Due Diligence Questionnaires

For 20 years, AIMA has been providing guidance and standardisation for its members around the world in the form of Due Diligence Questionnaires (DDQs). 


AIMA's DDQs assist a) investors in assessing the fund investments they might make and b) fund managers in their choice of service providers, directors and boards of those funds.   The first AIMA DDQ - for investors conducting due diligence on hedge fund managers - was published in 1997.   It was a response to requests from investors for a standardised set of questions.   Since then, the DDQs have gone on to become the industry-standard template. The AIMA DDQs can be downloaded by AIMA members below.


DDQ FAQs

Why is it useful for there to be a standardised set of questions?

Standardised questions help investors compare like-for-like when they receive responses from multiple managers. Managers like standardised questions because it reduces the amount of work they have to do and helps them reassure investors that they are all receiving the same information.  Even in the absence of an investor request for information, a standard set of questions can be helpful for new managers who are seeking to assess their own practices against industry standards.

Who uses the DDQ and how does it fit into the overall DD process?

The AIMA hedge fund manager DDQs are used by investors from all around the world and by many of AIMA’s manager members.  For investors, the DDQ is an early step in the due diligence process but by no means is it the last step. Investors use the information they get from the responses to these questions to develop areas of focus for further questions and discussion with managers and to cross check information from other sources.

I have completed the previous version of the Hedge Fund Manager or AITEC-AIMA Vendor Cyber Security DDQ. How do I use the latest version?

To help hedge fund managers who have previously completed the 2010 version of the Hedge Fund Manager Due Diligence Questionnaire complete the 2014 version, we have prepared two versions of a tracking table:  one done based on the order of the 2014 version and one done based on the order of the 2010 version.  These are meant to help you identify which answers to the 2010 version can potentially be recycled into the 2014 version and where the corresponding relevant questions are in the other version. 

Similarly, to help managers and vendors who have previously completed the AITEC Vendor Due Diligence Questionnaire Version 2.0, we have prepared two versions of a tracking table:  one done based on the order of the AITEC-AIMA Vendor Cyber Security DDQ and one done based on the order of the AITEC Vendor Due Diligence Questionnaire Version 2.0.  These are meant to help you identify which answers to the AITEC Vendor Due Diligence Questionnaire Version 2.0 can potentially be recycled into the AITEC-AIMA Vendor Cyber Security DDQ and where the corresponding relevant questions are in the other version.