Diligend secures additional investment

Following initial investment in 2019, due diligence platform vendor Diligend has secured a new round of private investment to support further growth plans in 2022. 

In response to feedback from fund managers, Diligend is expanding its fund manager/GP offering, taking it from a simple one-off RFP/DDQ response platform to a suite of tools and response banks.

Liron Mandelbaum, COO of Diligend said, “We know that managers like using Diligend to respond to data requests and thousands of fund managers and GPs are registered on our platform and using it regularly.

“Although fund managers report that using Diligend is a positive experience, when responding to DDQ and RFP requests, the functionality has been limited to requests from Diligend investors. We are developing the platform to allow managers and GPs to respond to the ever-increasing DDQ and RFP requests, sometimes upwards of 30 every month. The Diligend Fund Manager Platform with smart response technology will provide a central repository for the very latest response data, that can be repurposed across requests at the click of a button. Fund managers and GPs can import existing DDQ or RFP documents, scrape the data, compare previous responses and quickly create new responses. They can collaborate with internal team members, setting tasks, alerts and workflows to ensure no response goes unanswered. We’ve spoken to our extensive community of managers and know this is something they need and want.”

The funding will also support the development of Diligend’s core platform, designed for institutional investors and consultants. Recent new features include the SEC Form ADV module, which allows investor and consultant clients to review and monitor Form ADV data, receiving notifications when changes occur. The ESG and Diversity disclosure module released this year allows clients to request specific data sets, pulling results into dashboards.

Last year Diligend formed partnerships with data providers Preqin and eVestment, enabling clients to view aggregated data, quantitative and qualitative, through a single pane of glass.