Ic Memo

Investment Committee Memo

Workflow

Step 1: Gather Inputs

Collect from the user (or from prior analysis in the session):

• Company overview and business description

• Industry/market context

• Historical financials (3-5 years)

• Management assessment

• Deal terms (price, structure, financing)

• Due diligence findings (commercial, financial, legal, operational)

• Value creation plan / 100-day plan

• Returns analysis (base, upside, downside)

Step 2: Draft Memo Structure

Standard IC memo format:

I. Executive Summary (1 page)

• Company description, deal rationale, key terms

• Recommendation and headline returns

• Top 3 risks and mitigants

II. Company Overview (1-2 pages)

• Business description, products/services

• Customer base and go-to-market

• Competitive positioning

• Management team

III. Industry & Market (1 page)

• Market size and growth

• Competitive landscape

• Secular trends / tailwinds

• Regulatory environment

IV. Financial Analysis (2-3 pages)

• Historical performance (revenue, EBITDA, margins, cash flow)

• Quality of earnings adjustments

• Working capital analysis

• Capex requirements

V. Investment Thesis (1 page)

• Why this is an attractive investment (3-5 pillars)

• Value creation levers (organic growth, margin expansion, M&A, multiple expansion)

• 100-day priorities

VI. Deal Terms & Structure (1 page)

• Enterprise value and implied multiples

• Sources & uses

• Capital structure / leverage

• Key legal terms

VII. Returns Analysis (1 page)

• Base, upside, and downside scenarios

• IRR and MOIC across scenarios

• Key assumptions driving returns

• Sensitivity analysis

VIII. Risk Factors (1 page)

• Key risks ranked by severity and likelihood

• Mitigants for each risk

• Deal-breaker risks (if any)

IX. Recommendation

• Clear recommendation: Proceed / Pass / Conditional proceed

• Key conditions or next steps

Step 3: Output Format

• Default: Word document (.docx) with professional formatting

• Alternative: Markdown for quick review

• Include tables for financials and returns, not just prose

Important Notes

• IC memos should be factual and balanced — present both bull and bear cases honestly

• Don't minimize risks. IC members will find them anyway; credibility matters

• Use the firm's standard memo template if the user provides one

• Financial tables should tie — check that EBITDA bridges, S&U balances, and returns math is consistent

• Ask for missing inputs rather than making assumptions on deal terms or returns