Take the investment recommendation to committee in your firm’s voice.
Three memos, one for each seat at the table. A pursue-or-pass screen, the equity memo for committee, the credit memo for the lender. Each is built from the deal’s own files and the model’s numbers, recommendation first, in the format and voice your committee already reads.
Three memos, by seat
One deal, written for the seat that has to decide.
The same deal carries a different argument to each table. Each memo is drafted in the voice that seat expects and lands on the decision that seat has to make.
Screening
Decide fast: pursue or pass
A one-to-two-page note on an inbound deal, written off the offering memo and a back-of-envelope before any full underwrite. Terse, numbers-led, answer first. It lands on a clear pursue or pass, and if pursue, the next steps and the price to hold.
Investment committee
The equity memo, return-first
The recommendation to deploy equity on an underwritten deal. It opens with invest $X equity, the thesis, and the headline IRR and equity multiple, builds the upside through the returns, the waterfall, and the promote, and closes on an explicit approve with structure and conditions.
Credit
The lender memo, downside-first
The loan-approval memo from the terms, the borrower file, and your credit underwrite. It opens with borrower, facility, amount, rate, term, LTV, DSCR, and debt yield, runs the downside, and ends on a clean approve or decline with terms and conditions.
01 · Recommendation first
The verdict leads. The support follows.
- Every memo opens with the recommendation and the headline numbers, then the support behind them. The answer sits where the committee expects it.
- Each seat carries its own voice. Screening decides fast, the IC memo leads with returns, the credit memo leads with the downside, each written for the judgment that seat has to make.
- Every qualitative claim is anchored to a number: $1,338 psf, 46% below recent comps. Adjectives without a figure are cut.
Fig · The recommendation, on the first line
02 · Drawn from the deal’s own files
Built from the model, the documents, and the deal file.
- When a memo runs it reads the deal’s own materials as files: the model, the offering memo, the appraisal, the comps, the sponsor materials, and the deal briefing.
- Every figure comes from the model’s computed cells and is footnoted to its source. The model’s tables go in as exhibits, never re-typed into the prose, never pasted as screenshots.
- Because the memo reads the model directly, the prose and the workbook stay in lockstep through every revision: update the model and the next draft reflects the current numbers.
Fig · The numbers pulled straight from the model
How an IC or credit memo is written
Approve the argument before the draft is written.
The committee and credit memos are planned under review. The screening note goes straight to the two-pager: speed is the point.
- 01
01
Read the deal
Everything filed on the deal is read: the model’s returns, the diligence, the loan terms, and the deal briefing, pulling exactly what the memo needs and leaving the workbook intact.
- 02
02
Present the outline
It lays out the memo section by section in plain analyst language, leading with the recommendation and the headline numbers, with every open figure flagged for your review.
- 03
03
You approve or redirect
Review the outline before drafting. Redirect the recommendation, emphasis, or section logic while the argument is still easy to reshape.
- 04
04
The full memo, drafted
Only then does it write the full memo in your house format, recommendation first, every number traced to the model or a cited source, every risk paired with its mitigant.
The memo carries the recommendation. Your committee makes the decision.
Cap Orbit drafts the recommendation in the analyst’s voice. The investment decision, pricing view, credit view, and committee recommendation stay with your team.
You approve the outline
For IC and credit memos, the section-by-section argument comes first for review. The screening note is the fast path that moves straight to the two-pager.
Every figure is sourced
A figure the documents do not contain is flagged for your input. Every number in the final memo traces to a cell or a cited document.
The draft is yours to own
The memo is a working draft for the team to revise, sharpen, and carry into committee under the firm’s name.
The house voice
Every memo in the firm’s own format and voice.
The memo follows the firm’s section order, recommendation placement, exhibit style, units, number formats, and risk language. Figures use institutional convention, $336.2m in prose, psf as the unit, spreads in bps.
Fig · The IC memo, in the firm’s format
03 · Match my house style
Point it at your filed memos and it writes in your format and voice.
- Ask it to match your house style and it studies your filed memos, then writes in that voice: every figure sourced, every qualitative claim anchored to a number.
- The more of your filed memos it studies, the closer the section order, tone, exhibit style, and number treatment, and the draft reads like the firm’s own analyst work.
- Update an existing memo and it refreshes only the model-driven content to the current numbers, preserves your prose, and surfaces any figure that moved materially. Ask it to redo one section and it edits that section in place.
Fig · Your filed memos, studied for format and voice