Key Factors in Hedge Fund Due Diligence

A hedge fund manager is preparing to launch a new fund focused on early-stage startups in the technology sector. As part of the due diligence process, the manager must assess various factors that can impact the fund's performance. It's crucial to evaluate the historical performance of similar funds and the competency of the management team to understand potential risks and returns.

Which of the following factors would be most critical in determining the viability of this hedge fund investment during the due diligence process?