The IC memo is where
the deal has to add up.
Underlying helps private-equity deal teams prepare a cited IC draft from an authorized VDR pack, in the firm’s agreed format and ready for senior review.
Watch the evidence chain in motion.
Follow an illustrative deal from conflicting source claims through analyst review, a diligence question, and a cited IC working draft.
The hard part is what the memo can say.
Reconciliation
Compare the source pack
Bring conflicting values and definitions into view with their source context. Analysts decide what is comparable and what needs more evidence.
- Compare source claims side by side
- Inspect the period, basis, and definitions
- Record questions for follow-up
Context
Firm-specific memo structure
Set the approved memo sections, terminology, and review expectations for a configured pilot. Your team checks how those instructions appear in the draft.
- Agreed section order
- Firm terminology and conventions
- Human review of final language
Citations
Traceable claims
Carry available source references into Findings and the working memo so reviewers can inspect the evidence behind material statements.
- Source links beside cited conclusions
- Open supporting passages for review
- Flag missing or unresolved citations
Intelligence
Review changed evidence
When new or revised files are included in a pilot, surface work that may be affected. Analysts compare sources before reviewers accept a revised conclusion.
- See earlier and revised sources
- Check potentially affected Findings and memo claims
- Keep human approval in the loop
Delivery
IC draft for senior review
Prepare a working IC memo in the agreed section structure, with Findings, citations, and open questions visible to the deal team.
- Export a Word (.docx) draft
- Check formatting against the firm's template
- Senior reviewers decide what is ready
Reconciliation
Compare the source pack
Bring conflicting values and definitions into view with their source context. Analysts decide what is comparable and what needs more evidence.
- Compare source claims side by side
- Inspect the period, basis, and definitions
- Record questions for follow-up
Review the conclusion. Trace the evidence.
Analyst or associate
Spend less effort repeating searches, moving evidence between tools, and rebuilding citations. Keep more time for comparison, analysis, and judgment.
VP or principal
Open the memo with its citations, open questions, and reviewed conclusions in view. Spend review time challenging the deal view instead of reconstructing preparation.
Partner or IC member
Receive decision material whose material statements trace back to the evidence and review behind them, with uncertainty made explicit.
One deal view,
from source to memo.
Book a DemoYour evidence.
Import an authorized VDR pack, CIMs, and models into the deal workspace. Review file versions and source references as the work progresses.
Your tools.
Work alongside Excel models, investigate diligence gaps, and prepare a Word (.docx) IC draft for review.
Your judgment.
Analysts verify evidence and resolve open questions. Authorized reviewers decide what enters the IC memo.
When a source changes, focus the review.
Versioned sources.
Keep revised files identifiable by version and date within the deal's source history.
Potential impact.
In a configured pilot, flag Findings and memo claims that may rely on an earlier source.
Source comparison.
Compare changed values and definitions before deciding whether a conclusion needs revision.
Human decision.
Analysts and reviewers decide which conclusions to update; revisions do not approve themselves.
Content structure.
Configure agreed sections, sequence, and required treatment for the pilot.
Investment language.
Apply agreed terminology and risk labels, then review citations and materiality judgments.
Review policy.
Assign analysts and senior reviewers to the agreed review steps and release criteria.
Agreed deliverable.
Prepare a human-reviewed Word (.docx) draft in the agreed section order, then check formatting against your template.
Do not buy the promise.
Measure the workflow.
Preparation time.
Measure active hours from authorized source receipt to a reviewable IC draft, including manual work that remains.
Evidence traceability.
Check which material claims carry usable source citations and which still need review.
Revised-source review.
In the pilot, track which Findings and memo claims are flagged for review when a source changes.
Firm-format fit.
Check whether the exported Word draft matches the agreed section structure and how much formatting remains.
Frequently asked questions.
No. Chat can help investigate an authorized pack. A configured pilot tests the handoffs between source review, Findings, diligence questions, and IC drafting, with people verifying each step.
No. Your Virtual Data Room remains the document and permission system, and Excel remains available for financial models. Underlying imports authorized materials to support evidence review and memo preparation around those tools.
The pilot uses your approved section structure, custom terminology, writing conventions, citation approach, and reviewer policy. Your analyst and authorized reviewer control the final investment language.
No. AI assists retrieval, comparison, investigation, and preparation. Authorized deal professionals decide which evidence is authoritative, determine materiality, correct or reject output, and approve IC content. The Investment Committee makes the investment decision.
When this scenario is included in the pilot, Underlying can flag Findings and memo claims that may be affected. Your analyst compares the new evidence, and an authorized reviewer decides what needs revision. A changed file does not approve a new conclusion.
We do not ask you to accept a generic savings claim. The pilot records your current analyst and reviewer effort on in-flight deals, then measures the observed change in preparation time, review turnaround, evidence traceability, and manual rework.
Before any deal evidence is shared, we review authorization, access, architecture, model-provider handling, retention, region, deletion, isolation, and export behavior with your security owner. Model-training and data-use commitments are documented in the applicable agreement.
See Underlying in your deal workflow.
See how source review, Findings, and a cited IC draft fit your team’s workflow. We’ll discuss your memo format, review process, and setup requirements.