · Appendices and sources
3 statementsEvery document in the data room is indexed with its classification, page count and the requirements it supports. Each figure in this pack resolves to one of these documents.
Appendix A: document index - 6 documents, 1,240 pages, classified against 43 requirements.
Appendix B: cash-flow model and methodology note - 41 events, daily-weighted XIRR, reconciliation to reported figures.
Appendix C: manager request list and response log - 4 open items as at 15 August 2026.
This is the structure your committee would receive.
In a live workspace every statement above opens its source passage, its validation history and the reviewer it is waiting on. Bring your own memo format and we will show it in yours.