Excel Template
Your DDQ Response Template for ILPA & AIMA Questionnaires
Build a trusted answer library mapped to industry frameworks—so you can respond to any investor’s DDQ with speed and consistency.
Stop Answering the Same Due Diligence Questions From Scratch
Whether you’re a private equity firm or an asset manager, you DDQs you receive tend to cover the same ground. This DDQ template lets you store trusted answers to the questions LPs ask most—so you respond faster, stay consistent, and keep every fundraise moving.
Fill it in once. Keep it current. Pull from it every time.
Defensible Answers
Capture your response alongside supporting evidence—LPA sections, audited financials, SOC reports—so every answer stands up to scrutiny.
Always Current
Assign owners and set review dates so your due diligence content doesn’t go stale between fundraises or investor requests.
One Shared Library
Respond to any request without starting over. Whether it’s ILPA, AIMA, or a standard DDQ, your answers are ready to reuse.
How Do You Use This Template?
This template helps you build a single source of truth for investor due diligence—a response library you can retrieve and reuse for any incoming DDQ, whether it follows the ILPA standard, the AIMA standard, or a firm’s custom format.
Simply follow these instructions:
1. Customize the Questions and Organize by Section
Capture the diligence questions your firm frequently receives. The questions provided are examples—customize them to match the inquiries you actually get, or add your own. Group each question under the DDQ section it belongs to, from General Information to Fund Terms to Data Security.
2. Tag the Framework Each Question Applies To
Use the checkmarks to indicate which type of DDQ each question applies to: standard, ILPA, and/or AIMA. These tags let you filter your library to the framework you need for any incoming request.
The template includes both industry frameworks because the two increasingly overlap—AIMA’s questionnaire now covers private equity as well as hedge funds—so you may receive either. If one clearly dominates for your firm, delete the column you don’t need to simplify the sheet; if not, keep both and filter as each request comes in.
3. Enter Your Response for Each Question
Record your answers using trusted source material. For Yes/No questions, select your answer from the drop-down in the Short Response column. For questions that need more detail, write your answer in the Long Response column, and link to any supporting documents.
4. Grow and Maintain Your Answers Over Time
Treat this DDQ template as an answer library, not an official response. Store your trusted answers in one place so you can reuse them whenever a new DDQ arrives. Assign an owner and a review date to each answer to keep it accurate and current, and add new questions as you receive them.
What’s Inside This DDQ Response Template?
This template gives your investor relations and fund operations teams a single place to draft, organize, and maintain the answers LPs ask for most. It includes:
✓ A pre-built library of 65 questions organized across seven categories and mapped to ILPA and AIMA frameworks so you can instantly see which questions apply to the type of requests you receive.
✓ Framework filtering so a single library serves standard due diligence questionnaires and industry frameworks—no separate sheet to maintain.
✓ Short and long response fields with attachments to capture Yes/No answers, detailed narratives, and references to supporting documentation in one place.
✓ Ownership and review cadence to assign owners and set review dates, keeping your answers current and accountability clear between fundraises.
Who Is This DDQ Template For?
This template is designed for firms that regularly respond to investor due diligence and need a faster, more consistent way to manage it.
- Investor relations teams can use it to draft and maintain trusted answers, so they’re never starting from scratch when an LP request arrives mid-fundraise.
- Placement and capital-raising teams can pull consistent, pre-approved answers to keep fundraises moving without chasing down subject-matter experts.
- Fund operations and compliance teams can keep governance, valuation, and controls content current and reference-backed for any diligence cycle.
“Instead of sending a DDQ to compliance and going back and forth for approval, we can assign answers to them in Loopio where they can leave comments directly. So, the final response we’re exporting is already compliance-approved.”
This Template Is a Great Start. The Right Software Takes It Further.
Compare the best DDQ software and see how you can keep fundraising on track by automating the entire due diligence process with trusted answers.
Loopio helps you generate DDQ responses grounded in vetted content, so you respond to LPs faster—without ever sacrificing accuracy.
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FAQs About Due Diligence Questionnaires
A DDQ is a structured set of questions that limited partners, institutional investors, and their advisors use to evaluate a fund manager before committing capital. Questions span firm history, governance, investment strategy, fund terms, operations, and data security. The goal is to give the investor enough information to assess the manager’s track record, controls, and alignment before investing.
The ILPA Due Diligence Questionnaire, created by the Institutional Limited Partners Association—the global association representing limited partners—is the standard most widely used in private equity and private markets, designed to help LPs assess private fund managers consistently.
The AIMA Due Diligence Questionnaire, created by the Alternative Investment Management Association—the global body for the hedge fund and alternative investment industry—is the standard commonly used across hedge funds and the broader alternative asset management industry.
Note that the two frameworks increasingly overlap: AIMA’s flagship questionnaire, the Illustrative Questionnaire for the Due Diligence of Investment Managers, is now used by investors assessing hedge fund, private credit, and private equity managers—so depending on your strategy, you may receive either framework.
It depends on the framework, the depth of the request, and how well your diligence content is organized. A first-time response to a comprehensive ILPA or AIMA questionnaire can take weeks when coordinating across IR, compliance, legal, and operations. With a populated library and maintained evidence links, the same questionnaire can often be turned around in days.
DDQ automation software is the fastest option—it can help you respond in hours, not week
