Companion to “The Average Is Not the Offer”

The Ten Prompts Diligence Engine

Name a fund. The engine locates the filings and the quarterly commentary, runs the ten progressions from the book, and returns a citation-anchored due diligence report — in minutes, not weekends. And with Portfolio Lens, add several funds at once and see what the whole sleeve actually owns.

Launch the Engine Free for financial professionals · registration required
01 Portfolio composition 02 Credit quality & non-accruals 03 Income quality & PIK 04 Leverage & coverage 05 Valuation process 06 Fee architecture 07 Liquidity & repurchases 08 Origination & yield 09 Commentary vs. filings 10 Risk & subsequent events

How it works

1

Name the fund

Type the fund's name or ticker — any registered vehicle. The engine identifies the vehicle type from its filing pattern and loads the matching chapter's ten progressions. Private drawdown funds work too: upload the PPM, LPA, or LP letters instead.

2

The engine reads the documents

It pulls the latest 10-Q or 10-K, the manager's quarterly commentary, and any tender filings, then interrogates them one progression at a time. You watch each section get filed as it completes.

3

Get the diligence file

An executive summary, ten cited sections, flagged items, and a list of follow-up questions for the manager. Every figure is sourced to the specific filing and section — where the documents are silent, the report says so instead of guessing.

The report is descriptive, never advisory. It tells you what the filings disclose — the judgment stays where it belongs, with you. METHODOLOGY: THE AVERAGE IS NOT THE OFFER (SVACH, 2026)

What you'll need

  • A Claude account. The engine runs on Claude, Anthropic's AI. Reports run in your own Claude environment — your searches and documents never touch this site's servers. Free accounts can create one at claude.ai in about two minutes.
  • Claude Pro for full reviews. A complete ten-progression review is a heavy session and runs best on a Claude Pro account. Free accounts can run the three-progression sample review.
  • One-time registration. Name, firm, and work email, with an attestation that you're a financial professional. That's it — no fee for access.

See a sample

This is what comes out: a plain-English briefing an advisor can use to explain the fund, followed by short summaries under each of the ten progressions — every figure from the fund's own filings, flags included.

New · Portfolio Lens

What do the funds add up to?

Fund-level diligence answers "is this fund sound?" Portfolio Lens answers the harder question: what does the whole sleeve actually own? Switch to Lens mode, add two to five funds with their weights, and the engine profiles each from its latest filings, then writes three sections no fact sheet will give you:

A

Look-through allocation

The combined portfolio by what it really is — middle-market credit, PE and co-investments, secondaries, real assets — plus the floating-rate share and the U.S. concentration. It ends in one plain sentence: what the client actually owns.

B

Correlation & concentration

How the funds move together economically — including why correlations measured on appraisal-based NAVs look deceptively calm, where funds lending in the same market share the same borrowers, and what happens when every fund's quarterly exit door gets crowded in the same quarter.

C

Gaps & follow-up

What the sleeve lacks — equity-style private markets, secondaries, real assets, fixed-rate duration, vintage diversification — framed as observations and questions, never recommendations. The judgment stays with the advisor.

Private funds

Drawdown funds leave no public trail — the diligence lives in the PPM and the LPA. Upload those documents and the engine runs a dedicated set of progressions: waterfall and clawback mechanics, track record attribution, fee offsets against ILPA standards, key person terms, and a final section listing what the documents don't disclose, framed as data requests for the manager.

Uploaded documents are processed in your own Claude session solely to generate your report — never searched against the web, and never stored on this site. You represent that you have the right to submit them.

For financial professionals only — not for distribution to retail investors. Reports are automated document analysis. They are informational and educational, are not investment advice or a recommendation, and do not address the suitability of any investment for any client. No warranty is made as to accuracy or completeness; verify all figures against the source documents. Registration details and search activity are logged. Peter Svach is not a registered investment adviser, and nothing on this page or in any report constitutes an offer or solicitation of any security.