For limited partners
A fund returns 2.4x and the deck credits manager selection. Strip out the index, the sector it happened to be concentrated in, and the vintage it happened to be raised into, and what is left is often a much smaller number.
Alpha Screening computes that number for every manager you hold or track, from the statements you already receive, and then feeds it into who you meet, what you monitor, and where the next dollar goes.
The problem
Every LP knows a 2019-vintage growth fund had a good decade for reasons that had little to do with the general partner. Knowing it and being able to quantify it are different things, and the second one requires data most allocators never assemble: the same attribution, computed the same way, across every manager in the book.
So diligence falls back on what is available. Track record at the fund level. Reference calls. A pitch deck's own account of what drove returns. None of these separate the decision from the environment it was made in.
The inputs to do better are already in your inbox. Capital account statements, quarterly reports, and holdings schedules contain enough to decompose a return. The obstacle has been that nobody wants to do it by hand, one PDF at a time, for forty commitments.
The screen
Every reported return decomposes. The interesting part is the residual: what remains after the market, the sector, and the entry point have each been accounted for. That residual is the thing you are paying two and twenty for.
Segment widths above are illustrative and do not represent any specific fund. Actual decomposition depends on the strategy, the benchmark set, and the data available in your statements. The point is the ordering, which holds more often than pitch decks suggest.
The platform
Six modules, one record. No data request to your GPs, no new reporting burden on them, no integration project. What already arrives each quarter is the input.
GP Match · Pulse · Co-invest
The decomposition above, turned into three things you can act on. Every manager is scored on attributed selection rather than headline return, and the same score drives who you meet, what you watch, and where you put incremental capital.
Overview · Cash flow · Statements
The consolidated book most allocators keep in a spreadsheet that is always a quarter behind, maintained from the documents your GPs already send.
Notices · Statements · Distributions
Everything a general partner sends, parsed on arrival and filed against the right commitment. Notices, capital account statements, and distribution notices stop being an inbox problem and become a record.
Workspaces · DDQ
Diligence run as a process rather than an email thread, with the same questions asked of every manager so the answers are actually comparable.
Fund one-pagers
Inbound fund one-pagers land here rather than in your inbox, deduplicated and checked against your mandate. The ones worth a call rise; the rest stop being your problem.
Governance
Your holdings stay yours. Analysis runs under attested sealed execution with per-contributor limits, so participating in a shared model never means exposing your book. The architecture is set out in our published research.
Managers, co-investors, and industry events in one place, tied to the record you already keep on each relationship.
Side letters, regulatory obligations, and reporting deadlines tracked against the commitments they attach to.
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LP Observer is free. Upload one statement, let Alpha Screening run on it, and judge whether this is worth more of your time before giving it any.