The investment committee memo, drafted from the model, every figure traced and the committee's questions answered before it meets
Memos a committee can trust: every figure traced, its questions answered before it meets.
See one case, screen by screen ↓Investment Committee Memo Drafting is an AI investment memo tool that drafts the investment committee memo — the IC memo a private markets deal team puts to its committee — from the deal model, the CIM and the diligence findings, for the deal team to sign. Seven agents draft each section, tie every figure to a model cell or a page, re-check the figures on every model version and rehearse the committee's likely questions from past minutes. The deal lead approves each section, the deal partner signs and the committee's decision is co-signed by the chair.
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An investment committee memo turns the deal model, the confidential information memorandum and a dozen diligence reports — quality of earnings, legal, tax, commercial, technical, regulatory, ESG, HR — into a recommendation the committee can vote on. The associate builds every table by hand from the model, reads the data room report by report, and writes each section to the committee's template while the pack deadline gets closer.
Then the model changes the night before, and nobody can say which figures in the memo moved. The committee sends the memo back for analysis nobody thought to include — a currency case, a named owner for the 100-day plan, a diligence report still in draft. Foreign-language diligence reaches the committee through a translator's summary, and the record of who approved which section, against which model version, sits in email.
Estimated split for a first full draft of a final IC memo (about 60 associate hours by hand, at 8 hours a day), by hand and with the solution.
Seven agents draft, check every figure and rehearse the committee; the deal lead approves each section and the partner signs.
Quillfield Capital Partners VI, a $6.8 billion fund, proposes to buy 100% of Selvira Medikal, an Izmir maker of IV sets, catheters and wound care, at an enterprise value of $415M. The final IC memo for Project Bosphorus goes to the Private Equity Investment Committee on Monday, October 26; the pack closes Thursday at 5:00 p.m. ET. Here is Tuesday morning, screen by screen, in the working solution.
Nina's day opens on four numbers: the pack closes Thu, Oct 22; 5 of 11 sections approved; 3 committee gaps of 12 questions rehearsed; 184 of 186 figures traced. Under “Needs you”, one next step each: 2 figures changed in model v14, Harold's currency question, a diligence finding not in the memo. Beside it, the agents' overnight thread, each message cited, with a box to ask them anything.
Checker agent, 6:07 a.m.: “Re-verified 186 figures against v14: 184 current, 2 changed. I blocked approval of Financial analysis until a person accepts the fix.”
The Drafting agent wrote all 11 sections to the PE committee's final memo template, from model v14, the CIM and 32 diligence findings. Each figure is a chip: blue for a model cell, violet for a CIM page, green for a diligence page, amber for one the latest model changed — 118, 39 and 29 of 186. On the right, the questions the committee will ask; at the top, the two changed figures, 2027 capex $14.2M → $15.6M and 2027 cash conversion 71% → 68%. Nina accepts both fixes and the memo moves to version 4.
“The Drafting agent proposed the edits; nothing changes until you accept.”
Nina clicks “TRY 41.6M”, the former-distributor claim. The legal diligence report from Turkish counsel opens at page 17: section 4.3 in the original Turkish on the left, the English on the right, marked “checked against the original”. The case is pending before the Izmir 3rd Commercial Court of First Instance; the court expert's report has not been filed. No translator's summary stands in between.
“About USD 0.9 million at today's rate. The memo proposes a specific indemnity in the share purchase agreement.”
From 214 sets of minutes since 2019, read under committee-only entitlement, the Devil's Advocate agent lists what Harold, Rajiv, Margit, Samuel and Yuki are likely to ask on this deal, and why. Nine are already answered in the memo, each pointing to its section. Three are gaps: Harold's lira question, Yuki's “Who owns the plant consolidation in the first 100 days, by name?” and the Turkish tax diligence, whose final report is due October 23.
Harold Brandt, “Asked on 9 of 11 non-USD deals since 2023”: “What happens to IRR if the Turkish lira falls 30%?” — “Model v14 has no currency case; IC policy §3.4 requires one for a business with 59% of revenue in lira.”
Nina clicks “Add FX case”. The Model Watch agent copies model v14 to v15 under her name with an FX_Case tab; the returns are re-run with the lira −30% from January 2027 — 2027 EBITDA $48.9M → $41.2M, exit EV $742M → $618M. The Checker agent verifies the 4 new figures, the Mandate agent tests the IC policy stress floor, and the Drafting agent drafts the new returns row, a summary sentence and the currency mitigant, each cited to FX_Case.
Gross IRR 21.4% → 17.9% · gross MOIC 2.6x → 2.2x · 19.6% with a 50% hedge · 15% stress floor: pass.
Nina saves model v15 and the memo moves to version 5: all 190 figures current, 122 from the model. The returns table gains a currency row marked “New in model v15”, the executive summary says the case returns 17.9% and 2.2x, above the committee's 15% stress floor, and a new condition asks for a hedge of 50% of lira-denominated EBITDA for 24 months. Harold's question turns to answered; two gaps remain.
“Model v15 saved · IRR 21.4% → 17.9% in the FX case · memo updated with the model tab cited”
Tomás sees four model versions, newest first, each with who saved it, when, its cell count and hash — v12 lender terms, v13 QoE adjustments, his own v14 capex re-phasing and Nina's v15 currency case. For each changed cell, the line, before and after, and where it is in the memo. Below, every scenario the memo quotes, base 21.4% to downside 12.8%, with its cells. He can lock the model for IC, so a later edit needs a reason.
Six sections are ready for him. Each is approved and logged separately with the reason he picks — “Figures and sources checked”, “Approved with edit” or “Approved · open question recorded as a condition” — and the two sections carrying an open committee question record it as a condition. Nina, who drafted them, cannot approve her own sections.
“Reason (required, kept in the audit trail)” · signed as Tomás Herrera, deal lead.
Signature opens only when every section is approved, every figure is current and the checks are clean: 11 of 11 sections, 190 of 190 figures on model v15, the mandate check 7 of 7 against Fund VI's LPA — $215M is 3.2% of $6.8B against the 15% single-company limit — and conflicts cleared by Owen Lindqvist, Deputy CCO, on October 19. Catherine signs memo v5 against model v15, with the two open questions listed as conditions.
“Signed by Catherine Vance, Deal Partner · Oct 20, 8:40 a.m. · memo v5 · model v15”
Priya Raman, the IC secretary, distributes the pack — final memo v5, the model v15 extract, the committee questions appendix, the findings index, the mandate check and conflicts clearance — to 5 members and 2 observers through the IC portal. The members' pre-read notes are committee-only. After the vote, the Committee Record agent drafts the record, Priya records “Approved 5–0 with conditions”, and Harold Brandt, the chair, co-signs: the conditions go to the deal CRM and the $215M commitment to portfolio accounting as approved, pending close.
“Pre-read notes and votes never reach the deal team or the Devil's Advocate agent's answers to them.”
The same memo, seen by the five people who carry it to a decision — what the two weeks before committee looked like, and what they look like now.
Seven agents draft, check every figure and rehearse the committee; the deal lead approves each section and the partner signs.
Writes each memo section from the deal model, the CIM and the diligence findings, to the committee's template, in the house style learned from past memos; every figure is bound to a model cell or a page, and it proposes edits when a source changes.
Verifies every figure in the memo against the current model version, the CIM and the diligence pages, and recomputes derived figures — multiples, margins, percentages.
Plays each committee member from past minutes: the questions they are likely to ask on this deal, the minutes it learned them from, and whether the memo already answers each one or leaves a gap.
Reads data-room reports — QoE, legal, tax, commercial, technical, ESG, HR — in their original language and drafts findings with page citations, flagging any not yet in the memo.
Watches the deal model in document management, diffs each saved version and tells the Checker agent which memo figures are touched.
Tests the deal against the fund's LPA investment limits, side-letter exclusions and the IC policy — the stress floor and the required scenarios.
Builds the IC pack, drafts the decision record from the vote and the conditions, and writes conditions and follow-ups to the deal CRM after the chair co-signs.
Approve, sign, record. The agents propose; a named person decides.
On every screen, ask about a memo, a figure or a committee question — or tell the agents what to do. Each answer names the agent, its confidence and its source, and you decide what happens next.
Which figures changed in model v14?
Two of 186: 2027 capex $14.2M → $15.6M and 2027 cash conversion 71% → 68%. Four other cells changed but are not in the memo; IRR is unchanged after rounding.
What will Harold ask first?
The currency question: he asked it on 9 of 11 non-USD deals and asked for it on every such memo in November 2025. This memo has no currency case yet.
Is the deal inside Fund VI's limits?
Yes, 7 of 7: Fund VI's $215M is 3.2% of $6.8B against the 15% single-company limit; Turkey counts toward the 25% outside North America and Western Europe, now 9.6% with this deal; no excluded sector.
Summarize the Turkish legal findings
Seven findings from the Turkish counsel report, read in the original. The material one is a former distributor's claim of TRY 41.6M; also three change-of-control clauses in public tenders. One HR finding is not in the memo yet: the Manisa plant director's contract ends March 31, 2027.
13 screens from the working solution, on its sample data. Pick one to see it large.
The thresholds every investment committee memo is checked against are settings. Each change is saved as a new version and takes effect when compliance approves it; memos already signed keep the rules they were signed under.
| Setting | Default | Choose from |
|---|---|---|
| Agent confidence threshold | 0.90 | Below it, a person confirms before anything enters the memo |
| Figure tolerance | Exact, at display rounding | Any other difference blocks the section |
| Stale figures | Block approval and signature | Until a person accepts the fix |
| Currency case | ±30% for > 25% non-USD revenue | Required by IC policy §3.4 |
| Emerging-market stress floor | 15% gross IRR | The Mandate agent flags a case below it |
| Pack deadline | 2 business days before IC, 5:00 p.m. ET | Set per committee · escalates to the deal partner when missed |
| Rehearsal | Questions at or above 90% confidence | Below it, kept in the agent's notes |
| Retention | 7 years from the committee decision | SEC Rule 204-2 requires 5 years; firm policy keeps 7 · legal holds override it |
Every figure is labelled: a target the solution is built to, an estimate, a typical published result, or a proven one.
“demo” = seen in the working solution, on its sample deal data · “target” = the design goal, measured in the live solution · “estimated” = our estimate · “typical” = published figures (a 2026 vendor guide to IC memo and board pack automation, not checked against a primary survey — 40–80 associate hours for a first draft, 3–4 committee feedback rounds, 15–25% of a deal team's time on live deals; SEC Rule 204-2 on books and records, 5 years). People, firms, funds, deals and companies named on this page are fictional — characters and sample data in the working solution.
Investment Committee Memo Drafting is an AI investment memo tool that drafts the investment committee memo — the IC memo a private markets deal team puts to its committee — from the deal model, the CIM and the diligence findings, for the deal team to sign. Seven agents draft each section, tie every figure to a model cell or a page, re-check the figures on every model version and rehearse the committee's likely questions from past minutes. The deal lead approves each section, the deal partner signs and the committee's decision is co-signed by the chair.
An IC memo, also called an investment committee paper or, in private equity, the investment memo, is the document a deal team writes to ask its investment committee to approve a deal: the recommendation, investment thesis, company and market, financial analysis, returns and scenarios, financing, key risks, diligence status and the value creation plan. In the working solution each committee has its own investment committee memo template: the Private Equity committee's final memo has 11 sections and its preliminary memo 7, the credit committee's final memo 9 and the real assets committee's 10.
Every figure in the memo is bound to a model cell, a CIM page or a diligence page. When a new model version is saved, the Model Watch agent diffs it and the Checker agent re-verifies every figure; changed figures show old → new, the Drafting agent proposes the edits, and approval and signature stay blocked until a person accepts them.
The Devil's Advocate agent reads the firm's past investment committee minutes under committee-only entitlement and matches the deal's features — non-USD revenue, a plant program, public payers, a draft tax report — to the questions members asked on similar deals. It lists only questions at or above 90% confidence, cites the minutes behind each, and never shows a member's vote or notes to the deal team.
Yes. The Diligence agent reads each data-room report in its original language and pins every English figure to its page, so a click on a figure opens the original passage beside the English. The sample data room holds 1,286 documents and 23,400 pages, 31% in Turkish; a scan below read quality is flagged rather than summarized.
Yes. The agents draft, check and propose; people decide. The associate accepts each fix, the deal lead approves each section with a reason, compliance clears conflicts, the deal partner signs, and the IC secretary records the decision for the chair to co-sign. Agents never edit the model, never clear a breach and never record a decision without the IC secretary and the chair.
Every action by people and agents is kept on an append-only audit trail for 7 years, above the 5 years SEC Rule 204-2 requires. One export holds every memo version, every model version with its hash and cell diffs, the figure trace, approvals and signatures with reasons, the committee rehearsal and the agent run log — for an SEC examination, an LP's ILPA DDQ questions on the investment process or internal audit.
The Agentic Solution Engine builds and deploys it from your requirements and documents — your committee templates, IC policy, fund LPAs, and past memos and minutes — and it goes live once every quality gate has passed. We will walk you through it on one of your own closed memos first.
Every KPI cited to its page, every covenant tested the day the pack lands.
1-min demoPrivate Equity Deal ScreeningEvery CIM tested against the fund’s own limits in minutes, with every page cited.
1-min demoVirtual Data Room Due DiligenceEvery document read and every red flag cited to its page, before you sign.
1-min demoWe'll run Investment Committee Memo Drafting on one of your own closed deals and compare it with the memo your committee saw, figure by figure.