LP DDQ Response Template
Four documents and three sheets that mark an approved answer stale the day its underlying fact changes, not on whichever date review was next scheduled.
Free download · No account needed
Question Bank
[Firm], [Fund] — DDQ Answer Bank
Every answer carries the specific facts it depends on. A row goes stale the day one of those facts changes, not on whichever date it was next due for review.
| Section | Question | Trigger Dependency | Last Reviewed | Status |
|---|---|---|---|---|
| — | — | — | — | — |
| — | — | — | — | — |
| — | — | — | — | — |
A row reviewed yesterday is exactly as stale as a row reviewed a year ago the moment the fact underneath it changes.
Ardnahoe Capital Partners approved nine Question Bank rows on 14 January 2027, naming MacRae Fenwick as a Senior Investment Professional and a named Key Person across three DDQ sections. Fenwick left the firm on 3 April. Ardnahoe's review cadence is semi-annual, so the next scheduled pass over those nine rows was not due until 13 July. The fundraise did not pause for that gap: eight more DDQs went out on the normal biweekly cadence, each carrying all nine now-wrong rows, 72 stale answer-instances a same-day trigger would have caught at zero.
Page one for this query is the ILPA DDQ itself, a couple of best-practice guides, and an LP-side checklist. All three agree the fix is to keep a living answer bank and update it on a schedule, quarterly or after each close. That schedule is exactly the gap in the worked example. The ILPA DDQ asks outright whether a Key Person event has occurred, which means an LP is going to ask the one question a scheduled review answers correctly for 101 days after it stopped being true.
One relationship manager corrected two of the nine rows by hand on a call, and the fix never went back into the bank. Fourteen days later the next prospect received the old text for the same two questions, in writing. Two LPs now hold two different answers to the same question, which a merely late answer never produces. Federal law already treats a fraud or deceit on a prospective client as unlawful for an investment adviser. The Prospect Register exists to catch that gap before an LP does.
What's in the pack
DDQ Response Library
The assembled response to an incoming questionnaire, section by section, copied from current Question Bank rows instead of redrafted. Section 13 tracks the same governance facts your annual fund audit revisits every year.
Question Bank
One row per question the firm has been asked, with the approved answer, the date it was last reviewed, and the specific facts that answer depends on.
Prospect Register
Which version of the bank each prospect actually received, so a later trigger event can be checked against what a specific LP was told, not against what the bank currently says.
Custom Request Log
The questions no bank row covers yet, tracked from the date received to the date folded into the bank as a standing row.
Track Record Presentation
Deal-by-deal detail with the IRR and TVPI methodology stated on the same page as the numbers, pulled from the reconciled deal list in a track record pack rather than assembled fresh for each DDQ.
Reference Coordination Note
Who has been asked for a reference this fundraise, by whom, and what they were told to expect, so no reference takes the same call four times unwarned.
LP Pitch Outline
An outline for the firm's own deck software that traces every slide's claim back to a Question Bank row, the Track Record Presentation, or a figure already sent in the quarterly LP letter.
How it works
- 1
Open in River, or download it
Open the pack in River and let the agent build the bank from your own documents, or download the blank Word and CSV files instantly.
- 2
Send what you already have
A completed DDQ, team bios, and your track record. The agent drafts each Question Bank row and names the specific facts the answer depends on.
- 3
Log what's about to change
A departure, a final close, a new fund launch. Logging it the day it happens finds every row that depends on it, the same real-fact-over-convention check the K-1 and tax package pack runs before allocating a gain.
- 4
Answer the next DDQ from the bank
Match incoming questions to bank rows, correct anything stale before it goes out, and log which version each prospect received.
Frequently asked questions
Is this template free?
Yes. The Question Bank, Prospect Register and Custom Request Log sheets, plus the DDQ Response Library, Track Record Presentation, Reference Coordination Note and LP Pitch Outline documents, download free with no account and no time limit. Edit with AI opens the same pack in River with an agent already primed to build the bank from your own fund's documents.
What does 'Edit with AI' actually do?
It creates a free account, installs this exact pack as a private space, and opens it with River already primed to ask for your most recent DDQ, team bios and track record. Nothing is shared with other firms, and no answer is marked current until you confirm it yourself.
What counts as a trigger event?
A trigger is any fact a Question Bank row depends on: a named person's employment, a fund's AUM band, whether a strategy change has happened. Logging one searches every row's dependency list and marks every match stale the same day, rather than waiting for that row's next scheduled review to notice.
Who decides whether a departure counts as a Key Person event?
Whatever the firm's own documents say it is. A Key Person event is usually defined in the LPA's key person provision, and that definition decides whether a specific departure counts. This pack does not decide that question; it propagates whatever the firm confirms has happened to every row that names it.
Does this replace the ILPA DDQ?
No. The ILPA DDQ is the questionnaire an LP sends; this pack is the bank a firm answers it from. Section 3 of the ILPA DDQ asks directly whether a Key Person event has occurred, and that is the exact question a stale row answers wrong for as long as it stays stale.
What format are the downloaded files?
Word documents for the DDQ Response Library, Track Record Presentation, Reference Coordination Note and LP Pitch Outline, and CSV for the three sheets. The documents open in Word, Pages and Google Docs. The sheets open in Excel, Numbers and Sheets with every column intact.
Find out which of your Question Bank rows a departure would touch
Send your last completed DDQ, team bios, and your track record. The first pass builds the bank with every answer's trigger dependencies named.
Edit with AI