The best investors don't just read the same public research everyone else reads. They talk to the people who actually ran the company, sold the product, or regulated the industry.
Independent research providers — expert networks, transcript databases, and primary research platforms — are the infrastructure that makes this possible at scale. But they're not all equal, they're not cheap, and for most VC funds under $200M, the standard playbook does not pencil out the way it does for a $10B hedge fund.
I've invested in 65+ companies across early-stage and growth. The best diligence I've done didn't come from a $1,500 GLG call — it came from a 20-minute conversation with a former customer who happened to be in my network. But those conversations don't happen by accident. Here is how the ecosystem actually works, and how to use it intelligently depending on your fund size and strategy.
What Independent Research Providers Actually Are
The term "independent research provider" covers three distinct categories, each with different cost structures and use cases:
Expert Networks
$800–$2,000/hour per callPlatforms that connect investors with former executives, domain experts, and practitioners for live 30–60 minute calls. The expert is compensated $200–$500/hour while the platform charges the investor $800–$2,000/hour and keeps the spread.
Examples: GLG, AlphaSights, Guidepoint, Coleman Research
Transcript Databases
$15k–$150k/year subscriptionLibraries of recorded and transcribed expert calls, earnings calls, and industry interviews. Lower cost-per-insight because you're accessing pre-existing content, not commissioning new calls.
Examples: Tegus, Contrary Research, Stream by AlphaSights
Commissioned Research
$5k–$50k per report or retainerCustom research reports, surveys, and analysis produced by independent analysts or boutique research firms. Most common in public equities, less common in venture but growing for sector thesis development.
Examples: Sanford Bernstein, RedBurn, independent boutiques
The Major Independent Research Platforms Compared
Not all platforms serve the same investor profile. Here is how the major players stack up:
| Platform | Expert Pool | Best For | Pricing Model |
|---|---|---|---|
| GLG | 700,000+ global experts | Hedge funds, PE — high volume call programs | $800–$2,000/hr or enterprise contract |
| AlphaSights | 40,000+ institutional clients served | PE diligence, strategy consulting | $900–$2,500/hr, annual agreements |
| Tegus | Transcript-first, 200k+ transcripts | Research teams, pre-call prep, sector deep dives | $25k–$150k/year subscription |
| Guidepoint | 900,000+ advisors | Law firms, corporates, broad coverage needs | $700–$1,800/hr |
| Coleman Research | 80,000+ verified experts | Emerging market sectors, niche domains | $600–$1,500/hr |
How Hedge Funds vs. VC Funds Use Independent Research Providers
The gap between how hedge funds and VC funds use expert research is massive — and it matters for how you should think about your own research budget.
Large Hedge Funds ($1B+ AUM)
- →50–100+ expert calls per month across portfolio and pipeline
- →Dedicated research teams coordinate call programs before initiating positions
- →Multi-network contracts with GLG + AlphaSights simultaneously
- →Expert calls represent 5–15% of total research budget ($500k–$3M/year)
- →Tegus used for rapid pre-call prep and competitive landscape mapping
VC Funds ($50M–$500M)
- →5–15 expert calls per quarter at most, often fewer
- →Better ROI from a curated advisor network than per-session fees
- →Tegus subscription ($25–50k/year) often the best external research spend
- →Direct founder and operator relationships outperform cold expert calls
- →Research edge comes from network depth, not platform access
The math is simple: a hedge fund deploying $50M into a single position has enormous ROI from a $15,000 expert call program that sharpens the thesis. A VC fund writing a $3M check at seed cannot justify the same economics. The research infrastructure has to match the deployment size.
When Independent Research Providers Are Worth the Cost
After running diligence across 65+ investments, here is my honest take on when these platforms actually earn their fees:
Pre-Term-Sheet on Large Checks ($5M+)
High ROIExpert calls pay for themselves if they prevent a bad investment or sharpen a conviction on a $10M+ deployment. Run 3–5 calls with former customers and competitors.
New Sector Thesis Development
High ROIWhen entering a vertical you don't know well, a Tegus subscription or 5–8 expert calls can compress 6 months of learning into 2 weeks. This is where the asymmetry is strongest.
Reference Checks Beyond the Founder's List
High ROIFinding back-channel references through expert networks — people who actually worked with the founder or competed against the company — surfaces what warm intros don't.
Deal-by-Deal at Seed/Pre-Seed
Low ROIA $1,500 expert call on a $500k check is economically irrational. Your proprietary network and founder references matter more here than paid expert access.
Post-Investment Monitoring
Medium ROIOccasional expert calls to understand how a portfolio company's market is shifting can be valuable, but most VCs get this from board seat visibility instead.
Building a Proprietary Research Network That Outperforms Paid Platforms
The most sophisticated investors I know don't rely exclusively on paid expert networks. They build proprietary advisor ecosystems that operate at lower cost per insight, with better trust, and with ongoing relationship value rather than one-off transactional calls.
Here is the framework I use and recommend for VC funds operating in the $50M–$300M range:
Build a 50-Person Domain Advisory Pool
For each major sector you invest in, cultivate 10–15 relationships with former operators, executives, and practitioners. These aren't paid advisors — they're people who genuinely want to engage with your fund's portfolio and thesis. Equity grants or nominal advisory fees work better than cash because they create ongoing alignment.
Use Tegus for Pre-Call Research and Competitive Mapping
Before any expert call — paid or proprietary — run a Tegus transcript search on the company, its competitors, and its customers. You'll walk into conversations with better questions, cut call time in half, and look like you've already done deep work. A $25k Tegus subscription replaces what would cost $150k+ in live GLG calls to gather the same baseline knowledge.
Leverage Portfolio Founders as Expert Sources
Your portfolio founders know their markets deeply. Most VCs underutilize this. A portfolio founder in fintech infrastructure can give you better competitive intelligence on a fintech deal than a $1,500 GLG call with a former regional bank VP. Build a structured process for tapping this expertise during diligence.
Run Paid Expert Calls Selectively on High-Stakes Diligence
Reserve GLG or AlphaSights for deals where you're seriously considering a $5M+ check and need access to experts outside your proprietary network — specific regulatory knowledge, a competitor's former CTO, a customer in a geography you don't cover. At 5–10 calls per year at $1,500 each, this is a $7.5k–$15k/year budget, not a $100k+ platform commitment.
The Compliance and Legal Dimension
Expert networks aren't just a research spend question — they're a legal and compliance issue. Several hedge funds have faced SEC enforcement actions related to expert network use, most notably the Galleon Group case in 2011 and subsequent insider trading prosecutions where expert calls were the primary evidence of information misuse.
Prohibited Topics
- ✕Material non-public information (MNPI)
- ✕Specific unreleased financial guidance
- ✕Upcoming M&A or strategic decisions
- ✕Information the expert is under NDA to protect
Required Practices
- ✓Compliance pre-screening of expert relationships
- ✓Recording or logging expert calls
- ✓Expert attestation that they share no MNPI
- ✓Fund counsel review of expert network agreements
The major platforms — GLG, AlphaSights, Guidepoint — have robust compliance programs and have invested heavily in expert vetting and call monitoring since the Galleon-era enforcement actions. Still, every fund should have legal counsel review their expert network usage policy before scaling a call program. Track which expert calls informed which investment decisions, and retain records.
You can track fund performance and benchmark VC returns at the VC Performance Dashboard on Value Add VC — useful context when evaluating whether research investment is translating into better portfolio outcomes.
The research edge in investing doesn't come from access to the same platforms everyone else uses.
It comes from asking better questions of people with real context — and building those relationships before you need them.
Track VC fund performance benchmarks and compare returns at the VC Performance Dashboard on Value Add VC. Originally published in the Trace Cohen newsletter.