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Institutional Intelligence

LPs & Allocators: Verify the GP, Not the Deck

A GP's quarterly report is written by the GP. Before you commit new capital or re-up, Non-Permissive KOM™ gives you an independent read on a fund's actual portfolio companies, without needing the GP's cooperation or data-room access. It shows whether the operational story behind the numbers holds up, so your decision rests on verified signal instead of a manager's own account of their own performance.

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LP & Alloc. Insight

Verify the fund, not the letter.

Quarterly LP reporting arrives 60 to 90 days after quarter-end as a matter of market standard, meaning every allocation decision rests on data that's already stale. There's no enforced definition of EBITDA across GPs, so LPs re-normalize by hand with no guarantee two LPs applied the same adjustments. With more than half the industry's portfolio companies now held four years or longer, a meaningful share of GP marks are more likely to be optimistic than in past cycles, and LPs have no independent way to check.