IC Memo Template: 23-Section Structure PE Committees Actually Use
A complete 23-section investment committee memo template for private equity, built on a two-tier structure where the summary can never contradict the analysis beneath it.
Direct Answer
A strong PE investment committee memo has two tiers. Four synthesis sections (executive summary, investment thesis, investment thesis scorecard, and recommendation) are written only from the completed analysis sections beneath them, never from raw documents. Nineteen primary analysis sections are built directly from deal documents and diligence evidence, with every material figure traceable to a source page. The two-tier rule exists for one reason: the summary cannot contradict the analysis it summarizes.
The two-tier consistency principle
Primary analysis sections read directly from source material; synthesis sections read only from the completed primary sections. When synthesis is constrained to the finished analysis, a contradiction between the summary and the body becomes structurally impossible rather than merely unlikely.
Tier 1: four synthesis sections
Executive summary, investment thesis, investment thesis scorecard, and recommendation, each distilled from primary sections that already carry citations.
Tier 2: nineteen primary sections
Company overview, products and services, market overview, competitive landscape, customer analysis, historical financials, quality of earnings flags, projections and assumptions, valuation, comparable transactions, returns analysis, transaction structure, management team, value creation plan, risks and mitigants, due diligence status, legal and regulatory considerations, ESG and compliance review, and exit paths.
Generation order matters
Draft and review the 19 primary sections first, then write the synthesis tier from them. When new diligence lands, revise the affected primary section and regenerate the synthesis tier.
Frequently Asked Questions
What is a synthesis section in an IC memo?
A synthesis section is one that reads only from other completed memo sections, never from raw deal documents. In this template the executive summary, investment thesis, thesis scorecard, and recommendation are synthesis sections. The constraint guarantees the top of the memo agrees with the analysis beneath it.
Can AI draft an IC memo using this structure?
Yes, if the workflow enforces the same rules a good deal team would: primary sections generated from source documents with page-level citations, synthesis sections generated only from the completed primary sections, and human review before anything reaches the committee. ReturnCatalyst implements this two-tier architecture natively and produces a complete 23-section memo in under an hour.
Should PE teams review AI-generated outputs before use?
Yes. ReturnCatalyst is a decision-support platform. Deal, finance, legal, tax, valuation, underwriting, and portfolio conclusions should be reviewed by qualified professionals before use.