What is “good diligence”?
I see this term being floated around a lot, not sure exactly what people mean. This is in reference to private equity / credit funds, stated as a strength for good funds (most recently read this in the HPS thread).
What does this actually mean? Hard to wrap my head around varying levels of diligence. Does it mean they are taking more rigorous approaches (e.g. leveraging contacts in related industries / competitors, using alternative data, connecting dots that aren't immediately evident)? Are there players in the space that have a lax approach to this? Can't say I've ever run into a sponsor on a deal who hasn't drowned us with left-field but meaningful questions during DD