Diligence for private capital

The only platform putting commercial diligence behind every number.

Most firms buy them separately — two teams, two timelines, findings that never meet. We run them as one exercise.

Financial diligence Revenue quality Quality of earnings Unit economics Cash conversion Working capital Capital structure Covenants & protections Debt capacity

One decision-grade answer. Traced · Auditable · In days

Commercial diligence Customer transactions Marketing & digital Retail & service centers Supply chain & sourcing Merchandising Brand health Weekly monitoring Competitive research

Financial DiligenceCommercial DiligenceMarketingDigital MarketingSEOSupply ChainMerchandisingGlobal SourcingCompetitive ResearchRevenue QualityUnit EconomicsEarly Warning

01Who we serve

Two allocators. One standard of judgment.

We partner with allocators whose returns hinge on credit judgment. Every engagement runs commercial and financial diligence as one team, inside the deal — not on the sidelines.

Private Lending

Direct lenders and private credit funds originating loans. We underwrite borrowers, structure protections, and monitor performance through the cycle.

Borrower underwriting Structuring & docs review Ongoing surveillance & early warning

Private Equity

Sponsors weighing acquisitions, add-ons, and refinancings. We pressure-test the structure, model the downside, and surface the risks that shape price — before the LOI.

Equity diligence Capital structure & covenants Portfolio company monitoring

02Case studies

Sector 01 · Product

Consumer & industrial products

Revenue verified across three order systems and reconciled to the bank; share-of-search showed the category shifting underneath. Earnings repriced before the LOI.

Sector 02 · Service

Consumer & business services

A lender re-underwriting recurring revenue. We rebuilt cohorts from source records, tested renewals against billing and the competitive set, and set covenants to the real risk.

Sector 03 · F&B

Food & beverage

We traced revenue and cost of goods per location, layered in local competition and foot traffic, and showed which sites earned their keep.

03Why

Evidence, not summaries.

In private capital, being wrong is expensive. Being slow is fatal.

Traditional diligence is rigorous but slow. AI tools are fast because they summarize — confident prose with nothing underneath.

We run commercial and financial diligence as one exercise, every number traced to its source. The financials say what happened; the commercial evidence — market, customers, channels, supply — says whether it holds. That is decision-grade.

AI does the compiling. Credit analysts own every judgment.

On every deal, we examine — financial and commercial

Revenue qualityFinancial

Traced to source systems and reconciled to the bank.

Unit economicsFinancial

Cohorts, retention, and margin rebuilt from primary data.

Capital structureFinancial

Leverage, covenants, and protections tested against the downside.

Cash conversionFinancial

Earnings tied to actual cash; working-capital drag exposed.

Marketing & SEOCommercial

Traffic, funnel, and search position tested against spend.

DigitalCommercial

Site conversion, app engagement, and channel economics from raw analytics.

BrandingCommercial

Brand strength, pricing power, and share of search against the category.

GEOCommercial

Visibility in AI answers and generative search — where discovery is moving.

Competitive & market researchCommercial

Share, pricing, and positioning tested against the field.

Supply chain & sourcingCommercial

Supplier concentration, lead times, and landed cost.

MerchandisingCommercial

Assortment productivity, sell-through, and markdown exposure.

…and whatever the deal demands →

04What

What we deliver.

Diligence

Commercial and financial diligence in one pack. We verify revenue and cost against source records, test the market position behind them, and quantify the risks that move price and terms.

Underwriting

Borrower analysis, structuring, and credit memoranda. We build the cohort, retention, and cash conversion picture from primary data, then set covenants and protections to the risk the evidence actually supports.

Monitoring

Ongoing surveillance, covenant tracking, and early warning. We reconnect to the same data sources every week, so drift in revenue quality or unit economics surfaces while you still have options.

05How

How we work.

A three-day median from data access to delivered pack. Short enough to fit inside a live process, structured so nothing is taken on trust.

Step 01

Scope

We frame the credit question with your team, then map the data and take read-only access to the source systems.

Step 02

Assess

We reconcile transaction data to the financials, log every exception, and test the thesis against what the records show.

Step 03

Deliver

A clear recommendation, the findings behind it, and the source trail for every number — an artifact that stands up in committee.

06Weekly monitoring

Weekly monitoring on every portfolio brand.

Revenue pacingReconciled to the bank, not the dashboard

−1.8% wk/wkband ±6.0%

In band

Discount penetrationShare of returning orders discounted

27% of orderstwo-sided 22–34%

In band

Inventory coverPriority styles, size-curve weighted

4.7 wks coverfloor 6.0 wks

Breach

DiagnosisRestock lands in 11 days. The rule already pulled the style’s four ad URLs — paid spend never points at a page that can’t convert.

Promo durationEvery live code vs. its registered cap

47 days livecap 21 days

Breach

DiagnosisOne code has run 47 consecutive days against a 21-day cap. Escalated with a diagnosis and a recommended change — never a silent account edit.

Return rateMatured, by cohort — not the 30-day illusion

18.9% maturedbaseline 17.5%

Watch

Brand share of searchDemand the auction can’t rent

66.5% impr. sharefloor 60%

In band

$16.5K

One month of ad spend pointed at out-of-stock pages. The inventory monitor pulls those ads automatically — before the money is gone.

Week 3, not 25

How much earlier the promo monitor flags a discount code left running — caught at its cap, not at the post-mortem.

2 for 9

Nine Mondays on the board, two incidents caught and cleared inside a week each. Nothing found by someone deciding to go look.

Nine weeks on the boardEvery cell is a threshold doing its job

.W1W2W3W4W5W6W7W8W9 Revenue Discounts Inventory Promos Returns Search

Stage 01

Detect

The monitor reads source systems directly and tests its registered threshold.

Stage 02

Diagnose

A breach gets a written diagnosis that week — what moved, on which basis.

Stage 03

Approve

A named owner signs off before anything changes.

Stage 04

Act

Covenant talks, budget moves, fixes — with weeks of runway, not a quarter’s lag.

The thing that detects is never the thing that edits — and no threshold moves after the monitor goes live.

07Where we fit

Built into the deal clock.

Wherever your deal is, there is a place we plug in — and the core of it fits inside the diligence window.

Target

IOI – LOI

Diligence · 3-day median

Hold & exit

Private Lending

—

Borrower screen

Underwriting & credit memo — commercial and financial

Covenants & docs review

Weekly monitors & early warning

Private Equity

Market & competitive read

Pre-LOI earnings check

Full diligence pack — commercial and financial

Structure & covenants

Portfolio monitoring