The ideas behind source-verified financials.
Research, perspectives, and frameworks on the infrastructure private markets need to verify the numbers they act on. Publications are in production.
The case for source-reconstructed financials in private credit underwriting
An institutional-grade argument for independent reconstruction from source evidence, and the specific failure modes of management-reported underwriting inputs in today's private credit market.
Research directions
The limits of annual audit verification
Why sampling at annual cadence was designed for a different era of capital scale — and what that means for private markets today.
Source reconstruction in institutional diligence
How independent reconstruction from source evidence changes what a PE or Private Credit diligence process can actually verify.
Portfolio monitoring at institutional standards
Continuous verification as the missing layer between quarterly reports and annual audits in private market monitoring.
The infrastructure layer private markets need
What a mature verification stack looks like when private capital reaches public-market scale — and who builds it.
Questions on the research directions?
The papers are being written for institutional investors. If you want to shape what gets covered, the best way is a conversation.
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