dreampak

For traditional long only portfolio,
- You try to understand their investment philosophy, process and edge (if there's any).
- Spend time tracking them and their portfolio
- Understand how to construct a proper portfolio
- Understand what is alpha and beta, what drives the performance

For a fund of hedge fund portfolio,
- you do all of the aboveplus
- understand their infrastructure, legal and operational environment. Normally referred as operational due diligence.
- liquidity control because HF are not normally flexible
- a longer time horizon on what the world will be due to the liquidity.

For multi-asset
- all of the above plus
- understand characteristic between asset classes.