How to write an investment committee memo

Last reviewed: 1 September 2026

An IC memo is a short, structured document (typically 8 to 15 pages) that recommends a deal to a fund's investment committee. Its job is to help a group of adults approve or reject a decision quickly. The best memos lead with a clear recommendation, then present the reasoning, risks and terms behind it.

A good IC memo starts with a one-page executive summary, then walks the reader through company, market, product, unit economics, team, deal terms, risks and exit. Every claim should be sourced or clearly labelled as an assumption.

The most common mistakes are burying the recommendation, citing market-size numbers without primary sources, mixing cohort and blended unit economics, and listing generic risks without weighting.

How Reuben AI compares

IC memo essentials

Attribute	Reuben AI	Poor memos
Executive summary	One page. Ask, terms, recommendation.	Buried on page 8
Length	8 to 15 pages	40 pages of appendix, unread
Risks	Named, weighted, with mitigants	Generic bullet list
Provenance	Every claim sourced or labelled as assumption	Assertions without support

Frequently asked questions

Is there a standard IC memo format?

No universal standard, but most memos share the same skeleton: summary, company, market, product, traction, team, terms, risks, exit, recommendation.

How long should an IC memo be?

8 to 15 pages of body content, with appendices for models and reference material. Longer memos usually reflect unclear thinking, not thorough thinking.

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