Independent alternative investment analysis.

An independent read on private equity, private debt, real estate, infrastructure and hedge fund allocations: where the returns come from, what the risks and fees cost you and whether it fits your portfolio.

Behind every fund pitch is a strategy that either earns its fee or does not. We give you an independent read on which: where the returns actually come from, what the risks and fees cost you, how it fits your portfolio and a clear call on whether to allocate. The work is by Tom Pickel, CAIA, with 12+ years on the allocator's side of alternatives, independent of the fund and paid with no commissions.

Who this is for

  • Investors, family offices and investment committees weighing an allocation
  • Funds of funds and LPs running manager due diligence
  • Anyone who wants an independent read on the strategy before committing capital

What you get

  • A written investment view, not a verbal opinion
  • A breakdown of where the returns come from
  • An honest read on risk, fees and portfolio fit
  • A clear recommendation on whether and how to allocate

How it works

  • Share the materials and the questions on your desk
  • We scope what would make the analysis useful
  • You receive the written view and a clear call

Common questions

What asset classes do you cover?

Private equity, private debt and credit, real estate, infrastructure and hedge funds, across fund commitments and direct or co-investment structures.

What does the final deliverable look like?

A written investment view covering strategy, return drivers, risk, fees, portfolio fit and a clear recommendation on whether and how to allocate.

Are you independent?

Yes. There are no commissions and no placement agenda. The analysis serves the allocator, not the fund being analyzed.

Can you analyze a single fund or a whole program?

Both. The work can be a single fund deep-dive or a review of an entire alternatives program and how its parts fit together.

Related work: institutional positioning from SEC 13F intelligence (The 13F), portfolio-level fit with portfolio risk analysis (Souppe), or a single decision through an investment decision memo. See the full advisory practice.

An independent read before you allocate.

Send a short note with the strategy or fund on your desk. You get a clear next step and an independent written view.

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