The checks are extremely extensive.
Beyond a criminal background check and such, LPs often want to talk to as many as 20 references.
This is far more than almost anyone else. They are often looking for very specific things, in particular, trying to understand if a VC truly has a differentiated play in the market.
VCs will do 3, 4, 5, 6 diligence calls, ideally some “off sheet”. Companies often do 2-3 reference calls.
LPs will often do 5-10x more.