GP Track Record Attribution
GP track record attribution is the evidence-based linkage between a GP’s claimed performance and the specific decisions, deals, and responsibilities that produced it.
Allocator relevance: Attribution is how allocators separate real skill from borrowed credibility—especially critical for spin-outs, emerging managers, and team changes.
Expanded Definition
Attribution answers: did this GP actually lead the investments they claim, or were they adjacent? It distinguishes firm-level performance from individual-level responsibility and clarifies what is repeatable. Good attribution includes role clarity (deal lead vs committee participant), timing (which vintages), and outcomes (realized/unrealized) with context.
In allocator diligence, attribution sits at the center of trust. If attribution is weak, everything else becomes marketing.
Decision Authority & Governance
Governance includes documentation standards (IC memos, reference checks, deal logs), controls against misrepresentation, and clear definitions of “attributable.” Decision authority matters: attribution is strongest when decision rights and responsibilities were explicit.
Common Misconceptions
- Working at a top firm equals full attribution.
- Fund-level performance can be assigned to any partner.
- Unrealized marks are equivalent to realized attribution.
Key Takeaways
- Attribution is decision responsibility + evidence.
- Strong attribution improves underwriting confidence for new funds.
- Reference checks and documentation are non-negotiable.