The decision remains yours
“Invest”, “watch” and “pass” are documented states recorded by the principal. They are not recommendations presented by Le Club X as suitable for the principal.
Research-only boundary
Evidence and challenge—not delegated judgment.
Le Club X provides independent research, factual diligence, structured opposition and documentation support. The principal remains responsible for every investment decision.
No transaction function
Le Club X does not execute or transmit orders, place securities, arrange investments, hold assets, provide custody, manage capital or raise funds.
Independent economics
The fixed fee is paid by the principal and is not contingent on a transaction or outcome. No issuer referral, placement or fundraising compensation forms part of the mandate.
Confidentiality & data
The application is for fit, not diligence materials.
The initial form asks only for identity, contact details, relevant experience, investment bands, sectors, geographies and the decision problem the principal wants to improve.
Before engagement
- Do not submit bank statements, identity documents or portfolio files.
- Do not send confidential company information through the application form.
- Submission creates no advisory relationship and commits neither party.
After engagement
- Confidential information is requested only when necessary for the written research scope.
- Sensitive materials move through an approved secure channel, not the public form.
- Access and retention boundaries are agreed in the written engagement.
Risk
Private-company investing can result in total loss.
Information may be incomplete or wrong. Valuations can fall, dilution can be substantial, liquidity may not appear and even an exceptional company can be the wrong investment at the wrong price or ownership level. “100×” is an analytical possibility, not a forecast, target or guarantee.
Essential questions
Before requesting a mandate.
Who selects the two companies?
The two research questions are agreed with the principal at the opening of the mandate. The engagement is not a deal-flow or sourcing service.
What if neither opportunity survives the standard?
A documented pass can be a successful outcome. The fee covers the quality and independence of the research process, not the production of an invest decision.
How much time does the principal commit?
The principal participates in the opening, the two red-team councils and the final handover, and remains available for focused decisions about scope, evidence and unresolved questions.
Does the mandate include legal or tax advice?
No. Specialist legal, tax and accounting advice must be obtained separately from appropriately qualified advisers.
What happens after 90 days?
The research files, council records, thresholds and watch conditions are handed over as a reusable decision system. Any further engagement requires a separate written scope.
Why is the fee fixed?
The value of disciplined research does not depend on whether the principal invests. A fixed, principal-paid fee avoids transaction and outcome incentives.