Private-market opportunities in the GCC are evaluated by accredited investors against a working diligence checklist. Marketing decks tell you what a sponsor wants you to know. The checklist is what you ask before you commit. This is the seven-question sequence our advisory team runs on every opportunity before it reaches a Skybridge client.
It is not exhaustive, and it is not a substitute for legal or tax advice. It is the structural sweep, the same one we expect any institutional allocator to run before saying yes to a private equity, private credit, real-asset, or special-situations deal.
1. Who is the regulated party in this transaction?
Every cross-border private-market deal involves multiple parties: the sponsor or general partner, the introducer or distributor, the placement agent, sometimes a feeder vehicle, and you. The first question is which one of those carries the regulatory accountability under UAE rules. If the answer is "we are not sure" or "we do not have one in the UAE", that is a structural problem, not a documentation gap.
At Skybridge, every opportunity flows through our CMA-licensed perimeter. The regulated party is named on every term sheet, alongside the licence number and category.
2. What does the structure actually do?
Read the offering memorandum from the back forwards: legal structure, jurisdiction, subscription mechanics, redemption windows, and waterfall terms before the headline returns. The structure is what determines your exit, your tax position, and your recourse if something goes wrong.
3. Where does the cash actually flow?
Trace the flow from your subscription account to the underlying asset and back. How many vehicles are between you and the asset? Who custodies the cash at each step? Who calls capital and on what notice? A structurally sound private-market deal has a clear, auditable cash flow. Opacity is a flag.
4. What do the side letters say?
Anchor investors typically negotiate side letters that grant most-favoured-nation clauses, fee discounts, or co-investment rights. Ask for the side-letter summary, even if you cannot see the full document. Sponsors who decline are signalling that the deal economics for early investors are materially better than the public terms suggest. That is information to factor in.
5. What is the audit and reporting cadence?
Annual audited financials by a recognised auditor are the minimum. Quarterly reporting with NAV and capital-call activity is the next standard. If the sponsor cannot produce sample reports, treat that as a flag. Operational rigour shows up in the routine reporting, not the pitch.
6. What happens in a redemption stress scenario?
Read the redemption clauses for the worst case: the gating provisions, the suspension triggers, the side-pocket mechanics, and the prioritisation rules between investor classes. Most accredited investors learn what the document actually says only when they need to redeem. Reading it before subscribing is the cheap, correct sequence.
7. What is the regulatory and reputational reality of every counterparty?
Run name searches on the GP, the lead investors, the auditor, and the legal counsel. Look for past enforcement actions, investor disputes, or wind-downs. Reputational signals are imperfect, but consistent ones over time are usually right. The advisory team at Skybridge maintains a cumulative register on every counterparty we have screened.
What this checklist does not replace
A diligence checklist is the structural sweep, not the strategy work. The investment thesis (why this deal, why now, why this sponsor) sits before this checklist, and the suitability assessment (does this fit my mandate, my horizon, my risk profile) sits after it. The checklist sits in the middle: a structural-integrity test on opportunities that have already cleared thesis and suitability.
Where Skybridge sits in this
We run this checklist on every private-market opportunity before it reaches a client. Each opportunity has a structuring summary, a counterparty register, and a written rationale for why we are presenting it. Not every opportunity passes; some are returned to the sponsor with structural questions, others are declined entirely. The discipline is the point.
If you would like a confidential conversation about a private-market opportunity you are evaluating, the Wealth Strategy Session is built for it. If you want to gauge your readiness for private markets in general, the Private Markets Readiness Score takes two minutes and gives you a written summary by email.
Related reading
- Private Markets solution overview for our sourcing and structuring approach.
- Compliance and licensing for the regulatory framework that governs how we operate.
- Apply if you want to start the accreditation and onboarding process.
This article is intended for accredited investors and financial professionals. It is general information, not legal, tax, or financial advice. Past performance is not a reliable indicator of future results. Investing involves the risk of loss of principal. For advice on your specific situation, consult qualified counsel and a licensed advisor.