Backed by Y CombinatorFour documents and three sheets that mark an approved answer stale the day its underlying fact changes, not on whichever date review was next scheduled.
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Pack of 7 files: 4 documents, 3 spreadsheets
LP DDQ Response TemplateQuestion 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.
Question BankIllustrative. Ardnahoe Capital Partners, raising Fund III. Nine rows across three sections name MacRae Fenwick, Senior Investment Professional and a named Key Person.
| Row | Section | Trigger Dependency | Last Reviewed | Status, as of 18 Apr |
|---|---|---|---|---|
| Q-014 | 3. Key Persons | MacRae Fenwick employment | 2027-01-14 | Stale, superseded 2027-04-03 |
| Q-041 | 9. Team | MacRae Fenwick employment | 2027-01-14 | Stale, superseded 2027-04-03 |
| Q-091 | 14. Track Record | MacRae Fenwick employment | 2027-01-14 | Stale, superseded 2027-04-03 |
| Rows naming Fenwick, all sections | 9 of 187 | |||
| Q-016 | 3. Key Persons | None | 2026-11-02 | Current |
| Q-107 | 14. Track Record | None | 2026-09-30 | Current |
Reviewed and approved 14 January, the same date as every row above. The nine Fenwick rows and the two shown with no dependency were equally “current” by the calendar right up to 3 April. Only a dependency check tells them apart.
Trigger vs. Review DateSemi-annual, 180-day review cadence. Approved 14 Jan 2027; next scheduled review 13 Jul 2027. Fenwick departs 3 Apr 2027, 101 days before that review.
| Measure | Date-based review | Same-day trigger |
|---|---|---|
| Days the 9 rows read “current” after the departure | 101 | 0 |
| DDQs sent during that gap, of 16 sent all fundraise | 8 of 16 | 0 of 16 |
| Stale answer-instances actually shipped (8 sends × 9 rows) | 72 | 0 |
| DDQ | Sent | Prospect | Status |
|---|---|---|---|
| #6 | 2027-03-21 | Dalmellington Pension Trust | Correct, pre-departure |
| #7 | 2027-04-04 | Loanhead Insurance Group | Hand-corrected on the call, 2 of 9 rows only |
| #8 | 2027-04-18 | Ardgour Family Office | All 9 rows sent stale |
| #14 | 2027-07-11 | Blairgowrie University Endowment | All 9 rows sent stale |
| #15 | 2027-07-25 | Kirriemuir Municipal Employees | Correct, post-review refresh |
The first stale send is DDQ #7, the day after the departure. A same-day trigger flags all nine rows on 3 April itself, before DDQ #7 goes out at all.
Prospect RegisterTwo prospects, eleven days apart, asked the same Question Bank rows.
| Prospect | Sent | Q-014, Key Persons | Q-041, Team tenure |
|---|---|---|---|
| Loanhead Insurance Group | 2027-04-04 | Hand-corrected verbally: Fenwick departed | Hand-corrected verbally: Fenwick departed |
| Ardgour Family Office | 2027-04-18 | Bank text: Fenwick active, Key Person | Bank text: Fenwick active, 11 years tenure |
The correction given to Loanhead on a call never made it back into the Question Bank, so Ardgour received the pre-departure text fourteen days later, in writing. Two LPs now hold two different answers to the same two questions.
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.
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.
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.
The questions no bank row covers yet, tracked from the date received to the date folded into the bank as a standing row.
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.
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.
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.
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.
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.
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.
Match incoming questions to bank rows, correct anything stale before it goes out, and log which version each prospect received.
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.
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.
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.
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.
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.
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.
Written by
Co-founder & CEO, River
Chandler has spent the last six years working in AI, building tools for millions of users and Fortune 100 companies. In 2025, he co-founded River to build a new kind of operating system for AI agents.
Send your last completed DDQ, team bios, and your track record. The first pass builds the bank with every answer's trigger dependencies named.
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