Private fund investors have become increasingly savvy in recent years, and one sign of that growing sophistication is the level of scrutiny focused on managers of private funds in which they are considering investing. Far beyond the simple review process that it once was, due diligence of private fund managers and their funds has become an intrusive process, as prospective investors seek deeper insight into managers’ operations and access to sensitive documents. Consequently, a manager must be prepared to tactfully respond to these invasive requests, providing sufficient information to satisfy the investors’ requests while protecting the manager’s business and confidentiality. In an effort to determine industry best practices for responding to these requests from prospective investors, the Private Equity Law Report surveyed 20 general counsels and other “C‑level” decision makers at leading private fund managers. We are presenting the results of that survey in a two-part article series. This first article describes the types of information that investors are requesting from private fund managers, focusing on the most intrusive requests. The second article will explore how managers have responded to those requests while mitigating the potential negative consequences of releasing sensitive information. For analysis of the investor view of due diligence, see “Perspectives on Operational Due Diligence From an Investor, Consultant and Manager” (Nov. 9, 2017); and “How Due Diligence Professionals Approach the Private Fund Review Process” (Jun. 15, 2017).