For Private Equity Firms, Family Offices, and Corporate Acquirers
Customer Evidence for Your Deal Strategy
Structured market research that delivers the investor intelligence you need for confident acquisition decisions.
The Research Gap in Private Equity Due Diligence
Expert Network Calls
Cost: USD 400-1,500/hour
Scope: Single perspective
Output: Conversation notes, no synthesis
Timeline: Ad hoc
Strategy Consultancy
Cost: USD 500K+
Scope: Full engagement, much beyond your scope
Output: Strategy framework
Timeline: 3-5 months
The Gap
Cost: SGD 10,000-40,000
Scope: Structured multi-stakeholder research
Output: Investment committee-ready report
Timeline: 3-8 weeks
You need customer insight beyond surface-level sentiment
When evaluating an acquisition target, strategic consultants give you frameworks at scope you don't need. Expert networks give you anecdotes, not evidence. What you need is structured market intelligence from the right respondents, synthesized into findings your investment committee can act on.
"Frameworks don't close deals. Customer evidence does."Research designed around your deal thesis
We design research around your specific strategic questions. Your deal thesis. Your portfolio company's growth thesis. We conduct 20-80 depth interviews or focus groups with your target customer base, synthesize the findings within 3-8 weeks, and deliver reports that read like investment due diligence, not marketing research.
20-80 interviews. 3-8 weeks. IC-ready deliverables.10 years of PE rigor in primary research
Assembled brings PE rigor to primary research. We have spent the last 10 years running customer research for pre-acquisition diligence, post-acquisition integration planning, and carve-out validation. We know what drives acquisition returns. We know what your investment team needs to know.
Pre-acquisition. Post-acquisition. Carve-out validation.Assembled is a Singapore-based market research agency founded in 2016, led by Felicia Hu (columnist at MRS Research Live, ESOMAR Research World, and GreenBook). Across 600+ completed projects spanning 100K+ panel members, Assembled has delivered structured customer due diligence research for PE portfolio companies, family office investment evaluations, and corporate acquirers. The firm specialises in PE-specific research methodologies including customer retention analysis for acquisition target valuation, pricing power assessment, post-deal integration planning, and carve-out validation. Pricing starts at SGD 10,000 for focused sprint research and reaches SGD 30,000-70,000 for premium multi-market studies. All projects are fixed-fee, delivered within 3-8 weeks.
Why Assembled for Deal Research
Deal-Centric Methodology
Every research design is built around your investment thesis. We skip the branding questions and focus on customer retention, pricing power, competitive moats, and integration risk.
PE-Ready Deliverables
Reports structured for investment committee consumption. Executive summary with strategic implications, segmented findings, and risk assessment. No marketing fluff.
Speed Without Compromise
3-8 week turnaround on fixed-fee basis. Our team is built for rapid deployment. We maintain a vetted global research network, so setup is fast and quality is consistent.
Depth of Expertise
Our lead researcher has moderated 600+ projects personally. Columnist at MRS Research Live, ESOMAR Research World, and GreenBook. We know financial services, B2B industrials, retail, and consumer segments at PE acquisition stage.
Transparent Fixed Pricing
No surprises. No hourly rates or variable costs. Sprint projects start at SGD 10,000. Full programmes scale to SGD 70,000. Budget matches your deal size.
Singapore, Global Reach
Based in Singapore with full fluency in Asian markets and cross-border transaction dynamics. Can mobilize research teams for market entry research across Southeast Asia, East Asia, and beyond.
Felicia Hu, Managing Director and Founder
Felicia Hu founded Assembled in 2016. She personally moderates and oversees all major client projects, bringing hands-on involvement to every research engagement. Across 600+ projects, she has conducted in-depth interviews and focus groups spanning financial services, B2B industrials, premium retail, and consumer health categories.
Columnist at MRS Research Live, ESOMAR Research World, and GreenBook. Quoted in South China Morning Post. 100,000+ panel members across Singapore and Southeast Asia. Fluent in English, Mandarin, Cantonese, Hokkien, and Singlish.
Private Equity Deal Evidence in Action
Real-world examples of customer research that shaped acquisition strategy. (Client names anonymized per NDA.)
Regional Insurer Retention Study
Customer retention drivers across portfolio products.
80+ depth interviews across 8 product streams. Research question: Which product lines face highest switching risk post-acquisition? Finding: Two product segments showed significant upsell potential if distribution integration is handled carefully. One segment faced pricing pressure risk. Investment implication: Retention modeling adjusted post-due diligence, affecting valuation and carve-out strategy.
Expatriate Banking Research
HNWI switching drivers across cross-border financial services.
5-country study, 60+ depth interviews with HNWI clients. Research question: What drives switching to competitors in cross-border banking? Finding: Switching motivated by regulatory clarity and tax planning support, not by rates. Competitive positioning weaker than assumed. Investment implication: Identified revenue defensibility gaps; influenced post-acquisition roadmap for financial advisory capabilities.
B2B Industrial Services NPS Study
Customer satisfaction segmentation and at-risk account identification.
40+ depth interviews with procurement and operations leaders. Research question: Which accounts are at risk of switching? Finding: Satisfaction clusters identified. Three key accounts rated as at-risk despite historical loyalty. Post-acquisition integration plan adjusted to prevent customer loss in first 90 days.
Luxury Retail Customer Positioning
Premium price defensibility and purchase justification mapping.
50+ depth interviews with premium customers. Research question: Can pricing power be sustained post-acquisition? Finding: Premium positioning is vulnerable to value-oriented messaging. Customer justification for premium pricing relies on exclusivity, not functional superiority. Investment implication: Pricing strategy adjusted; distribution control becomes key value driver post-deal.
Fintech Adoption Behavioral Study
Stated vs behavioral preference gap in technology adoption patterns.
Pre-Task Immersion methodology: 30+ in-depth interviews where users interacted with product in context. Research question: Will customers actually adopt the tool at the price point and required account balance? Finding: Stated willingness to adopt did not match behavior when users saw real product friction. Integration roadmap adjusted to address UX gaps before customer launch.
Competitive Threat Assessment
Competitive moat durability and market position vulnerability.
35+ depth interviews across multiple customer segments. Research question: How durable is the competitive position? Finding: Moat is narrower than management assumed. Three emerging competitive threats identified. Investment implication: Adjusted growth projections; identified post-acquisition strategic priorities to strengthen competitive position.
Private Equity Research Pricing
Fixed-fee, all-inclusive models. No hourly consulting fees. Everything from research design through final delivery is included.
Sprint Research
Ideal for: Targeted customer validation, competitive positioning check, single-segment diligence questions.
Full Programme
Ideal for: Multi-stakeholder diligence, acquisition validation, post-deal customer planning.
All pricing includes research design, moderator fees, transcription, analysis, report, and presentation. Travel expenses for in-person research (where required) quoted separately. See our insights on customer behavior gaps and research methodology articles.
From Brief to Investment Committee
Typical research timeline. Expedited timelines available for deals in critical phases.
Brief & Design
3-5 days. We align on your strategic questions, sample definition, and deliverable format.
Recruitment & Conduct
7-14 days. Recruit and conduct interviews or focus groups. Global team manages same-time zones, so execution is tight.
Analysis & Synthesis
5-7 days. Transcribe, code, and identify key findings. Build frameworks tied to your investment thesis.
Report & Presentation
3-5 days. Final report, executive summary, presentation slide deck. Ready for investment committee.
Assembled typical timeline: 3-8 weeks. Strategy consulting: 12-24 weeks.
Who We Serve
Family Offices
Validating acquisition targets for direct investment. Customer evidence that informs valuation and growth assumptions.
Mid-Market PE
Pre-acquisition diligence and post-deal 100-day integration planning. Evidence-based customer retention strategy.
Corporate Development
Strategic M&A and carve-out validation. Customer insight for integration planning and go-to-market strategy.
M&A Advisory
Value creation support for client deals. Customer research that strengthens diligence narratives and deal positioning.
Frequently Asked Questions
What is the difference between commercial due diligence and customer due diligence?
Commercial due diligence is the broad evaluation of a target company's market, customers, competitors, and growth potential. Customer due diligence is the customer-focused component of CDD. It involves structured research with actual customers to assess retention risk, pricing power, competitive positioning, and satisfaction. Assembled specialises in the customer research component, delivering investment-grade customer intelligence within 3-8 weeks from SGD 10,000.
How much does commercial due diligence cost in Singapore?
Global strategy consultancies typically charge USD 500,000 or more for a full commercial due diligence engagement spanning 12-24 weeks. Assembled offers the customer research component of CDD from SGD 10,000 for a focused sprint (8-12 interviews) up to SGD 70,000 for premium multi-market programmes (50-80 interviews). All projects are fixed-fee with no hourly consulting rates.
How long does commercial due diligence take?
Full commercial due diligence by strategy consultancies typically takes 12-24 weeks. Assembled delivers the customer research component in 3-8 weeks depending on complexity. We can mobilise within 3-5 days and conduct research in parallel with other workstreams. Expedited timelines are available for deals in critical phases.
What is the difference between Assembled and a strategy consultancy for PE due diligence?
Strategy consultants design comprehensive transformations and deliver strategic recommendations. We design and execute primary customer research. We answer specific questions about customer behavior, retention risk, competitive positioning, and pricing power. We deliver the evidence so your team can make the decision. This focus makes our turnaround fast (3-8 weeks vs 12-24 weeks for strategy consulting) and our pricing dramatically lower (SGD 10K-70K vs USD 500K+).
Do you conduct commercial due diligence research outside Singapore?
Yes. We have conducted 50+ multi-country research programmes across Southeast Asia, East Asia, and beyond. Financial services, B2B industrials, and consumer health focus. We manage translation, local recruitment, time zone coordination, and multi-market synthesis. We also serve as expert advisors on customer dynamics in specific markets such as Southeast Asia expatriate banking and Japan premium retail. Learn more about our expertise and approach.
How do you handle confidentiality during deal due diligence?
All research is conducted under strict NDA. We do not share respondent names, client names, or deal-specific findings beyond your deal team. We anonymise case studies to protect client and respondent privacy. Your deal thesis and research questions remain completely confidential.
The customer evidence your deal needs
Structured customer intelligence from SGD 10,000. 3-8 weeks. Senior-led. Fixed-fee.
Request a proposalfelicia@assembled.sg · WhatsApp +65 8118 1048
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