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Judgment & ambiguity · When to escalate

Mid-diligence you realize the deal will land below your fund's minimum ownership target unless you push valuation down, which risks losing it to a competing term sheet. At what point does this stop being your call and go to the investment committee?

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This stops being my call the moment I'm contemplating an exception to fund policy, and ownership target is policy — it's how the fund's returns math works, not my personal preference.

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