The fundraising DDQ and the evidence room behind it
A fundraising DDQ is the standard questionnaire institutional LPs send a manager before they commit. Most follow the ILPA DDQ 2.0 structure. Answer it once in a master file, keep every exhibit it cites in a numbered folder beside it, and give each LP a read-only copy so later questions point back to one version.
- 2021Year of the latest ILPA DDQ update (version 2.0), per ILPA
- 2013Year ILPA first introduced its DDQ
Folder index
- 01 Master DDQ Current ILPA-format DDQ with the date of the last update on the cover.
- 02 Firm and ownership Organization chart, ownership of the GP and management company, key person list.
- 03 Team Biographies, tenure, compensation and carry allocation summary, departures.
- 04 Strategy and pipeline Strategy memo, sourcing approach, current pipeline at a summary level.
- 05 Track record Deal-level cash flows, gross and net returns, attribution, realized and unrealized split.
- 06 Fund terms PPM, draft LPA, term summary, fee and expense allocation policy.
- 07 Compliance Compliance manual, code of ethics, Form ADV, regulatory exam history.
How this raise works
Pension plans, endowments, foundations, consultants and fund of funds managers almost always send a due diligence questionnaire after a first meeting goes well. ILPA first published its DDQ in 2013 and last updated it in 2021. Version 2.0 covers the firm, team, strategy, track record, fund terms, operations, compliance, ESG (aligned with the PRI LP questionnaire) and diversity data. Many consultants add their own supplement on top.
The questionnaire is only half of the work. Each answer cites something an LP will want to open: the compliance manual, the valuation policy, the audited financials of prior funds, the deal-by-deal track record, the cyber policy, the insurance schedule. If those files sit in email threads, the operational due diligence team will ask for them one at a time and the raise slows down.
Timing matters too. The DDQ usually lands while the PPM and the draft LPA are already out, and an operational due diligence reviewer may visit the office weeks later. A manager who keeps one master DDQ, dated and version-controlled, can answer the next ten LPs in days rather than rewriting answers per investor.
Best data rooms for this raise
The 16 rooms re-ranked with this raise's weights. Raise workflow carries the most weight here.
- Investor tracking 24%
- Permission control 20%
- Raise workflow 27%
- Investor onboarding 15%
- Cost of a raise 14%
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Deal room with AI and readiness tools for preparing a process.
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One of the oldest deal rooms, common on bank-led transactions.
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Simple flat-rate deal room with signing and Q&A.
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Deal room with a listed monthly price and an open API.
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Easy, reliable deal room favored by mid-market advisers.
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European deal room strong in real estate, with AI features.
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Security-focused deal room with detailed permission controls.
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Places 11 to 16: Box (7.1), DealRoom (7.0), ShareVault (6.8), Venue by DFIN (6.3), Digify (6.1), DocSend (5.8)
Folder index for the room
A starting index for this raise. Number the folders so the order survives exports and investors can cite them in questions.
- 01 Master DDQCurrent ILPA-format DDQ with the date of the last update on the cover.
- 02 Firm and ownershipOrganization chart, ownership of the GP and management company, key person list.
- 03 TeamBiographies, tenure, compensation and carry allocation summary, departures.
- 04 Strategy and pipelineStrategy memo, sourcing approach, current pipeline at a summary level.
- 05 Track recordDeal-level cash flows, gross and net returns, attribution, realized and unrealized split.
- 06 Fund termsPPM, draft LPA, term summary, fee and expense allocation policy.
- 07 ComplianceCompliance manual, code of ethics, Form ADV, regulatory exam history.
- 08 Operations and valuationValuation policy, fund administrator, auditor, custody, IT and cyber policies.
- 09 Prior fund financialsAudited financial statements and recent quarterly reports of earlier funds.
- 10 ESG and diversityResponsible investment policy, ILPA Diversity Metrics Template, reporting samples.
- 11 Consultant supplementsOne subfolder per consultant questionnaire, visible only to that firm.
- 12 Follow-up Q&AQuestions raised after the DDQ, each answered once and linked to a file.
Features this raise needs
| Feature | Why | Ellty | iDeals | Datasite | Ansarada | Intralinks | SecureDocs |
|---|---|---|---|---|---|---|---|
| Q&A module | LPs and lead investors post questions on a file; the deal team routes each one, drafts a reply and decides who sees it. | ||||||
| Investor activity log | A per-investor record of opens, pages and minutes, which tells the IR team who is in diligence and who stalled. | ||||||
| Dynamic watermarks | Stamps the reader and a timestamp over every page, so a PPM that leaks carries its source with it. | ||||||
| Drag-and-drop folders | An entire numbered folder tree goes up in a single drop, structure intact. |
Setting up the room
- 01
Write one master DDQ
Answer the ILPA DDQ 2.0 in full before the first request arrives, then date it and update it each quarter of the raise.
- 02
Number every exhibit
Give each supporting file a folder number and cite that number in the answer, so a reviewer can jump from text to evidence.
- 03
Separate consultant supplements
Put each consultant questionnaire in its own folder with access limited to that consultant and the LPs it advises.
- 04
Route follow-ups through Q&A
Collect post-DDQ questions in the room, assign an owner per topic and publish approved answers to the right group.
- 05
Review who opened what
Before an operational due diligence visit, check which sections the LP read most, and prepare the people who own them.
Common mistakes
- Rewriting answers for each LP, so two investors hold different versions of the same fact.
- Track record figures in the DDQ that do not tie to the audited financials in the room.
- Leaving the compliance manual and valuation policy out until the reviewer asks twice.
- Letting one consultant see another consultant's supplement or comments.
Calculators for this raise
Or take the four-question quiz and check the raise checklist.
Questions and answers
What is a DDQ in fundraising?
A due diligence questionnaire that LPs send a fund manager before committing. It asks about the firm, team, strategy, track record, terms, operations, compliance and ESG, and asks for supporting documents.
Do I have to use the ILPA DDQ format?
No rule requires it, but many institutional LPs and consultants ask for it or accept it, so starting from the ILPA DDQ 2.0 saves rework.
How often should the DDQ be updated during a raise?
At least quarterly, and whenever a fact changes, such as a team departure, a new realization or a regulatory exam. Keep the date on the cover.
Should the track record sit inside the DDQ or beside it?
Summarize it in the DDQ and put the deal-level file beside it, so reviewers can rebuild the returns themselves.