What documents do investors request during due diligence?

Short answer

Prepare a clear, organized package covering your operations, investments, compensation, team, and track record. Investors' requests vary, so I build a master set of accurate answers and supporting documents, then tailor the response to the questions each investor asks. A due diligence questionnaire, or DDQ, can help you answer recurring questions consistently. Supporting materials should be current, traceable to their source, and consistent with your pitch and other communications. Keep the package easy to review, with clear file names and an index that helps an investor find the information requested.

Checklist

Prepare a company or fund overview covering how the operation works and who is responsible for key functions.
Gather information on investments, performance history, and the methods used to report results.
Document compensation structures and relevant business arrangements clearly.
Prepare team biographies and supporting details about relevant experience and expertise.
Build a master DDQ with refined answers to questions investors regularly ask.
Link or refer each answer to the supporting document or reliable source behind it.
Review every figure, chart, and graph for accuracy and consistency before sharing.
Organize files by topic, use descriptive names, and maintain a current index.
Adapt the package to the investor's request and follow any applicable internal review process before sharing.

From my talks

"Most investors request similar types of information, so it is helpful to create a master document from which you can pull well-refined and compliance-approved answers."

Capital Raising Book

Common scenario

A manager receives a DDQ asking about its team, operating procedures, investments, and compensation. The manager starts with the master answers, checks each response against current records, and points to the document that supports it. If an answer relies on a chart, the manager verifies the figures and labels before including it. The final package follows the investor's questions and gives the reviewer a straightforward way to locate each supporting item.

What to do next

Make an inventory of the records you already have for operations, investments, compensation, team, and track record.
Draft a master DDQ using current, supportable answers, and identify the document behind each answer.
Assign an owner to review each section, update it when information changes, and confirm figures before sending.
Create an indexed folder for each investor response, include only relevant materials, and check that the package answers the request clearly.

Work through it with the due diligence data room checklist. See all raising capital questions.