Alpine Space · Publications
Research & Publications
Whitepapers, case studies, and institutional research from Alpine's operational due diligence team.
The Allianz Structured Alpha Case: How Altered Risk Reports Hid the Portfolios Investors Actually Owned
How a $11 billion options strategy reported one risk profile while trading another, per a settled SEC order and criminal guilty pleas. Portfolio managers edited stress tests, performance history, and option Greeks before investors saw them, and March 2020 reconciled the two. A structured analysis of risk report integrity, hedge verification, and data governance.
The Chatham Asset Management Case: How Internal Bond Trades Raised Prices, Fund Values, and Fees
How internal bond trades in an illiquid issue that Chatham's own funds dominated raised prices, fund NAVs, and advisory fees, per a settled SEC order. A structured analysis of conflicted trading, NAV integrity, and fee diligence, and the record a review pulls to trace where a price actually came from.
The Credit Suisse Greensill Case: When the Story Was More Confident Than the Records
How Credit Suisse's Greensill-linked supply-chain-finance funds — about USD 10 billion of client exposure — failed once the assets could not be verified at the claim level. A structured analysis of asset verification, originator risk, insurance diligence, and governance, and the ODD that surfaces it before the forensic review.
The Abraaj Case: Where Did the Money Go?
How Abraaj Group, a USD 13 billion impact private equity firm backed by the Gates Foundation, OPIC, and IFC, collapsed once investors could no longer verify where fund cash had gone. A structured analysis of commingling, governance concentration, valuation oversight, and key person control, and the ODD that surfaces it before the forensic review.
The Woodford Equity Income Fund Case: When Liquidity Became the Risk
The fund had a label, a governance structure, a published NAV, and a famous manager. None of those things created liquidity when investors needed cash — a study in what structured fund review is designed to catch before the gate comes down.
The Carvana Case: Why Operational Due Diligence Matters Before the Fraud Becomes Obvious
A structured analysis of how governance conflicts, related-party opacity, and reporting quality concerns at Carvana would have been surfaced by a proper ODD review — before Hindenburg's report made them headlines.
The Operational Due Diligence Imperative
A comprehensive framework for evaluating operational risk in alternative investment managers — covering governance, compliance, technology, valuation, and LP communications.