Commercial Due Diligence

Commercial due diligence determines whether a thesis survives contact with the market. The standard workstreams covering TAM, customer references, and competitive positioning are necessary but increasingly insufficient, particularly in categories exposed to artificial intelligence, platform shifts, or emerging competitive entrants. The diligence that holds up to investment committee scrutiny in the current market addresses not only what the company has done historically but whether the technology, the team, and the revenue bridge are credible against a five-year forward view.

We support sponsors and strategic buyers across the full diligence workstream, from initial thesis testing through final IC presentation. We bring together commercial analysts, technology operators, and former GTM executives in the same engagement team, allowing us to address questions about product defensibility, engineering execution capacity, and channel health that a generalist CDD team typically defers. Our deliverables are designed for direct use in IC and board settings, with a clear separation between observed evidence and inferred risk.

The work covers:

• Market sizing, segmentation, and serviceable addressable analysis
• Customer reference program including retention, expansion, and competitive displacement risk
• Competitive landscape assessment with attention to AI-native and emerging entrants
• Product and technology assessment including architecture, technical debt, and engineering execution capacity
• Revenue bridge stress testing across new logo, expansion, churn, and price components
• Channel and go-to-market assessment including concentration risk and partner health
• Emerging technology risk assessment for platform shifts inside the hold period
• Investment committee deliverables including red-flag memo where warranted and post-close value creation hypotheses