Flagship paper
The investment committee decision record
Keep the committee question, evidence, challenge, decision and conditions connected beyond the meeting.
By Katriona Lee, Reuben AI. Last reviewed .
The short answer
An investment committee decision record preserves what the committee considered, which evidence supported it, where members disagreed and what was authorised. It links the memo to source material, conflicts, conditions and review responsibilities. A memo is an input to the decision record, not a substitute for the decision itself; judgement stays human.
- 01
Frame the decision
The question, options and authority the committee is asked to use.
- 02
Assemble the evidence
Sources, assumptions and known gaps linked to the recommendation.
- 03
Record challenge and authority
Objections, responses and who decided, captured as they happen.
- 04
Assign conditions and follow-through
Conditions with owners and dates that carry into ownership.
Evidence stays linked through every step; judgement stays human.
Build the record, step by step
Frame the decision
Specify the investment, proposed commitment, decision authority and alternatives. Make the decision requested explicit so the meeting is not reduced to a general discussion of an attractive asset.
Assemble the evidence
Link material claims to source documents and distinguish facts, assumptions and open questions. Keep the version presented to the committee available alongside later updates.
Record challenge and authority
Capture material objections, conflicts, recusals, the decision and its rationale under the applicable governance process. Do not infer agreement from the absence of a comment.
Assign conditions and follow-through
Give every condition an accountable owner and evidence required for closure. Carry unresolved issues into ownership review and record any later decision to amend or waive a condition.
Common mistakes
- Treating an approved memo as a complete account of the meeting.
- Removing dissent from the record to produce a cleaner narrative.
- Recording conditions without owners or closure evidence.
Explore the section
Use these focused pages for the workflows and audiences within this paper.
Questions and answers
How does the record differ from an IC memo?
The memo presents an investment for consideration. The decision record also captures the committee response, authority, rationale, conditions and subsequent follow-through.
Should dissent remain visible?
Yes. Material challenge and the committee response help reviewers understand the decision without pretending that every participant shared the same view.
Does recording a compliance check establish compliance?
No. Keep the scope, evidence, reviewer and unresolved issues visible. A record supports review but does not replace qualified compliance or legal judgement.
Does Reuben AI make investment decisions?
No. Reuben AI links evidence, findings and decision rationale; judgement stays human. Accountable investment teams and committees make the decisions.
Where is data stored?
Data residency is Australia by default. Other regions are available for enterprise clients and partners only.
Reuben AI is built as one linked record across all six levels of private markets. See it on your own deals, or explore what it could add for your platform's clients.
Read next: The six levels of private markets diligence or browse the Resource Hub.