The partnership or operating agreement, the offering material, the project's job-creation analysis and its reporting commitments, alongside independent advice on all of it. In a direct investment, the equivalent examination is of the business plan and the staffing model.
Read the governing documents, not only the presentation
Project marketing material is written to attract investment and is not a substitute for the documents that will govern the relationship. Read the partnership or operating agreement for the rights the investor actually holds, the reporting the project is obliged to provide, what happens if the project is delayed, and how capital is treated over time. Have an adviser who is not connected to the project read it as well. In a direct investment the parallel work is on your own plan: does the staffing model genuinely support ten full-time qualifying positions, over what period, and funded from where. Both exercises are about testing a plan before committing, rather than after.
Hypothetical example: Maël plans to invest proceeds from a film-equipment rental company sold in stages over eight years. An opening assessment traces the money from operating income through sale documents, tax filings, accounts, and every transfer toward the new enterprise. The sale agreement, bank statements, corporate records, and tax evidence should form a dated chain. Start with older records because they are hardest to replace. A common failure is explaining the source in a narrative while the financial documents show unexplained deposits or an intermediate loan. The review should identify those gaps early, when the investor can still obtain clarification from counterparties or accountants.