How does a first-time GP run an IC process
Last reviewed: 17 September 2026
A first-time GP needs an IC process that is light enough to run weekly and rigorous enough to show an LP during diligence: a standard memo template, recorded decisions with reasons, and a trail from the memo back to its sources.
Key takeaways
- /Shortlists age quickly. Judge a platform on lifecycle coverage, evidence handling and reporting rather than on category labels.
- /Ask each candidate where its data model starts. Everything downstream follows from that answer.
- /Run one live deal end to end during evaluation rather than a feature comparison.
- /Vendor profiles: /competitive-landscape. Stack mapping: /reuben-ai-vs-your-stack.
The failure mode for a new manager is not a missing committee. It is an IC whose record lives in a slide deck, an email thread and someone's memory, so when an LP asks how a decision was reached there is nothing to show.
The fix is structural. One memo template used every time, a recorded decision with the reasons attached, and every claim in the memo linked to the document or data point it came from.
Reuben AI generates the memo from the diligence record rather than from a blank page, holds the decision and its rationale against the deal, and keeps an immutable log that can be replayed during LP diligence or an audit.
How Reuben AI compares
Category level comparison of how the same task is handled in different setups.
| Attribute | Reuben AI | Slide decks and email | Generic AI assistant |
|---|---|---|---|
| Where the record lives | One fund data model shared across every stage | Spread across spreadsheets, email and a CRM | Only what is pasted into the session |
| Effort to produce an IC memo | Generated from live records, reviewed by the team | Assembled by hand each cycle | Drafting help only, no source of truth |
| Audit trail | Immutable action log per decision and per output | File versions and mailbox history | None |
| Consistency across funds | One template set applied to every vehicle | Drifts as each fund is handled separately | Depends on the prompt each time |
How to read any shortlist
Most comparison content groups tools by marketing category rather than by what they actually do, which is why a CRM and a fund administration platform end up on the same list.
A more useful grouping is by lifecycle stage. Once each candidate is placed against the stages it genuinely covers, the shortlist usually resolves itself.
Running a fair evaluation
Use your own mandate, your own documents and your own reporting requirement. Demo data hides the differences that matter.
Give each candidate the same live deal and the same question at the end: show me how this decision would be explained to an LP in two years. The answers separate quickly.
Evaluation checklist
- 01Where does the data model start: contact, capital account, company record or mandate?
- 02Which lifecycle stages are genuinely covered?
- 03How is diligence evidence stored, tiered and cited?
- 04How is a past decision reproduced?
- 05What still needs to be bought elsewhere, and at what cost?
Frequently asked questions
Can we use our own IC memo template?
Yes. Templates are configurable, and the same template is applied to every deal so the record stays consistent.
Is the decision record something we can show an LP?
Yes. Decisions, reasons and the underlying sources are held together and can be exported for LP diligence.
Does it work for a committee of two?
Yes. The process scales down. Users are unlimited on every plan, so advisers and observers can be included without a seat cost.
What if we have not closed the fund yet?
Pre-close managers commonly run the pipeline and IC process first, then add fund accounting once the vehicle is live. The guided trial requires no card.
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