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 ordered sections in the workspace: deal and valuation context, AI streaming where allowed, structured team input where required, and Word export when readiness gates pass.

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 that gate review

Five sections must be in a reviewable state for export readiness: Executive Summary, Transaction Overview, Investment Thesis, Financial Analysis, and Risk Factors & Mitigants.

Team-authored vs AI-streamed

Three sections require team input before any AI streaming runs:

• Investment Thesis
• Risk Factors & Mitigants
• Operational Plan

For these sections, streamed AI generation is disabled: the memo routes return 400 on generate attempts and do not open an SSE draft stream, even though the internal section config records a model name for other purposes.

The other nine sections are AI-streamed when you choose Generate (or Regenerate when stale), subject to gap detection.

Model routing when streaming actually runs

Internal SECTION_CONFIGS assigns opus to Executive Summary and Market Analysis and sonnet to the remaining streamable sections (including Financing Structure, Financial Analysis, and Proposed Resolution). During SSE, the UI phase text reflects that choice (“Writing with Claude Opus…” vs “…Sonnet…”).

Because team-authored sections never hit the generate stream, their configured model label does not mean those sections are drafted via the streaming 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. Clear data gaps that block generation.
3. Complete team input for thesis, risk, and operational plan.
4. Generate 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) is the supported export from the IC Memo tab. Options such as table of contents and summary table are passed through to the exporter per request/API shapes.
• PDF export is not implemented; use DOCX and convert externally if you need PDF.

Export is gated on approval and readiness: critical sections addressed, no sections stuck in the wrong review state, no stale sections, and no unresolved critical gaps.

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.