In December 2001, Paul DiLeo and Mercedes Cuadra were contracted by several of the investors in ProFund to undertake an evaluation of the performance of the fund. Paul DiLeo and Mercedes Cuadra, based in the U.S. and Nicaragua respectively, are directors of Scion Associates, which provides services to the development finance industry, including institutional assessments, cost and product analysis, and sector studies. The objectives of the evaluation were as follows