01What remains to be funded?
Separate committed capital from money already called. Write down the conditions and timing under which the remaining amount may be requested. A modest initial transfer can sit inside a much larger obligation. Read the governing terms for notice, permitted uses, and consequences instead of extrapolating from the first payment.
02What would create value in the company?
Describe the operating change in measurable terms. Ask what must improve, what spending is required, and what evidence would show that the plan is not working. Keep business improvement separate from a higher future sale multiple or favorable refinancing. Different return drivers deserve different assumptions and stress tests.
03How does cash return to investors?
Examine fees, the distribution waterfall, realized proceeds, and values still tied to unsold holdings. A multiple without a holding period is incomplete. A projected exit depends on a buyer and conditions that may change. Follow the cash rather than relying solely on a transaction headline or a single performance metric.