IC Memo

What an IC memo is here

An Investment Committee memorandum is the primary narrative for internal approvers. In EQUIRE, one memo per deal is composed from twelve core ordered sections, plus an optional House View vs Independent View comparison when admitted for that memo. The workspace combines deal and valuation context, AI streaming where appropriate, structured team judgment, and Word export with the memo's readiness limitations embedded in the artifact.

Twelve sections (canonical order)

Product order matches the memo workspace:

1. Executive Summary
2. Transaction Overview
3. Investment Thesis
4. Market Analysis
5. Property & Physical Condition
6. Tenancy & Lease Analysis
7. Financial Analysis
8. Financing Structure
9. Risk Factors & Mitigants
10. Operational Plan
11. Fund & Investor Considerations
12. Proposed Resolution

Sections used for readiness tracking

Five sections receive special readiness attention: Executive Summary, Transaction Overview, Investment Thesis, Financial Analysis, and Risk Factors & Mitigants. Missing or unreviewed content remains visible as a limitation; it does not ordinarily hide the memo or prevent drafting and export.

Team-authored vs AI-streamed

Three sections represent the team's judgment rather than ordinary model-authored prose:

• Investment Thesis
• Risk Factors & Mitigants
• Operational Plan

For these sections, the ordinary streamed section-generation route is disabled. Analysts can write the structured input directly or request an AI scaffold from available deal evidence and precedent. An AI scaffold remains visibly unaffirmed until a person edits or affirms it as the team's judgment.

The other sections are AI-streamed when you choose Draft or Redraft. Gap detection supplies current advisories and release-basis labels; data-quality gaps do not ordinarily refuse the draft.

Model routing when streaming actually runs

Internal section configuration selects a prompt profile, not a guaranteed provider model. The server resolves the actual model through the current organization, feature, privacy, and Gateway policy. During streaming, the UI names the server-resolved model when it can map that identifier to the compatible-model catalog; it does not infer a model name from a section alias or expose a raw identifier as display copy.

Because team-judgment sections do not use the ordinary generation stream, their internal prompt profile does not mean those sections are drafted through that endpoint.

Market analysis tooling

Only Market Analysis enables web search and academic paper tooling in the section streaming route — other sections do not get that bundle by default.

Workflow in the deal workspace

1. Open the IC Memo tab; the app loads or creates the memo for the deal.
2. Review current data-gap advisories, release basis, and source limitations.
3. Complete or scaffold team input for thesis, risk, and operational plan, then affirm any AI scaffold that represents the team's judgment.
4. Draft each AI-eligible section; mark sections reviewed as QA completes.
5. Advance memo status through your process (submit, in review, approved) using header actions.
6. When deal or valuation data changes, affected sections may become stale and need regeneration.

Export

• Word (.docx) and PDF are supported exports from the IC Memo tab. The PDF wizard can select sections and presentation options; both formats use the same readiness derivation and include the memo's source references when present.

Export runs on the first request. If the memo is preliminary, incomplete, stale, or carries unresolved critical findings, the exported document includes a Preliminary Draft / Readiness Limitations section describing them. The one data-quality refusal is an organization's explicit block_export_on_stale policy; security, permission, billing, and infrastructure boundaries still apply.

Citations

Drafted content may include [Source: …] markers. In DOCX export, those become numbered references with a References appendix when citations exist.

Treat numeric and narrative claims as draft until verified against extracted data, valuation, and primary materials.

Audience

There is no per-memo audience selector in the IC Memo UI today. Tone comes from prompts, fund configuration, and your edits. Use Deliverables when you need audience-specific external packages with explicit IC / LP / lender / broker modes.

Related

• Valuation DCF — numbers behind financial and risk sections.
• AI assistant overview and Trust and safety — how AI outputs are bounded in the product.
• Data isolation — tenant boundaries for memo content.