Where market DD tests the demand base, this workstream tests what the target captures from it. Concentration decomposition, pricing power diagnosis, twelve-month competitive move tracking.
The workstream that tests whether the demand the target sells into is what the CIM says it is. Bottom-up TAM, growth vintage decomposition, and cyclicality benchmarking.
Scoping decides what to test. Execution decides whether the tests get run with signal or noise. Team composition, workstream sequencing, and data room engagement.
Partners Group exits atNorth. CPP takes 60 percent, Equinix takes 40 percent as strategic operator. Commercial DD scoping applied to a joint sponsor-plus-strategic acquisition of Nordic data centre capacity.
Most of what determines whether DD creates or destroys value happens before the data room opens. What to examine, at what depth, against what walk-away criteria, with what pre-committed authority.