Performance, DPI and liquidity are table stakes. A great many investment managers, separate account managers, fund managers, program sponsors and operating partners build their entire pitch around them and assume the job is done. It isn’t.
These actually are only hygiene items in the exact sense the psychologist Frederick Herzberg meant the term: Their presence earns you nothing, but their absence does damage.
Think about it. What investor commits to a program with no track record, or one whose record trails the field? Who re-ups with managers who missed the distributions they promised, failed to honor redemptions the structures guaranteed, or couldn’t liquidate on the schedules their own documents laid out?
Deliver on all three and you have earned the right to be consi
