Direct investment evaluation process

consultant reviewing documents with client

Get in touch

Start a conversation about your allocation objectives

The team reviews each inquiry individually and responds within one business day. Whether you are evaluating your first direct participation or comparing structures across multiple sponsors, the conversation begins with understanding your specific constraints and preferences. No generic presentations, no pressure to commit before you are ready.

Understanding concentrated exposure

Every direct allocation places capital into a single transaction rather than spreading it across a diversified fund portfolio. This concentration amplifies both potential outcomes: the upside if the asset performs well, and the downside if assumptions prove wrong. Participants should evaluate whether their broader allocation can absorb the loss of this specific commitment without forcing distressed liquidation elsewhere. The discipline lies in sizing each position relative to total liquid net worth, not relative to other private market holdings. A common guideline suggests no single direct exposure should exceed a modest percentage of investable assets, though individual circumstances vary. The key is honest assessment of what you can afford to have locked and potentially impaired for the full holding period.

advisor walking client through documentation

What to expect

The evaluation process begins with understanding your experience with illiquid structures, your liquidity position outside the commitment, and your tolerance for concentrated exposure. This conversation helps identify suitable opportunities and flag mismatches early.

Once aligned on fit, you receive full diligence materials for any relevant deal, with time to review alongside your own legal and tax advisors. Commitment occurs only after all questions are addressed and documentation is fully understood.

Deal stages

From initial screening to final allocation

analyst screening investment opportunities on computer

Initial screening

Every opportunity begins with a structured assessment against minimum thresholds for deal size, sponsor track record, and sector alignment. Deals that fail to meet baseline criteria are declined before deeper analysis begins.

Due diligence

Qualified transactions undergo detailed review of financial models, legal structures, and governance terms. Analysts compare projected outcomes against historical benchmarks and stress-test key assumptions under adverse scenarios.

Term alignment

Approved participants receive documentation outlining their commitment level, fee schedule, reporting cadence, and governance rights. All terms are disclosed before any capital is requested.

Capital deployment

Funds are deployed only after all parties confirm alignment on terms and participants have completed their own advisory review. Ongoing reporting begins according to the schedule specified in the documentation.

Key principles

Every participant receives the same diligence materials reviewed by the sponsoring fund, with no selective disclosure or preferential treatment.

Fee structures are disclosed in full before any commitment is requested, including any placement or monitoring arrangements.

Minimum thresholds vary by transaction and are communicated clearly at the outset of each opportunity.

Holding periods typically range from four to seven years, with exit timing dependent on sponsor strategy and market conditions.

Quarterly updates and annual audited financials are standard, with ad-hoc notices for material events affecting the investment.

Brellaqivor does not provide tax, legal, or investment advice; participants are expected to consult their own advisors.

No opportunity is presented as suitable for all participants; fit depends on individual circumstances and allocation objectives.

Past performance of sponsors or similar transactions does not predict future results for any specific deal.

How we evaluate

Brellaqivor applies a consistent analytical framework to every opportunity, adapted for the specific characteristics of each transaction and sector. The goal is identifying suitable matches between deals and participants, not maximizing volume.

Core evaluation dimensions

Sponsor track record: Analysis extends beyond marketed returns to examine realized performance across multiple funds and market cycles, with attention to how outcomes were achieved rather than just the headline numbers.
Deal structure review: Every term sheet is examined for alignment of interests, protective provisions, and clarity around governance rights, fee mechanics, and distribution waterfalls.
Sector and market dynamics: The competitive environment, regulatory landscape, and demand drivers are assessed for their potential impact on the asset's performance over the expected holding period.
Portfolio fit assessment: Each opportunity is evaluated not in isolation but for its effect on concentration, liquidity, duration, and correlation with the participant's existing holdings.

Our approach

The framework prioritizes understanding the specific transaction and its fit for individual circumstances over applying generic templates or rushing to allocation.

What distinguishes the process

Participants engage directly with the analytical team rather than account managers, ensuring technical questions receive informed responses from those who reviewed the underlying materials.

Ready to explore

Schedule a confidential discussion about direct participation opportunities

The conversation begins with understanding your specific situation, constraints, and objectives. There is no standard presentation, no assumption about what you need, and no obligation to proceed beyond the initial discussion.

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