Thesis version drilled
v6
Scenarios live
18
Partner-reviewed answers
16
of 18
Disputed answers
2
Firm calibration target
83%
of scenarios fully partner-approved
What's taught
Partners review what Drill teaches before juniors see it
Concentration is structurable, not disqualifyingApproved by 3 partnersTeaching
Illiquid exposure paced across 3+ vintagesApproved by 3 partnersTeaching
A prior pass carries no evidential weightApproved by 3 partnersTeaching
Median hold should be 4 years, not 7Disputed — 1 of 3Flagged
SMA economics require a $75M floorApproved by 3 partnersTeaching
Escalation on material omissions must go through the reporting lineDisputed — 1 of 3Flagged
Fixed sector quotas without edge underperform opportunistic sizingApproved by 3 partnersTeaching
Founder secondaries above 1.5x comp need milestone structureUnder reviewHeld
Calibration plot
Firm-wide agreement rate by quarter
Q1 2025Q2 2025Q3 2025Q4 2025
Disputed scenarios
Where the firm currently disagrees with itself
M. Okonkwo: Hold through year 7 — multiple expansion data is decisive.
R. Falk: Hold through year 7 — secondary depth is unproven through a down-cycle.
S. Vance: Pilot a 4-year median — liquidity has structurally changed since 2022.
Currently taught position: majority view, flagged as open
A disputed answer is never taught as settled. Drill presents both partner positions and marks the scenario as open.