Question 1

What does Polar Night Capital do?

Accepted Answer

Polar Night Capital is a Frankfurt boutique providing independent research, due diligence and ongoing monitoring for alternative investments. We help allocators decide which managers and funds to trust, combining our AI-native ICEBERG DD© engine with experienced human judgment.

Question 2

Who do you work with?

Accepted Answer

We work exclusively with professional and institutional investors: family offices, private wealth managers, and institutional allocators who invest in alternative assets and need independent, rigorous diligence.

Question 3

What is the difference between IDD and ODD?

Accepted Answer

Investment Due Diligence (IDD) examines the strategy, track record, portfolio and edge, assessing whether the manager can generate returns. Operational Due Diligence (ODD) examines everything around the investment: governance, controls, service providers, valuation, compliance and key person risk. We deliver both, and either can be commissioned on its own.

Question 4

Which asset classes do you cover?

Accepted Answer

We cover the full alternatives spectrum: private equity, private credit, real assets and infrastructure, and hedge funds and liquid alternatives. Whatever the strategy, we have the expertise to know what matters and what to look for, because our diligence framework and our team adapt to each manager rather than forcing every fund through the same checklist.

Question 5

What is ICEBERG DD©?

Accepted Answer

ICEBERG DD© is our AI-native due diligence engine. It combines a structured fund database, AI-powered document analysis and expert human judgment across 1,000+ diligence dimensions, 25+ topics and 200+ sections. Today, clients receive its output as institutional-grade IDD/ODD reports and monitoring scorecards. We are also building an API that will let clients and partners integrate ICEBERG DD data and insights directly into their own systems and workflows.

Question 6

How long does a due diligence take?

Accepted Answer

Timelines depend on scope and manager responsiveness. An initial screening can be turned around quickly, a focused operational review typically runs a few weeks, and a full investment and operational due diligence usually takes four to six weeks. We agree scope and timing with you before we start.

Question 7

Are you a regulated investment advisor?

Accepted Answer

Polar Night Capital provides independent research and due diligence support. We do not offer investment advice, portfolio management, or tax or legal advice; our work informs our clients' own decisions, and the investment decision always remains with them.

Question 8

Where are you based?

Accepted Answer

We are based in Frankfurt am Main, Germany, and work with clients across Europe and Asia.