An independent second opinion before you sign.

You have been offered a private deal: real estate, a fund, private credit or a project abroad. Before you wire the money, get an independent read on the structure, fees, liquidity, risks and the questions to ask.

A private deal is sold to you with its best face forward. We give you the other read: an independent second opinion on what you are actually buying, what to ask and where it could go wrong, using the same scrutiny institutions apply to a fund. The work is by Tom Pickel, CAIA, who has analyzed alternative investments for institutions for 12+ years. You are the only one who pays us, so the review serves you and not the sponsor. It is an independent professional perspective, not a recommendation to buy or sell and not investment advice.

What we examine

The checklist institutional investors run on a private fund, in plain language for the deal in front of you.

What you are buying

  • Structure: a fund, partnership, loan, note, SPV or direct asset, and what it means for your rights
  • Who controls the money: manager, trustee, escrow or custodian, and how independent they are from the sponsor
  • Valuation: who marks the asset, how often, and whether the mark is independent or set by the sponsor

What it costs you

  • Fees and costs: entry, management and performance fees, the promote and the layers that are easy to miss
  • Leverage: debt at the fund and asset level, and how refinancing or rising rates change the outcome
  • Liquidity and lock-up: when and how you can actually get your money out

Where it can break

  • Return reasonableness: whether the promised return fits the risk, the lock-up and the illiquidity
  • Conflicts of interest: related-party deals, sponsor co-investment and where incentives diverge from yours
  • Worst-case path: a delay, a failed tenant, rising rates or refinancing that falls through
  • Currency and tax flags: mismatch, withholding and reporting to confirm with a licensed professional

Who this is for

  • Private investors offered a non-traded deal who want an independent read before committing
  • People relying on the seller's deck who want a second, unbiased view
  • Anyone who wants the right questions before the meeting, not after the wire

What you receive

  • A written second opinion on structure, fees, liquidity, leverage, conflicts and return
  • The exact questions to put to the sponsor
  • What is missing from the materials and what to watch
  • No buy or sell call. You decide, better informed

How it works

  • Send the materials you already have: deck, agreement, model or the emails
  • An optional short call so the written review is clear
  • You receive the written second opinion

What this is and is not. This is an independent professional perspective from an alternative investment analyst. It is not investment advice, investment marketing or portfolio management under Israel's investment advice law, and not a recommendation to buy, hold or sell. We review the materials you provide. We do not source deals, hold your money or take referral fees from sponsors or marketers. You are the only one who pays us. For legal, tax or accounting decisions, consult a licensed professional.

Common questions

What kinds of investments do you review?

Non-traded alternative investments: private real estate in Israel or abroad, private credit and loans, land, infrastructure, private and foreign funds and "fixed yield" deals. Not public stocks, bonds or exchange-traded securities.

Will you tell me if it is a scam?

No. We are not investigators. We give a professional read of the structure, the risks and whether the promises are realistic, plus the questions to ask. If something does not add up, you will see it clearly and know what to verify.

Will you tell me whether to invest?

No. There is no recommendation to buy or sell. We give you an independent professional angle and the questions to ask, so you decide with open eyes. This is not regulated investment advice.

Do you take any fee from the people offering the investment?

No. There are no referral fees and no placement agenda. You are the only one who pays us, so the review serves you and not the sponsor.

What do I need to send?

Whatever you already received: the deck, the subscription or loan agreement, a financial model, the marketing email or the WhatsApp pitch. The more complete the materials, the sharper the review.

Do you build financial models?

No. We may review a model you were given and tell you where its assumptions are optimistic or fragile, but we do not build the model for you.

Institutions get a deeper, allocation-grade version of this through alternative investment analysis. For a single high-stakes call, see the investment decision memo. See the full advisory practice.

Send your deal before you sign.

Send the deck or the agreement you received. You get a clear next step and an independent written read.

Send your deal for review