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Investment Committee Memos from Top VC Firms
updated 5 months, 2 weeks ago
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Before they commit to a new investment, which is materialized by signing a term sheet, VC partners need to get approval from their Investment Committee (IC).
The IC is generally comprised of all the VC firm’s partners, with sometimes independent experts and representatives of large LPs.
The objective of the meeting is to debate the merits of the investment proposed by the deal team.
A short memo is sent in advance to IC members, called the “IC Deck” or the “IC Memo”.
Several IC Memos have become public over the last few years.
- YouTube memo by Sequoia Capital
- Spotify memo by Creandum
- “The 9 Components of Our Deal Memo” by Point Nine Capital
You can download them by clicking on the link below.This is a rare glimpse into the arcane of VC firm decision-making.
What do you think of these memos? How do they differ between firms? What is the most important element in these documents? Do you think there is anything missing? Let us know in the Comment section below.—
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Hi! It seems this link tytc.me/download-IC-memos doesn’t work. I’ve tried several email addresses but I still haven’t received any email regarding how to get these IC memos. Could you please fix the problem when you have time? Thank you so much!
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Hey Zeyang, thanks for alerting us to this issue. It seems there is a temporary issue with the link. We’re trying to fix it with our providers. In the meantime, you’ll find these IC Memos in your online module What Do VCs Do >> https://tytchme.academy/courses/what-do-vcs-do/units/case-study-write-the-investment-memo/
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Also Bessemer Venture Partners has published many of their past memo, you can find them here 😁
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Great stuff, we will add them to the course. Thanks Giovanni!
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