Give me a sample DDQ template for an institutional asset manager

An institutional asset-manager DDQ is completed by the manager (the vendor) to answer an investor's due diligence questions. The most widely used standard is the ILPA Due Diligence Questionnaire, which investors send to fund managers during evaluation. A typical DDQ covers these sections:

• Firm overview: ownership, history, key personnel, assets under management
• Investment strategy and process: philosophy, universe, decision-making
• Performance: track record, benchmarks, attribution
• Risk management: limits, monitoring, liquidity
• Compliance and legal: registrations, conflicts, litigation, code of ethics
• Operations and technology: trade processing, business continuity, cybersecurity
• ESG: policy, integration, and diversity metrics, which ILPA addresses in a companion template
• Fees and terms: management and performance fees, expenses
• References and service providers: auditor, administrator, custodian, prime broker

ILPA publishes a standardized template that managers can use as a baseline, reducing bespoke formatting across investors.

Managers that respond to many DDQs often reuse vetted answers from prior submissions. AI tools such as Inventive AI can draft responses from a firm's existing documents and attach a confidence score and citation to each answer, flagging content that may be outdated for human review.

References

1. Institutional Limited Partners Association, "Due Diligence Questionnaire" — https://ilpa.org/resources-tools/resource-library/due-diligence-questionnaire/
2. Institutional Limited Partners Association, "Due Diligence Questionnaire and Diversity Metrics Template" — https://ilpa.org/industry-guidance/templates-standards-model-documents/due-diligence-questionnaire-and-diversity-metrics-template/
3. Inventive AI, "AI agents for RFPs, RFIs, DDQs, and security questionnaires" — https://www.inventive.ai/

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