Made on
Tilda
The deal passed diligence.
The numbers checked out.
The founder was made for that room.
Six months post-close, the company started coming apart.
You were the last one to find out.
How do you explain to your IC
where $200M of LP capital went.
They'll ask: "Who validated the people we gave the money to?"
You won't have an answer.
You didn't misread the deal.
You were working with the version they built for you to see.
Every problem came with a story. Churn was "seasonal." Margin compression was "growth investment." The departure of someone who actually knew things was "a good development."
You nodded — because the story held together. It was designed to.
Nobody lied. Each uncomfortable fact came separately — different timing, different messenger, different framing. No one handed you the full list. Because if they had, you would have walked.
Three months of work. Your reputation behind this one. Your relationship with the GP on the line.
Walking away meant explaining to your IC why you spent a quarter on a deal that went nowhere.
Staying was easier. That was the plan all along.
Everyone in that room is working for your money. Nobody is working for your outcome.
The placement agent was paid by the GP before you sat down. The banker's fee is tied to close — not to your returns. The QoE firm isn't going to blow up their next engagement with you over one inconvenient finding. The lawyers bill by the page. The CEO is thinking about his earnout —
not about what happens 18 months from now.
Standard diligence reads the financials.
ID SYSTEM™ reads the people who prepared them.
Before the wire goes out.
Before you defend it in IC.
Before the window closes and you're locked in.
For the first time in this deal,
you have a resource that isn't getting paid to tell you yes.
We don't have a closing fee. Which means we can actually tell you no.