The 5-Step Framework for Underwriting Private Deals

The five-step framework two experienced LPs use to vet any private market deal before a dollar goes in. No guest this week, just Litan Yahav (Co-Founder & CEO of Vyzer) and longtime LP Mike Arndorfer opening up their exact process: sourcing, manager vetting, deal mechanics, risk, and portfolio fit. Then they put it to work on a live, anonymized $18M multifamily teardown. This is the practical version of the six-week program they run, condensed into one conversation. Highlights: Why most LP losses in privates came from having no framework, not interest rates or bad timing The five steps: source the deal, vet the manager, dissect the deal, price the risk, and ask whether it even fits your portfolio How to read a manager: track record behind the numbers, financial statements, transparency, and whether you're dealing with the operator or a capital raiser The fee trap: why the fees that hurt you live in the PPM and subscription docs, not the pitch deck A real deal walkthrough: an $18M multifamily raise on floating-rate bridge debt with a rate cap expiring in 18 months, and why the leverage is the point of failure This was the 30,000-foot version. The full framework is a six-week program where Litan and Mike go deep on each step against your own portfolio. Want in on the next cohort? Apply here: https://go.vyzer.co/lab Want to see deals that actually pass this kind of vetting? The ones that scored 4+ in our Investment Committee are here: https://dealreport.vyzer.co/top-scoring Litan Yahav is Co-Founder & CEO of Vyzer, a wealth platform that tracks over $30B in private assets and powers tools like GP Check (gpcheck.vyzer.co) for background-checking sponsors. Listen on Spotify: https://open.spotify.com/show/7F0JHBoB5SWvAi12WNmR2e Listen on Apple Podcasts: https://podcasts.apple.com/us/podcast/vyzer-weekly/id1859061480 Watch on YouTube: https://www.youtube.com/playlist?list=PLVH9Pz5-HyDBtJSrgG6tbZhhdX1v-6G6E Subscribe to weekly calls: https://luma.com/vyzerweekly