Before you commit

Every document read and every claim tested, before you commit.

TomNext works through the manager’s materials against your own due diligence framework, traces each finding to its source and forecasts what the terms really cost.

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PPM LPA DDQ Side letter Track record

Ardenmoor Partners IIIDiligence view 5 documents

StrategyLower mid-market buyouts, Northern Europe PPM p.12

Management fee1.75% on commitments LPA p.22

Fee termsMost favoured nation clause Side letter p.2

OperationsIndependent administrator DDQ 4.3

Track recordFunds I and II, every deal listed Track record p.3

Every document read, every finding sourced.

Upload the PPM, LPA, DDQ, side letters and pitch deck, or email them to your organisation’s TomNext mailbox. TomNext extracts the key terms, cites each to its page, and marks what the documents do not disclose, so a gap reads as a finding.

Every investment evaluated against your diligence framework
A wide range of private markets investments and document types supported
Operational due diligence with the same rigour as the investment case

Archway Capital Fund IV

European mid-market buyout · from the PPM, LPA and DDQ

7 of 9 key terms found

Fund size€600mPPM p.3

Target net IRR12–14%PPM p.7

Management fee2.00% on commitmentsLPA p.38

Carried interest20% over an 8% hurdleLPA p.39

Term10 years, plus 2 one-year extensionsLPA p.12

Key person provisionNot disclosed

Co-investment policyNot disclosed

Operational due diligence

Five domains, from the DDQ

Governance and oversightIndependent board, two non-executives

Valuation policyQuarterly, third-party review annually

Fund administrationIndependent administrator

CybersecurityNo external test in the last 2 years

Conflicts of interestPolicy not provided in the DDQ

The investment case, tested.

Select any claim and ask Agent Tom to argue against it, expand on it or check it against public sources. It returns the evidence for and against, each point linked to its source.

Investment case

Counterargue

The manager has proprietary sourcing in healthcare services, with most deals agreed outside auctions.

Agent Tom

Read the PPM, DDQ and quarterly reports

Matched each claim to its evidence

Weighed the evidence for and against

Evidence for

68% of Fund III deals were agreed bilaterally PPM p.22

Two operating partners with sector experience DDQ 4.2

Evidence against

Three of the last five exits were sold in auctions PPM p.31

Healthcare deal count fell in 2025 Q4 report p.5

See what the terms will really cost.

TomNext’s proprietary models and data forecast when capital is likely to be called and returned, and when the investment breaks even, set against the manager’s own projection. The same forecast breaks the cost of the terms into its components and shows what each point of negotiation is worth.

Ardenmoor Partners III TomNext forecastManager’s projection

Cumulative net cash flow, % of commitment

+50% 0% −50%

Year 2Year 4Year 6

Break-even: year 6.4 in the forecast, year 5.4 in the manager’s projection

Cost of the termsForecast, per €100m committed €25.6m

Management fee€9.8m

Carried interest€14.6m

Fund expenses€2.1m

Fee offsets−€0.9m

Compare your shortlist on the same basis.

Your shortlist is compared side by side on the same basis, from terms to forecast cash flows, with anything undisclosed marked. TomNext drafts the committee paper in your template, with every figure sourced, and the decision and its reasons stay with the investment.

ShortlistCompared on the same basis

Target sizeManagement feeCarried interestHurdleKey person provisionForecast break-even

Ardenmoor Partners III€750m1.75%20%8%One partnerYear 6.4

Kestrelmoor Capital II€600m2.0%20%8%Not disclosedYear 5.9

Vellacourt Partners IV€1.1bn1.5%17.5%7%Two partnersYear 6.8

WWexcombe Family Office Investment committee paper Ardenmoor Partners III Prepared November 2026 Draft Every figure sourced

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