The investment-team fieldbook

Four audiences, one discipline: keep the evidence, assumptions and open questions close enough to the decision that another person can review them. These guides use fictional examples and provide decision-support frameworks for professional review.

Four guides for four investment teams

Private equity GPs: What belongs in the first board pack after a buyout? Carry a gross-retention assumption from underwriting into a board measure.
Hedge funds: Which new filing would actually change your thesis? Separate a source observation from an inference and track what changes the view.
Family offices: The family office co-investment note that survives the meeting Make ownership, conditions and decision rights explicit.
Independent sponsors: How much equity is actually spoken for before exclusivity? Distinguish indications from signed commitments and identify the remaining gap.

Three visual field notes

Each four-page PDF contains images; the equivalent information is provided as accessible text below. The figures are illustrative, and the investment team remains responsible for its decisions.

01 / From diligence to the hold

Cover of the diligence handoff field note: the diligence handoff is the thesis test.

What the investment team underwrote should be visible to the people responsible for the hold. An illustrative pricing-discipline thesis should travel with evidence on price, volume, churn and customer mix. In the fictional example, $96 million of actual revenue against a $100 million plan is a $4 million or 4% shortfall. Ask whether price, volume or mix explains the difference, then record the assumption, source, owner and review date.

Download the diligence handoff field note (PDF, four pages)

02 / Reconcile the evidence

Cover of the evidence field note: a citation is a starting point.

A CIM reporting $20 million of EBITDA and a quality-of-earnings report reporting $18 million may use different definitions, adjustments or periods. Do not average the figures. Record the document, page, definition and period; compare adjustments and dates, and mark the conflict for review. Update the evidence as diligence progresses; the investment team makes the final decision. Read the full diligence conflict log.

Download the evidence field note (PDF, four pages)

03 / Test the valuation assumption

Cover of the sensitivity field note: what would change your mind?

At $10 million of EBITDA, a 10× multiple implies $100 million enterprise value and 9× implies $90 million. The $10 million difference is before debt, fees and other adjustments. Ask which comparable transactions, customer risks and capital needs support the range. Document the assumptions and ask a qualified professional to review them. This is a simplified illustration, not a valuation.

Download the sensitivity field note (PDF, four pages)

These materials are educational decision support, not legal, tax, accounting, valuation or investment advice. AI-generated analysis requires professional review.