How to write an investment committee memo (example structure)
TL;DR
Seven sections in order: recommendation, company and product, market, unit economics, team, risks, terms and returns. Lead with the recommendation. Source every claim. Weight the risks honestly.
The seven sections
1. Recommendation. One paragraph. Investment size, ownership, headline terms, decision requested.
2. Company and product. What they do, described so a smart outsider gets it in 60 seconds.
3. Market. Size, growth, structure. No made-up TAM.
4. Unit economics. How they make money and at what margin. Include a base case and downside case.
5. Team. Track record, gaps, references. Honest.
6. Risks. The three or four that could break the thesis. Weighted, not buried.
7. Terms and returns. Structure, dilution, base and downside returns, exit path.
Common mistakes
Burying the recommendation. Padding the market section. Risks that read like they were written by a lawyer. Numbers that do not tie between the exhibits and the text.
How this shows up on the job
Every fund's IC packet follows a version of this structure. Getting comfortable with it means you can walk into an internship and produce something recognisable on day one.
How Reuben AI helps
Reuben AI ships with IC memo shells for venture, buyout and credit built to this structure, with a provenance trail behind every claim. Students can start on the Free workspace.
Sources
Frequently asked questions
How long should an IC memo be?
Eight to fifteen pages including exhibits. Shorter for follow-ons, longer for complex buyouts.
Where does the recommendation go?
First. Every real IC memo leads with it.
Should I use bullet points or prose?
Prose for the thesis and risks. Bullets and tables for terms, comps and returns.
How do I weight the risks?
Order them by impact on the thesis, not by likelihood alone. Say what would make you sell.
Is there a standard IC template?
No universal standard, but the seven-section structure is close to what most funds use.
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.