Mandate 01 · Verification

Deal flow compounds. Partner time does not.

You see more deals than anyone can honestly check. We check them. One memo per deal, back in five days — forty-eight hours when it is live. Partner hours belong on decisions; the checking is ours.

Send a deal

A commissioned memo is advisory work for the investor who ordered it. It is not an assessment under the Standard, which is published and not yet in force: it carries no serial and is never entered as one.

Here to move size instead? Mandate 02 →

How we read a deal

One claim, examined.

Evidence ranks, strongest to weakest: C1 on-chain · C5 executed document · C6 issuer’s own representation. We let the stronger class overrule the weaker.

Worked example — fictional and illustrative · no assessment issued

“No material unlock before month eighteen.”
— the issuer’s deck, p. 04 · Project Basalt
The claim does not survive C5 and C1.

Exhibit 01 · C6 — issuer representation
“Team and treasury tokens are locked for eighteen months post-TGE.”
The weakest class of evidence: the subject, about itself.
Exhibit 02 · C5 — documentary
Executed side letter, cl. 7.2 — early release of the market-maker allocation on a “liquidity event”, undefined.
A stronger document enters. It outranks the deck.
Exhibit 03 · C1 — on-chain
Vesting contract redeployed — the cliff now sits at month nine.
The strongest class: the chain, about itself.

Anatomy of an IC memo — structure demonstration № ——

Verified facts

Side letter executed 14 Mar; cl. 7.2 release clause confirmed against the registry.

Open questions

Beneficial owner of the market-maker SPV — unresolved at review date.

Risks & trip-wires

68% of supply becomes transferable inside nine months.

Trip-wire: vesting-contract admin key · market-maker wallet outflows.

Desk judgment

Written in full on the issued memo. One name signs it.

Closed declined to assess

Deliverable 4 parts 5 days

What you receive

Memos written the way committees write.

Conclusions in the section titles, a pre-mortem, and every risk carrying both a severity and the event that would prove it. What held, what did not, and what we refused to guess at.

The structure stays fixed from one deal to the next, so your committee can compare the next memo with the last one without relearning the document. Materiality follows your risk language; the underlying evidence does not change with the reader.

Verified facts: What was checked, and against which document or on-chain record.
Open questions: What could not be established, named rather than smoothed over.
Risks with trip-wires: Each risk carries a severity and the observable event that would trigger it.
Verdict: Our own conclusion, stated plainly and supported by the file.

When an LP asks who verified the deal, you hand them the memo. It is built to travel further — to an OCIO or operational-due-diligence reviewer — without losing its sources, dates, or unresolved questions. A memo you wrote yourself cannot answer that question.

Position Third party

Why external

Scrutiny without accusation.

Some deals arrive through a trusted GP, an old friend, or the family itself — and those are exactly the ones nobody wants to be seen doubting. An external desk lets you check the deal without accusing the person who brought it. The memo takes the awkward part, and the relationship survives the diligence.

We hold no position in anything we read, and a subject cannot commission an assessment of itself. Paid in fees, never in success.

Intake 5 questions

How a mandate works

One call sets it.

Decision question: What the committee needs to decide.
Deadline: Forty-eight hours for a live decision; five days for the full read.
Evidence available: Deck, data room, contracts, wallet addresses, or public materials.
Materiality: What would change the answer, not merely add colour.
Committee lens: Your risk language and decision threshold, applied to the same evidence.

Then you send the deck, the documents behind it, and the claim you doubt. We agree the evidence window and deadline before reading starts. The memo returns with every unresolved point named. We work with funds and family offices; no retail mandates.

Open a mandate

The first memos are free. The work convinces, or it does not.

Send your firm, role, ticket range, asset preference, sector focus and decision speed. You will get a straight answer about whether we can help.

Send a deal

A deck and one live decision question are enough to start.

Nothing here is investment advice, an offer, or a solicitation. We work with institutional, professional and qualifying private investors only.