13 DEVELOPED FOR LIMITED PARTNERS BY LIMITED PARTNERS I KEY LEARNING OUTCOMES • Develop a due diligence framework based on ratio analysis to expose trends and aid in the development of specific fact-based due diligence questions. • Deconstruct a manager’s historic performance into components, including operational (revenue and margin growth) and financial (multiple expansion and leverage). • Apply different reference call strategies and discuss some practical tips and tricks. • Benchmark manager returns against industry standard benchmarks and discuss the limitations and trade-offs of different benchmarks. • Develop a manager monitoring plan based on the key issues that arise in manager due diligence. • Review the tools of active portfolio management, including secondaries and co-investments. MODULE 3 COURSE OUTLINE CASE DISCUSSION: YOUNG HILL CAPITAL IV • Implementing Portfolio Construction Framework • Due Diligence Framework • Return Attribution • Reference Calls • Partnership Performance • Benchmarking • Post Investment Strategies • Secondary in the Young Hill Capital Fund III • Co-Investment Opportunity