We performed basic due diligence on behalf of an allocator for an emerging MEV hedge fund. We found the manager was at risk of losing all the capital, had relatively high execution risks, and little assurance of data integrity. We show how these risks surface in counterintuitive ways and some solutions. We put our findings in a deck, which you can view here upon providing your email: https://docsend.com/view/3wkaca5qw6mufh4e