IC Memo (Investment Committee Memo)

The formal write-up presented to an investment committee summarizing a deal's thesis, underwriting, risks, and terms, used to secure approval to proceed.

An IC memo typically covers deal summary, market and asset overview, financial underwriting (base case and downside scenarios), capital structure, key risks and mitigants, and a clear recommendation.

The quality of an IC memo is directly tied to how defensible the underlying underwriting is — a memo built from numbers an analyst can trace back to source documents and a live model holds up far better under committee questioning than one assembled from static exports.