Bring the holdings together
Exposure by sector, region and holding entity
Review the portfolio’s capital and concentrations.
See the family’s holdings, legal entities and concentrations, with the evidence behind each reported value.
Different schedules use different reporting dates.
Operating changes are confused with valuation changes.
The headline total hides a concentration worth discussing.
The investment process
Inputs, review and output.
Inspect the source, review responsibility and required output at each stage of the process.
Orenda Identity · Direct investment
01 / 05
Receive the opportunity
Retain the management-reported status of the figures until they have been verified.
- What comes in
- £4m proposed cheque. £7.2m revenue. 91% recurring revenue. United Kingdom.
- What leaves this step
- An opportunity with dated inputs and a source reference.
Review the change
A clear distinction between cost and value
Carry forward the approved record
Review items with a route back to source
What good looks like
A record that supports the next review.
Retain the source, the investment rationale and the review decision. Keep subsequent updates separate from the original record.
Keep reporting and valuation dates distinct
Show the latest operating report alongside the date and basis of the approved valuation. A reduction in cash runway may require attention even when the reported holding value is unchanged. Each measure should retain the period and source relevant to its interpretation.
Prioritise material exceptions
Bring material revenue revisions, shorter cash runway and concentration concerns to the reviewer’s attention. Present the incoming figures beside the approved record, retain the supporting source and make the owner of the review clear before accepting the change.
Carry approved changes into reporting
Use the reviewed investment record for portfolio oversight and the principal’s briefing. Preserve disputed figures and unresolved questions as review items. The report should show which information has been accepted and which conclusions still depend on further evidence.
The next investmentAvenset
Bring your next
investment
into focus.
Review a new opportunity against your mandate. See the supporting evidence, material risks and questions for diligence.