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SuperscoutA GP managing a pooled vehicle that invests primarily in other investment funds and may also make co-investments.
The objective is to provide diversified venture exposure and manager access while delivering acceptable performance after both layers of fees.
objective
A core responsibility is sourcing, diligencing, selecting, and monitoring external investment managers.
responsibility
After commitment, the GP monitors changes in the manager's organization, personnel, portfolio, performance, operations, and fees.
task
The GP assesses how a proposed manager contributes to diversification and whether the investment is suitable for the fund's mandate.
task
The GP evaluates each manager's organization and team, investment process, portfolio construction and risk, attributable performance, operations, and fees.
task
A recurring concern is that the additional fund-of-funds fee layer can erode investor returns after both fee levels.
concern
Another concern is hidden overlap: underlying managers may own the same companies, leaving the portfolio less diversified than the number of fund commitments suggests.
concern
Manager organization, team, philosophy, investment process, portfolio construction, attributable performance, operations, and fees are direct selection criteria.
decision criterion
The manager's contribution to diversification and suitability for the fund's mandate are explicit selection criteria.
decision criterion
Historical returns alone are not a sufficient basis for trusting an external manager; organizational and operational evidence is also required.
trust concern
Natural terminology includes fund of funds, underlying manager, multi-manager, co-investment, diversification, net returns, fee layer, performance attribution, and operational due diligence.
terminology
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Keep opportunities, source context, evaluation notes, and next actions together.
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