Tenebra serves institutional investors, family offices, and alternative fund managers who require strategic rigour without full-time resource commitment. You're an ideal fit if:
Investor-side clients:
Fund manager clients:
Board/Governance clients:
You're less likely to be a fit if:
Three distinguishing elements:
1. Allocation Rigour Without Product Bias
We're not selling fund products, platforms, or software. We don't earn fees from asset managers or placement agents. Our recommendations flow from your stated objectives and constraints, not from distribution relationships. We'll recommend alternatives if your risk profile warrants it, or advise against a certain allocation if you lack the operational capacity. We cover the full spectrum: equities, fixed income, alternatives, real estate, structured products and treat allocation holistically rather than treating alternatives as an isolated silo.
2. Institutional-Grade Analytical Frameworks
Our models and governance documents reflect practices used by institutional asset owners (pension funds, sovereign wealth funds, university endowments). We stress-test allocations, model concentration risk across fund managers and geographies, and build decision frameworks that scale with your organisation's sophistication. Rather than offering generic advice, we build bespoke analytical tools your IC can use for years, updating them quarterly as market conditions evolve.
3. Discrete, Strategic Counsel for Managers and Boards
We operate as a "second pair of eyes": whether you're a fund manager wanting independent validation of your investment thesis before pitching to LPs, a board director questioning a capital allocation decision, or an IC seeking external validation of a complex due diligence. Our role is strategic clarity and analytical rigour, not stakeholder management or consensus-building. We tell you what we see, candidly.
4. Governance & Implementation Support
Many advisors deliver recommendations and disappear. We provide implementation coaching: quarterly check-ins as you operationalise frameworks, troubleshooting when governance processes bump against operational reality, and ongoing refinement as your organisation evolves. Retainer clients get continuous access to our counsel rather than one-off recommendations.
A typical 90-120 day pilot produces three core deliverables, tailored to your focus:
1. Strategic Allocation Framework
A customised model analysing your current asset allocation against your stated objectives, risk tolerance, and governance constraints. For example: if you're a family office with £200m across equities, bonds, and 15% alternatives, we'll model an optimal allocation pathway, including whether your alternatives exposure is appropriately diversified across private equity, structured credit, and infrastructure. The framework includes scenario stress-testing (recession, inflation spike, credit dislocation) so you can see how your proposed allocation holds up across market cycles.
2. Governance & Investment Policy Document
A board-ready investment policy tailored to your organisation. This isn't a generic template: it reflects your risk appetite, liquidity needs, and decision-making culture. It includes: IC approval authority thresholds, quarterly review protocols, manager evaluation criteria, and escalation procedures for emerging risks. For example, if you're adding esoteric assets, the policy specifies due diligence requirements, concentration limits, and monitoring triggers unique to those asset classes.
3. Implementation Roadmap & Analytics Toolkit
A phased action plan, often spanning 6-12 months, with specific next steps. We also deliver analytical tools: Excel models you can update independently, manager evaluation scorecard templates, and due diligence checklists for future capital deployment.
Optional add-ons within pilot scope:
STRAD provides strategic analytical frameworks and institutional counsel, not regulated investment advice. We build allocation models, governance frameworks, and due diligence assessments that inform your independent decision-making. We'll tell you candidly what we observe (e.g., 'This manager's fee is 15% above peer benchmarks'), but the final capital allocation decision remains with you and your IC.
Regulated advisory roles: In certain jurisdictions, individuals working with STRAD can be appointed into regulated investment functions, such as Chief Investment Officer (e.g. PCF-30 under FCA/Central Bank of Ireland regulation) or equivalent governance roles. This allows for embedded strategic oversight where regulatory accountability sits with the appointed individual. If your organisation requires a regulated CIO function or similar role, we can discuss whether this structure is appropriate for your jurisdiction and governance needs.
Why this matters: STRAD's analytical advisory model keeps costs accessible and maintains your autonomy over capital decisions. Where regulated fiduciary functions are required, we can structure appropriate appointments. This dual approach gives you flexibility: analytical support or embedded regulated roles, depending on your governance framework and regulatory environment.
Contact us to discuss which structure aligns with your jurisdiction, AUM, and risk governance requirements.
We begin with a complimentary 30-minute consultation to understand your investment governance needs and assess fit. If aligned, we discuss which engagement model suits your situation:
Pilot Engagement (90-120 days): Ideal for organisations exploring strategic advisory for the first time, or those requiring discrete due diligence on a specific decision. Delivers fixed deliverables: strategic investment review, investment policy recommendations, governance framework, and/or manager due diligence.
Ongoing Retainer: For continuous strategic oversight, IC facilitation, quarterly portfolio monitoring, and access to market insights. Retainer clients receive ongoing revision privileges and implementation support.
À la carte projects: Discrete services like fund manager evaluation, second opinions, or governance audits.
Every engagement is tailored. We'll discuss which approach fits your needs during the consultation.
Due diligence projects are scoped individually based on complexity, urgency, and deliverables.
Typical ranges:
What this includes:
Independent analysis of fund strategy, manager team assessment, risk stress-testing, fee benchmarking against peers, and a detailed written opinion. We provide detailed proposals outlining scope, timeline, and fixed fees before engagement. Expedited timescales (1-2 weeks) are available at premium rates.
Please contact us with your specific DD requirements.
We're typically 50-70% more affordable than Big 4 consulting firms (McKinsey, Deloitte, PwC) for comparable fractional CIO and alternatives advisory work.Our independence and boutique model means no markup for brand overhead, geographic overhead, or sales/delivery inefficiency. You're engaging founder-level expertise directly, at specialised advisory pricing—not enterprise consulting rates.
For context: A Big 4 firm might charge £25,000-£50,000/month for fractional CIO services. Our equivalent offering ranges £5,000-£15,000/month depending on scope, complexity, and AUM. Even our comprehensive due diligence (£35,000-£50,000) typically costs less than Big 4 firms' initial scoping phases.
Beyond cost, our advantage is agility: we move faster, maintain continuity (you work with the same senior advisor throughout), and tailor approaches to your specific organisational reality rather than enterprise frameworks.
Step 1: Initial Consultation (30 minutes, no cost)
Submit the form above or email us directly with a brief overview: your organisation type, asset scale, current allocation mix, and what you're trying to solve (e.g., "We're building our alternatives framework and need an independent audit," or "Our board needs a second opinion on this private credit allocation"). We'll schedule a discovery call to understand your situation, discuss fit, and outline how STRAD can add value.
Step 2: Proposal & Scope Agreement
Based on our conversation, we'll provide a tailored proposal specifying: engagement scope (allocation review, governance build, due diligence oversight, etc.), timeline (typically 90-120 days for comprehensive pilots), deliverables, and fees. There's no obligation: the proposal is yours to review internally before deciding to proceed.
Step 3: Project Kickoff
If you're ready, we'll execute an engagement agreement and schedule a 2-3 hour kickoff workshop where we deep-dive into your objectives, constraints, risk appetite, and decision-making culture. We'll also discuss your team's preferred communication cadence and any specific analytical areas requiring early focus.
What to prepare:
Next steps:
We're here to be a thoughtful strategic partner. If STRAD is the right fit, we'll be direct about it. If we're not the best resource for your situation, we'll tell you that too.
Communication channels are tailored to your preferences and engagement type. For pilot engagements, you'll have a dedicated project lead who coordinates regular check-ins via video conference, email, or phone. Ongoing retainer clients typically receive monthly strategic reviews with quarterly in-depth portfolio assessments. We maintain flexibility: if market conditions shift or urgent questions arise, your team is accessible via direct email or scheduled calls within 24-48 business hours. All deliverables and analytical frameworks are shared through secure document portals, ensuring confidentiality throughout our collaboration.
For ongoing retainer clients, we aim to respond to strategic queries within one business day and provide detailed analytical responses within 48-72 hours, depending on complexity. For pilot engagement clients, response times are outlined in your project scope (typically 2-3 business days for non-urgent matters). Time-sensitive market opportunities or risk alerts receive priority attention, often within hours. We understand that you operate in a dynamic environment, so we structure our availability around your decision-making timelines.
Delivery cadence depends on your engagement model. Pilot engagements (90-120 days) include milestone-based updates: initial findings at 30 days, draft frameworks at 60 days, and final deliverables with implementation roadmap at 90 days. Ongoing retainer clients receive monthly investment policy review summaries, quarterly governance framework assessments, and ad-hoc briefings on emerging esoteric asset opportunities or risk developments. All reports are delivered in both executive summary and detailed technical formats, allowing you to share insights with your investment committee or board as needed.
Absolutely. We recognise that strategies evolve. For pilot engagements, scope adjustments can be discussed at milestone reviews. For example, if your focus shifts from alternative investment policy to ESG integration, we'll realign deliverables accordingly. Retainer clients have even greater flexibility: monthly retainers can be paused for up to two consecutive months per year without penalty (useful during quiet summer periods or year-end closures), and service scope can be adjusted quarterly. Our goal is strategic partnership, not rigid contracts: your changing needs drive our work.
Your satisfaction is paramount. If any deliverable doesn't meet expectations, we'll schedule an immediate review call to understand concerns and revise the work at no additional cost. For pilot engagements, each milestone includes a feedback loop. We don't proceed to the next phase until you're confident in our direction. Retainer clients have ongoing revision privileges: if a governance framework or investment policy recommendation doesn't align with your operational reality, we'll refine it collaboratively. We've built our reputation on analytical rigor and client alignment, so dissatisfaction is rare, but when it occurs, we address it transparently and promptly.
Confidentiality is foundational to our advisory practice. All client engagements are governed by comprehensive Non-Disclosure Agreements (NDAs) executed at the outset. We do not provide regulated financial advice, investment recommendations, or portfolio management services. Our analytical frameworks and market insights are tools for your independent decision-making, reducing regulatory complexity. Data is stored on encrypted, access-controlled systems with two-factor authentication. We never share client information, portfolio details, or strategic priorities with third parties. For organisations with specific concerns about their privacy, we can operate under additional anonymity protocols, ensuring your identity and asset composition remain strictly confidential.
Your engagement is led by a senior advisor with deep expertise in alternative investments, esoteric assets, and institutional governance. Depending on engagement complexity, you may also work with specialised analysts for quantitative modelling, legal/regulatory frameworks, or sector-specific research (e.g., private credit, infrastructure, intellectual property-backed securities). We maintain a lean, high-calibre team model and you won't be handed off to junior staff. Your primary contact remains consistent throughout the engagement, ensuring continuity, institutional knowledge retention, and personalised service aligned with your family office or institutional mandate.
Flexibility is embedded in our service model. If urgent questions or new opportunities arise outside your original scope, we handle them pragmatically. For retainer clients, minor expansions (e.g., "Can you review this co-investment opportunity?" or "What's your view on this emerging esoteric asset class?") are often absorbed within monthly retainers as value-added service. Larger scope expansions (such as conducting full due diligence on a new alternative fund or building a completely new governance policy) are quoted separately as discrete projects with transparent pricing. We'll always communicate scope boundaries clearly, so there are no surprise fees.
All deliverables are provided in professional, board-ready formats tailored to institutional use. Analytical frameworks are delivered as interactive Excel models (with clear assumptions, sensitivity analyses, and scenario testing) and PDF strategy documents with executive summaries. Investment policy recommendations come as Word/PDF documents structured for IC approval, including implementation timelines and governance checklists. Governance frameworks include process flowcharts, decision-tree diagrams, and templated policies you can adapt internally. Upon request, we also provide presentation decks (PowerPoint/Google Slides) for board or committee presentations, ensuring your team can communicate our insights effectively to stakeholders.
Implementation support is integral to our approach. We don't deliver theoretical recommendations and disappear. Each framework includes a phased implementation roadmap. We provide templated documents, decision checklists, and timeline guidance. For retainer clients, we offer ongoing implementation coaching: quarterly check-ins to troubleshoot challenges, refine processes, and adjust frameworks as you operationalise them. If you need hands-on facilitation, such as running IC workshops or training your team on new analytical tools, we can provide that as an add-on service.
Absolutely. Our investment policy recommendations are starting frameworks, not rigid templates. We build them based on your stated objectives, risk tolerance, asset scale, and governance structure, but we expect you'll adapt them to your organizational culture and operational realities. Retainer clients receive iterative refinement: after you've tested a policy internally for a quarter, we'll review your feedback and adjust language, thresholds, or approval processes. We also provide modular policy components. If you only need the alternative asset allocation section or the ESG integration addendum, we can deliver that standalone rather than forcing a full policy overhaul.
Yes. Each analytical framework includes a user guide or methodology appendix explaining assumptions, data sources, and how to update inputs as market conditions evolve. For Excel-based models, we include cell annotations and clearly labeled assumption tabs so your team can modify scenarios independently. If you want hands-on training, we offer virtual training sessions (typically 60-90 minutes) where we walk your investment team or IC through model mechanics, demonstrate sensitivity analyses, and answer technical questions. This is particularly valuable for family offices building internal capability. We're not just consultants; we're knowledge transfer partners.
Access depends on your engagement type. Retainer clients receive monthly market insight briefings via secure email: curated analyses of emerging opportunities, regulatory shifts affecting alternatives, and risk developments in private markets. These aren't generic newsletters but are tailored to your portfolio focus (e.g., if you're exploring IP-backed securities or aviation ABS, we'll prioritise those themes). Pilot engagement clients receive market insights relevant to their project scope during the engagement window. If you want ongoing access to our research stream post-engagement, you can transition to a retainer or subscribe to a standalone research advisory tier (priced separately).
Frameworks are designed to be resilient and adaptive, not static. We build in scenario planning and stress-testing assumptions so recommendations hold up across multiple market environments. That said, if a major dislocation occurs, we proactively reach out to retainer clients with updated guidance. Pilot engagement clients receive frameworks with built-in "review triggers" (e.g., "Revisit allocation thresholds if credit spreads widen beyond X%"), empowering you to self-assess when recalibration is needed. If you need formal framework updates post-delivery, we offer that as a discrete project or through transitioning to a retainer model for ongoing strategic support.
Our deliverables are designed to be platform-agnostic and integration-friendly. Analytical models are Excel-based (compatible with most portfolio management systems) and can export data to platforms like Bloomberg, FactSet, or proprietary office dashboards. We don't provide software or IT implementation services, but we can format outputs (e.g., risk reports, portfolio analytics) to align with your existing reporting infrastructure. If you use specialised tools for alternatives tracking (e.g., Dynamo, eFront), we'll structure our frameworks to complement those systems rather than duplicate them. For complex integration needs, we can coordinate with your IT or operations team during implementation.
Yes, with parameters. Within your organisation (including IC members, staff, and board directors) you have full license to share all deliverables. With external advisors (e.g., legal counsel, auditors, co-investment partners), sharing is permitted for the purpose of executing on strategies we've recommended, provided they're bound by confidentiality obligations. What you cannot do: Redistribute our frameworks, models, or methodologies to third parties as standalone products, post them publicly, or use them for consulting services to others. If you're uncertain about a specific sharing scenario (e.g., showing a framework to a prospective fund manager during due diligence), contact us: we're generally permissive when it serves your strategic interests.
We welcome feedback at every stage. The process is simple: email your primary advisor with specific comments or questions. We'll schedule a feedback review call (typically 30-60 minutes) to discuss revisions, then turn around updated deliverables within 5-7 business days for minor changes, or 2-3 weeks for substantial reworks. Retainer clients have ongoing feedback privileges throughout the year; pilot engagement clients receive one complimentary revision round per major deliverable, with additional revisions quoted separately if scope materially expands.
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