Screens and questions are organized around the Greenwich Roundtable’s due diligence framework. Hover over or tap any “GR p.” citation to see the question it refers to.
Methodology
The flags are automated screens computed from SEC filings: N-PORT, N-CEN, N-CSR, SC TO, 10-K/10-Q and 8-K. Each check shows the thresholds it uses. Green means nothing notable. Amber means it is worth asking about. Red means it needs an explanation before investing. N/A means the data is not available for this fund. The thresholds are rules of thumb, not judgments about the manager. A flag is a reason to ask a question, not a conclusion. Following the Roundtable's guidance, no amount of green flags makes a fund attractive on its own. The strategy must also be compelling and fit the investor's portfolio.
About the framework
The Greenwich Roundtable is a not-for-profit research and educational organization in Greenwich, Connecticut, for investors who allocate capital to alternative investments. In 2010, after the 2008 crisis and the Madoff fraud, its Education Committee published Best Practices in Alternative Investments: Due Diligence. The paper is a 76-page set of questions investors should ask before and after committing to a private fund: on strategy, team, track record, terms, liquidity, leverage, valuation and operations. Its introduction argues that following the process “could have avoided some of the worst disappointments” of the 2008 credit crisis, and that diligence should continue “as long as we continue investing with that manager.”
We use the paper as the organizing framework for this report. Each screen cites the questions it helps answer, by the paper’s printed page and question number. The tooltips paraphrase those questions; they don’t quote them. The paper was written mainly with hedge funds and private partnerships in mind, so a few of its concerns, such as gates and side letters, map loosely onto tender offer funds, interval funds and non-traded REITs. Checks marked “ntFNDS check” are our own additions. The Greenwich Roundtable is not affiliated with ntFNDS and has not reviewed or endorsed this report.
Important disclosure. This report is produced by ntFNDS, an independent research provider, for informational purposes only. It does not constitute investment advice or a solicitation to buy or sell any security. Non-traded REITs, tender offer funds, interval funds, and BDCs are illiquid, carry substantial fees, and are suitable only for eligible long-term investors. Read each fund’s current prospectus before investing. © 2026 ntFNDS · ntfnds.com