How to write an investment memo
Updated
An investment memo sets out the case for and against an investment so a committee can decide. A clear memo states the recommendation first, then covers the opportunity, thesis, risks, terms, diligence findings and open questions, with each claim linked to its evidence. Reuben AI drafts memos from the living record and keeps them current after the decision.
Most memo problems come from claims without sources and from memos that stop being true after the vote. Writing from a structured record fixes both: every statement points to evidence, and later changes are flagged against the memo.
Keep the memo short enough to read before the meeting, put the recommendation and key risks on the first page, and list what would change your view.
How Reuben AI compares
Standard investment memo sections.
| Attribute | Reuben AI | Common mistake |
|---|---|---|
| Recommendation | First, with conditions | Buried at the end |
| Risks | Each with evidence and mitigants | Generic list |
| After the vote | Kept current in the record | Filed and forgotten |
Frequently asked questions
What is an investment memo?
A document that presents an investment opportunity, its risks and a recommendation to an investment committee or investor.
What is the format of an investment memo?
Recommendation, summary, opportunity, thesis, market, financials, risks and mitigants, terms, diligence findings, open questions and next steps.
How long should an investment memo be?
Long enough to support the decision and short enough to be read before the meeting. Many teams use a one-page summary on top of the full memo.
What is the difference between an investment memo and an information memorandum?
A seller or arranger prepares an information memorandum to market a deal. The buyer's team writes the investment memo to decide on it.
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