Five reviews, two passes
Investment, operations, risk, legal and governance. Each is scored on the manager's answers, then again on the documents.
What is FRED?
FRED reads a manager's materials, checks every answer against the documents and writes the memos your committee reads.
A committee verdict
Approve, approve with conditions, monitor or reject, with the score and the reasons.
Every score traceable
Open any score to see the question, the manager's answer and the documents it was checked against.
Performance from the returns
Return, volatility, Sharpe ratio and drawdown, calculated from the monthly returns and checked twice.
Memos, then an audit
FRED writes the memos, then checks each factual sentence against its source and corrects it when a document says otherwise.
Investment memo
Investment Due Diligence Memorandum — Hadley Bridge Capital Management LP
7. Capacity & Scalability
Current scale and policy
… The Investment Process Manual puts current assets at $1,792MM, or 72% of the soft close and 51% of the hard close. The long-only program carries a separate $1.2B limit at 50% utilization. The Q1 2026 investor letter projects the soft close in 18–30 months, which is the manager's projection. These thresholds are contractual in the offering document. They remain the manager's own policy, not independently validated capacity. validated by Albourne in 2025.52Reading0 of 5sentences
Corrected
Private Placement Memorandum, paragraph 46
It is updated annually and was validated by Albourne in 2025.
Ask FRED
Ask anything about the manager. Answers cite the documents and questionnaire answers they rest on.
Ask FRED
What's the fee structure?
What's the fee structure?What's your track record / historical performance?What are the terms — liquidity, lockups, and minimums?
Answer
The fund charges a flat, class-based management fee with no tiers, plus a 20% performance allocation above a perpetual high-water mark and no hurdle123. Fund operating expenses are capped at 0.20% of average NAV a year4.
Class A1.50%Investors below $25MM
Class B1.25%Investors of $25MM or more
Class C1.00%Founders, closed
Sources · 12
1Fee and Expense Disclosure ScheduleDocument
2Limited Partnership AgreementDocument
5Questionnaire answer 1.18.1Manager's answer
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