Company types
GP Track Record Attribution
GP Track Record Attribution is the process of validating what performance a team can credibly claim across prior funds, deals, and roles. Allocators evaluate attribution to confirm decision responsibility, economic exposure, and repeatability of results.
Track record attribution is one of the highest-friction points in institutional diligence. Allocators are not just validating returns—they are validating who drove the outcomes and whether those outcomes can be repeated.
How allocators define credible attribution
They assess:
- Decision ownership: investment committee responsibility and authority
- Role clarity: lead vs contributor vs observer
- Economic participation: carried interest, co-invest, and incentives
- Deal-by-deal attribution: what the team did to create value
- Loss cases: not just wins; how errors were handled
- Documentation: audited statements, references, deal memos, governance evidence
Allocator framing:
“Did this team truly generate these outcomes—or were they nearby?”
Common attribution categories
- Direct responsibility: team led sourcing, underwriting, governance, exit
- Shared responsibility: split responsibilities; requires clear mapping
- Firm-level association: often weak unless responsibilities are proven
- Spin-out attribution: must reconcile economics and decision rights
How it fits into allocator workflows
Used to:
- Verify edge is real and repeatable
- Distinguish strong teams from marketing narratives
- Set conviction level and sizing decisions
What slows decision-making
- Vague roles and inconsistent deal lists
- Performance claims without supporting documentation
- Selective disclosure of losses
- Attribution disputes between prior firm and spin-out team
Common misconceptions
- “Fund-level returns prove skill” → attribution must connect outcomes to decisions.
- “Brand-name firm equals transferable track record” → not without role clarity.
- “Losses don’t matter” → losses often reveal process quality.
Key allocator questions
- Which deals did you lead, and what were the decisions you owned?
- What is your realized performance (DPI) versus paper marks?
- What did you do in the hard cases—defaults, restructurings, failed exits?
- How did you source deals and defend pricing?
- What references validate your decision authority?
Key Takeaways
- Attribution is institutional proof of decision ownership
- Loss disclosure and documentation build trust
- Repeatability matters more than headline fund returns