In development · pending release
Diligence calibrated to a sector.
A fixture is a workflow calibrated to an asset class — its own document mappings, its own risk flags, output shaped for that sector’s committee. The map for a sector lives in the heads of the people who have underwritten it, and it has to be written down. All five below are actively in development and well advanced — pending release, not a distant roadmap. Energy and data centres is furthest along and first. None is live yet.
Energy and data centres
In development · pending releaseEnergy and data-centre infrastructure has become the allocation story of the last two years — partly because a family office that cannot write a megafund cheque can co-invest in a single campus. The yield is real, and so is a category of risk a generalist process reads straight past.
The diligence gap
A buyout memo lives in the operating model; an infrastructure deal lives in the power agreement, the interconnection study, and the counterparty's credit. The load-bearing documents are easy to skim and hard to read, and the finding that moves the return is usually in the grid-operator letter that contradicts the marketing book — not in the deck.
What this fixture turns on
- Power purchase agreement — price, term, and counterparty
- Interconnection queue status and the most recent restudy
- Counterparty credit on the lease or offtake
- Power-usage effectiveness benchmarks
- Site permits, entitlements, and water and power rights
Private credit
In developmentPrivate credit allocations have climbed through the cycle, and specialty finance broke through alongside them. ILPA added a private-credit module to its DDQ in 2025 — a first attempt at a standard for a sector allocators are still learning to underwrite.
The diligence gap
Allocators from insurers to endowments are wary of evergreen liquidity promises, and the frameworks for asset-based lending are thin. Covenant completeness, redemption gates, and how a track record attributes restructuring and workout history are the questions that decide the commitment, and they live across documents rather than in any one.
What this fixture turns on
- Covenant package completeness
- Evergreen-fund redemption and gate provisions
- Track-record attribution for restructuring and workout history
- Asset-based lending collateral coverage
Commercial real estate
In developmentA large share of single-family offices prefer to hold commercial real estate directly, and the industrial sub-sector adjacent to data centres is the fastest-growing target. ILPA released a real estate DDQ module in 2025 that no diligence tooling has yet operationalised.
The diligence gap
Pressure for audit-ready documentation and tighter scrutiny of valuation methodology are forcing teams to rebuild how they underwrite property. Appraisal consistency, lease-roll concentration, unresolved title exceptions, and environmental contingencies decide the deal, and they are scattered across the file.
What this fixture turns on
- Appraisal methodology consistency
- Lease-roll concentration
- Unresolved title exceptions
- Environmental contingencies
Emerging managers
In developmentFamily offices are the most accessible institutional capital for a first-time manager, and the fastest-moving. ILPA published an Emerging Manager Toolkit in 2025 — the framework exists; the tooling to run it does not.
The diligence gap
Most institutional investors have turned a manager down on operational grounds alone. Track-record attribution from a prior firm is the single most contested document in the file, and service-provider maturity, key-person provisions, and anchor-LP terms decide whether a launch is underwritable.
What this fixture turns on
- Prior-firm track-record attribution
- Service-provider maturity
- Key-person provisions
- Anchor-LP terms
Nuclear and SMR
In developmentNuclear has entered allocator conversations as part of the infrastructure thesis, and federal loan guarantees are creating the first bankable small modular reactor projects. No LP-facing diligence standard for the sector exists yet.
The diligence gap
The buyers are long-horizon — large family offices, sovereign funds, and endowments with multi-decade mandates — and the underwriting is unlike anything in their files. Licence status, third-party construction-cost review, offtake structure, and technology-vendor dependency carry the risk, and there is no template to read them against.
What this fixture turns on
- Nuclear Regulatory Commission licence status
- Third-party construction-cost review
- Offtake contract structure
- Technology-vendor dependency
A fixture clears the floor the same way the eight workflows did — it is measured against an authored data room before release, against the standard set out in what we measure. Each is close to that bar now; when a fixture is live, your House is told at the introduction.