03 March 2026 · 5 min

[PLACEHOLDER] Counterparty quality is not counterparty size

The conventional proxies for institutional quality — fund AUM, portfolio breadth, brand — collapse as predictors when the engagement is intuitu personae.

[PLACEHOLDER] Second sample essay. The drop cap should appear on this opening paragraph. Editorial layout, generous margins, single column, no sidebar.

The proxy problem

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What we look for instead

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