← Portfolio index
Hypothetical case study · fictional data room
Due Diligence Simulator
Inspect fictional operating records, identify issues, and translate findings into valuation, structure, and integration questions.
Virtual data room
Aster Workflow
Fictional records designed to test issue identification and synthesis.
0/12Documents reviewed
6High-priority risks
Financials
FY2023–FY2025 P&L
Observed data
ARR grew 34% and 31%, while EBITDA margin improved from -6% to 8%.
Diligence implication
Growth quality depends on a small number of large accounts.
Next request
Request source-level support, reconcile to management reporting, identify the accountable owner, and quantify the effect on valuation, structure, or integration.
Structured risk synthesis
| Issue | Why it matters | Proposed response |
|---|---|---|
| Customer cohorts | Newer cohorts show weaker expansion than 2023 cohorts. | Quantify exposure and assign a confirmatory diligence owner. |
| Revenue concentration | A single renewal could materially affect the investment case. | Model downside renewal cases and consider retention protection. |
| Retention | Downsell increased in customers below $25K ARR. | Quantify exposure and assign a confirmatory diligence owner. |
| Technology | One legacy service lacks automated tests and documented ownership. | Require remediation plan, ownership, and technical integration estimate. |
| Employees | Founder approves all product packaging and enterprise pricing exceptions. | Quantify exposure and assign a confirmatory diligence owner. |
| Contracts | Six enterprise contracts include broad change-of-control termination rights. | Quantify exposure and assign a confirmatory diligence owner. |