One
Can this money disappear for 7 years?
AIF commitments are illiquid by design. If the answer is anything but a comfortable yes, the conversation ends here — pleasantly.
Two
Is the core already built?
Alternates are the roof, not the foundation. Goals funded, emergency reserves set, listed portfolio humming — then, and only then, this.
Three
Does the manager deserve it?
Track record across a full cycle, skin in the game, clean fee terms. Dispersion between the best and median AIF is enormous — selection is everything.