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Run diligence on Veritas Growth Fund III
Running diligence…
Veritas Growth Fund III · 24 documents
Extracted 12 key terms
Track record: top quartile across 3 vintages
Reviewed governance provisions
!Surfaced 1 governance flag
Scanning for risk flags…
Forecast Veritas III cash flows for Q4
Generated cash flow forecast
Veritas Fund III · Q3 2026
Q1 Q2 Q3 Q4 (P)
Capital Calls $4.2M $5.8M $6.1M $4.8M
Distributions $2.1M $3.4M $5.2M $7.3M
Net −$2.1M −$2.4M −$0.9M +$2.5M
Surface this week's portfolio changes
Portfolio overview
Live · 6 funds · synced 2 min ago
NAV
$124M
IRR
18.2%+0.4
TVPI
1.7x
Fund IRR TVPI DPI
Apex Capital II 22.5% 2.1x 1.2x
Vector Growth III 18.2% 1.8x 0.6x
Crest Credit 14.7% 1.6x 1.4x
Helix Infrastructure 8.1% 1.2x 0.4x
Draft IC memo for Veritas Growth Fund III
IC Memo · Draft
Veritas Growth Fund III — Recommendation

Fund III demonstrates top-quartile performance with realized DPI of 1.4x and gross IRR of 22% across the prior two vintages1, driven by disciplined entry pricing in the lower middle market.

Management fees step down to 1.5% post-investment period2, providing strong LP alignment relative to peers.

Portfolio construction targets 12 platform investments at an average ticket of $40M3, with pro-rata follow-on rights consistent with prior funds4.

LPA · Page 34
§ 4.2 Management Fee

The Management Fee shall be 2.0% of committed capital, stepping down to 1.5% upon expiration of the Investment Period, payable quarterly in advance.

Live: Veritas Fund III GP catch-up
Listening to live meeting…
Veritas Fund III GP catch-up · 00:24:15
Marcus On co-invest we waive the management fee and run 10% carry. Same structure as Fund II.
You And allocation rights for our $25M tier?
Marcus You're in the priority cut. Allocations go out 30 days before close.
You Does Side Letter §3.4 still apply?
Suggested question
Confirm 30-day notice includes deal materials, not just allocation size
From your data room
Side Letter §3.4 — priority allocation for ≥$25M commitments. Signed Aug 2024.
Run weekly underperformance scan
Running custom workflow…
Weekly underperformance scan · Built Mar 12 · 47 runs
Pulled Q3 NAVs from 24 portfolio funds
Compared TVPI to vintage benchmarks
!3 funds flagged: TVPI below 25th percentile
Generating variance memo for IC…
01

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Select any document from any portal. Veylance runs the analysis, surfaces what matters, and generates a live diligence workspace with character-level auditability.

02

Model capital calls and distributions

Automatically extract and reconcile cash flows across every investment. Track commitments, unfunded obligations, and projected liquidity in one view.

03

Real-time portfolio intelligence

Automatically ingest quarterly reports and track performance across every position. Surface exposure changes, concentration risk, and performance trends as new data arrives.

04

Investment memos and two-pagers in your firm's format

Generate IC memos and two-pagers that pull directly from your database. Every claim linked to its source with character-level precision. Every edit compounds your firm's institutional intelligence, so each draft is closer to your firm's style.

05

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06

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Security & Compliance

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Raw documents never
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