AltStreet Research Desk
Independent Due Diligence for Alternative Investments
Before you wire the money, know what the record actually says.
Commission pre-investment diligence on the private placement or alternative investment in front of you. We read the SEC filings in full, reconstruct the capital stack, investigate the legal record, and test the sales pitch against the issuer's own disclosures — the same methodology behind every AltStreet review.
Fixed prices from $750 with online checkout. Commissioned by the buy side and independent research clients — never by the issuer, sponsor, manager, or platform being examined.
Alternative investment due diligence is an independent review of the investment, issuer, sponsor, terms, financial condition, capital structure, liquidity, and relevant public record before capital is committed. AltStreet performs this research for investors and independent professional clients, producing a written, source-cited report — typically within three to five business days.
What a diligence report can uncover
A recent public example. Phoenix Energy (formerly Phoenix Capital Group) sells bonds directly to individual investors, marketed as monthly income.
The marketing said
- “9–14% annual interest bonds”
- “Monthly income — no missed payments”
- “$308.6M paid to bondholders”
- “Our current assets outweigh our liabilities”
The filings showed
- ▸$1.82 billion of total debt against $40.7 million of equity
- ▸A $525 million secured lender positioned ahead of every retail bondholder
- ▸Lender covenants failed at two consecutive test periods, waived each time
- ▸Negative working capital of $411 million
- ▸Contracted future interest exceeding the principal itself
- ▸Roughly 38% of stated interest accrued rather than paid in cash, per the issuer's own figures
The complete deliverable, built from this issuer's public record: executive findings, priority ladder, claim-verification matrix, risk register, and a cited source register.
Every finding above comes from the issuer's own SEC filings, surfaced by the same process a commissioned report applies to your investment. Read the full Phoenix review — or see the same methodology on Roots and DealMaker. The work is public. Judge it before you pay for it.
What AltStreet investigates
Scope is tailored to the offering, but the spine is constant.
Offering documents and SEC filings
The full EDGAR lifecycle for the issuer and its affiliates: the PPM or prospectus, annual and periodic reports, Form D amendments, and the disclosures buried in footnotes, from restatements to covenant waivers to related-party arrangements.
Capital structure and creditor priority
Where your money actually sits: every layer of debt and equity above and below the instrument you are offered, secured versus unsecured, and what the priority stack means for recovery.
Sponsor, management, and public-record research
SEC, FINRA, and state enforcement lanes, court records, and principal backgrounds, reported precisely: both sides carried on disputed matters, and located absences labeled as search results, not guarantees.
Financial condition and offering economics
The filed financial record reconciled into decision-relevant trends: revenue quality, cash generation versus reported income, leverage, fees, and who gets paid before you do.
Liquidity, redemption, and transfer terms
Exit mechanics as written, not as marketed: lockups, redemption caps and discounts, transfer restrictions, suspension carve-outs, and what happens in stress.
Marketing claims versus the source record
The sponsor's marketed claims tested line-by-line against what the same company files under securities law. The gap between the two is frequently the most important finding.
Need this on every new deal, not one?
Private market deal alerts with the diligence memo attached
A Diligence Report is one study of one offering you choose. AltStreet Deal Intelligence is the continuous version: alerts the day a new offering appears on a covered alternative-investment platform, with the sponsor's filed record attached, and an analyst-approved investment committee memo on every covered deal, built from the offering document, the Form D history, prior fees and realized exits. One annual subscription, every memo published, for RIAs, family offices and accredited investors.
One report, one offering
Commissioned by you on any offering or sponsor, including those outside platform coverage. Delivered to you in two to five business days.
Every memo, every covered deal
Detected on the platform or in the filing, alerted the same day, memo'd on a standard framework once an analyst approves it. Same memo for every subscriber.
Form D monitoring
The filing the memo expects is attached when it posts, with the amount sold and investor count as of filing.
For practices and committees
Client-file license on Adviser, internal redistribution and the context pack as data on Family Office, API delivery on Institutional.
Pricing and turnaround
One research desk, three scopes. A Diligence Check is the fast factual screen; a Diligence Report is the full investigation; custom and institutional engagements cover multi-entity, sponsor-wide, portfolio or recurring work.
Fixed, published fees with online checkout. If you're about to wire five or six figures, independent diligence costs a rounding error next to the check.
Diligence Check
$750
2 business days
A rapid filing check when the decision is simple or the deadline is short: EDGAR lifecycle scan, legal and enforcement scan, and a short memo on the red flags that warrant a closer look before you proceed.
Buy Diligence Check — $750Diligence Report
$1,495
3–5 business days
The full methodology applied to your offering: complete SEC filing read, capital stack reconstructed, legal record scanned, marketing tested against disclosures, liquidity terms as written, and the questions to send the sponsor.
Buy Diligence Report — $1,495Institutional Diligence
from $4,000
quoted by scope
Multi-entity structures, fund-of-funds lookthroughs, counterparty credit work, and adviser or family-office engagements requiring custom scope, document review, or compliance-ready formatting.
Request a Custom QuoteRush delivery for +50% (next business day for a Check, 2 business days for a Report), arranged at intake. Fair-scope guarantee: if what you submit turns out to need institutional scope, we tell you before starting and either proceed at your paid price or refund you in full — your call.
What you receive
Not an activity log — a decision document.
- ✓A 10–25 page written due diligence report with an executive verdict up front
- ✓Offering-term breakdown: what the documents actually bind you to
- ✓Capital-stack analysis: every claim above and below yours, secured versus unsecured
- ✓Key financial trends from the filed record, reconciled and sourced
- ✓Legal, enforcement, and principal-background findings, both sides carried on disputed matters
- ✓Marketing-versus-filings discrepancies, quoted verbatim from each
- ✓Liquidity and redemption analysis: locks, caps, discounts, and suspension carve-outs
- ✓Red flags and unresolved questions, ranked
- ✓Primary-source citations with direct filing links for every material claim
- ✓A specific question list to send the sponsor before you commit
Don't take the list's word for it: open the 22-page sample report and see every section as delivered.
Independence and the editorial firewall
The issuer cannot hire us to review itself.
AltStreet reports are commissioned by the buy side and independent research clients: investors, advisers, family offices, attorneys, and researchers. The company, sponsor, manager, or platform being examined cannot pay AltStreet for the engagement, and commissioned work never alters AltStreet's public editorial coverage. AltStreet has never accepted compensation from a company it covers. This is a structural rule, not a policy we weigh case by case.
Primary sources first: offering documents, regulatory filings, financial statements, and court and regulatory records form the evidence base, with every finding labeled — confirmed in the primary record, derived from stated figures, attributed reporting, disputed, or not located in the searched record. Marketing materials are evidence of what is being represented, not proof that the representation is accurate.
Who uses AltStreet diligence
Accredited investors
You have a PPM, a 506(c) webinar pitch, or a subscription agreement in front of you and a deadline. An independent review of the primary record before the wire, at a cost that is small next to the check.
Advisers, RIAs, and family offices
Documented, independent due diligence for alternatives on file: sourced, dated, methodical, and independent of the sponsor's materials. Institutional formatting, retainer monitoring, and comparative screens are on the advisor page.
Outsourced diligence for RIAs & family offices →Attorneys
Source-backed factual research for counsel: an issuer's SEC filings, ownership and control structure, financing history, and public legal record, organized and cited without duplicating legal analysis.
Journalists and researchers
Filing-forensics support for stories and studies on private-market issuers, with every claim traceable to a primary source. Mineral and royalty owners weighing a buyer's offer use the same counterparty research.
How the process works
- 1
Buy a tier, or request a custom quote
Diligence Checks and Diligence Reports check out online at the fixed price. Institutional and complex engagements get a custom scope and fixed quote within one business day.
- 2
Tell us what you're evaluating
After checkout you land on a two-minute intake: the offering name, any documents you have (PPM, subscription agreement), and your deadline. If what you sent turns out to need institutional scope, we say so before starting and either proceed at your paid price or refund you in full.
- 3
Delivery on schedule
Diligence Checks in 2 business days; Diligence Reports in 3–5. Rush delivery for +50%, arranged at intake before work begins: next business day for a Check, 2 business days for a Report.
Request a custom quote
For institutional scope, rush arrangements, or if you'd rather talk before buying. Fixed tiers check out directly from the pricing section above.
Common questions about pre-investment due diligence
What is alternative investment due diligence?
An independent review of the investment, issuer, sponsor, terms, financial condition, capital structure, liquidity, and relevant public record before capital is committed. AltStreet performs this research from primary sources: offering documents, SEC filings, financial statements, and court and regulatory records, and delivers a written, source-cited report.
How much does independent investment due diligence cost?
AltStreet's fees are fixed and published: a Diligence Check is $750, a full Diligence Report is $1,495, and institutional or multi-entity engagements start at $4,000 and are quoted by scope. Rush delivery is +50%. There are no hourly rates and no payment surprises: the price is the price.
How long does due diligence on a private placement take?
A Diligence Check is delivered in 2 business days and a full Diligence Report in 3 to 5 business days. Rush delivery is available on either tier for +50%: next business day for a Check, 2 business days for a Report.
Can someone review my PPM before I invest?
Yes. A private placement memorandum, subscription agreement, or operating agreement can be included in the record we review, alongside the issuer's SEC filings and public record. Send documents at intake; if a key document is missing, the report says so rather than papering over the gap.
What does the due diligence report include?
A 10-25 page written report: an executive verdict, offering-term breakdown, capital-stack analysis, financial trends, legal and public-record findings, marketing-versus-filings discrepancies, liquidity analysis, a ranked red-flag register, unresolved questions, a question list for the sponsor, and a primary-source citation for every material claim.
Who pays AltStreet — can an issuer commission a report on itself?
No. Reports are commissioned by the buy side and independent research clients: investors, advisers, family offices, attorneys, and researchers. The issuer, sponsor, manager, or platform being examined cannot hire AltStreet to review itself, and commissioned work never changes AltStreet's published editorial coverage.
Do you review SEC filings and Form D offerings?
Yes: that is the spine of the work. We read the issuer's full EDGAR lifecycle, including 10-Ks and 10-Qs where they exist, Regulation A and Regulation D (506(b) and 506(c)) offering records, Form D amendments, and the current and historical disclosures around them.
Can I get a second opinion on an alternative investment I've been pitched?
That is the most common engagement: an investor with a specific offering in front of them who wants an independent read of the primary record before committing. The report tells you what the record shows, what it contradicts, and what remains unanswered, so your remaining questions to the sponsor are precise.
Is a diligence report investment advice?
No. A report is independent research about the investment and the record: informational and educational only, not a recommendation to invest or refrain from investing, and not legal, tax, or accounting advice. You and your advisers make the decision; the report ensures you make it with the record in front of you.
Is this a legal opinion?
No. AltStreet is a research organization, not a law firm. Reports organize and cite the factual record, including court and regulatory documents, but do not provide legal conclusions. Attorneys regularly commission the research precisely because it arrives as organized fact, not duplicated legal analysis.
Does due diligence guarantee an investment is safe?
No. Research describes what the located record shows; it cannot guarantee outcomes or uncover facts absent from the public and provided record. What it reliably does is surface the disclosed risks a sales process omits — subordination, covenant stress, liquidity gates, restatements — while there is still time to act on them.
What documents should I send?
Whatever you were given: the PPM or offering circular, subscription agreement, operating or partnership agreement, marketing deck, and any correspondence quoting terms. We pull the SEC filings and public record ourselves; your documents let us test what you were told against what is filed.