How to write a private deal one-pager
TL;DR
A private deal one-pager leads with a clear recommendation, states the thesis in two lines a partner can repeat, shows the unit economics, weights the three risks that could break the deal, and lists the proposed terms. If it does not fit on one page, keep editing.
The structure
Recommendation. Invest or pass. Cheque size. Ownership. Round.
Thesis. Two lines. Why now, why this team, why this market.
Company. What they do, in plain English. Traction so far.
Unit economics. Gross margin, payback, retention. From the data room, not the deck.
Market. Bottom-up sizing. What has to be true for the market to matter.
Risks. Three real ones. What would make you exit.
Terms. Valuation, structure, key protections, follow-on strategy.
Common mistakes
A thesis nobody could disagree with. Traction charts without cohort context. Risks that are strengths in disguise. No mention of exit path or reserve strategy.
How this shows up on the job
Every VC, growth and PE fund runs on one-pagers before deals go to full IC. Analysts write dozens per quarter. The teams that write clearly get their deals heard.
How Reuben AI helps
Reuben AI drafts the one-pager from the data room and the fund's mandate, with every number linked to its source. Students can start on the Free workspace to practise on real private deal cases.
Sources
Frequently asked questions
How long should a private deal one-pager be?
One page. Two if the deal is complex. Anything longer is a full IC memo.
Do I include a valuation model?
Reference it. The one-pager summarises the ownership, entry valuation and headline returns. The model lives alongside.
Should I include competitor logos?
Only if they clarify positioning. A grid of logos is not analysis.
How specific should the risks be?
Specific enough that a partner can act on them. 'Execution risk' is not a risk. 'Second sales hire slipped twice' is.
Where does the recommendation go?
First line. Every experienced partner reads the recommendation before anything else.
Learn on the platform you will use on the job.
Start with the Free workspace to practise IC memos, LBOs, DCFs and private-capital workflows. Faculty, program leads and student investment club leaders can book a demo to discuss teaching seats and program access.