---
title: "IC Memo (Investment Committee Memo) | Altss Glossary"
description: "An IC memo is a written investment case presented to an investment committee summarizing thesis, risks, terms, and recommendation."
canonical: "https://altss.com/glossary/investment-committee-memo"
---

Governance & Decision-Making

# IC Memo (Investment Committee Memo)

Publisher: Altss LLCPublished 2026-01-01Content modified 2026-01-06

An IC memo is a written investment case presented to an investment committee summarizing thesis, risks, terms, and recommendation.

**Allocator relevance:** **The core decision document that shapes approvals—its quality reveals underwriting discipline and governance maturity.**

### Expanded Definition

IC memos translate diligence into a decision-ready format: what is being bought, why now, how it fits the mandate, what can go wrong, what the terms are, and what monitoring will look like. Strong memos are concrete, evidence-backed, and explicit about uncertainties. Weak memos are narrative-heavy, omit downside, or blur facts vs assumptions.

For allocators, IC memos are not just internal paperwork—they are the audit trail of decision-making.

### How It Works in Practice

The investment team drafts the memo, includes supporting exhibits (financials, attribution, scenarios), and presents it for debate and approval. Post-approval, the memo often becomes the reference point for monitoring and later re-up decisions.

### Decision Authority and Governance

IC memos sit inside governance: they document the rationale and the conditions for approval. Governance requires consistency (same sections, comparable risk framing) to avoid decision drift.

### Common Misconceptions

- IC memos are generic templates with low signal.

- A persuasive narrative is enough.

- Once approved, the memo is irrelevant.

### Key Takeaways

- IC memos are the decision artifact that anchors accountability.

- Facts vs assumptions must be clearly separated.

- Strong memos improve both approvals and monitoring.

## Related terms

[Investment Committee (IC)](https://altss.com/glossary/investment-committee)[DDQ](https://altss.com/glossary/ddq)[Due Diligence](https://altss.com/glossary/due-diligence)[Underwriting](https://altss.com/glossary/underwriting)

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## Canonical URL

https://altss.com/glossary/investment-committee-memo