Review the actual governing agreement, relevant position or rights and any amendments or waivers. Identify the provisions relied on to establish engagement in the enterprise.
Check whether a later document changes the original rights
A summary may omit limits or modifications in the signed agreement. Have the real terms assessed rather than treating an unsigned sample or an older version as the investor’s current arrangement. Ask for the complete executed set and check three things on receipt.
First, the signature pages: every counterpart signed, dated, and naming the person who signed for the manager. Second, the amendment history: each amendment with its effective date and the clauses it changed, so the current text can be reconstructed rather than assumed. Third, the schedules and exhibits referenced in the body, since a right described in the agreement is frequently defined in an exhibit that circulates separately.
Then compare the executed text against the summary the investor was given, and list every point at which they differ; that list is what an adviser reads first. Hypothetical example: a summary describes annual member votes on major capital expenditure, while the executed agreement places that decision with the manager above a stated threshold — a difference of substance, discoverable in ten minutes, and far cheaper to raise before funds move than afterwards.