Directors must ensure the performance of all due diligence functions pertaining to a Fund; it is Critica’s belief that this is in fact a duty.  [Due diligence is the most critical function pertaining to Hedge Fund oversight due to relatively light regulatory oversight, the general lack of transparency regarding Hedge Fund portfolio positions, and the difficulty of establishing reliable performance benchmarks.  If performed well, due diligence can reduce risk, increase returns, and make investors more secure.  If performed poorly, investors suffer.  Superficially, a typical due diligence review focuses on the legal documents of an investment vehicle and back office operations of an investment firm.]