investment-memo-generator

投资备忘录生成器

用于为风险投资、成长型股权、私募股权和公开市场创建投资备忘录的结构化框架。

投资备忘录结构

标准备忘录章节

INVESTMENT MEMO OUTLINE:

1. EXECUTIVE SUMMARY (1 page)
   - Company overview (one-liner)
   - Investment thesis (3-5 bullet points)
   - Key terms (valuation, round size, ownership)
   - Recommendation (invest / pass / more diligence)

2. COMPANY OVERVIEW (1-2 pages)
   - History and founding story
   - Business model and revenue streams
   - Product/service description
   - Current stage and key milestones

3. MARKET ANALYSIS (1-2 pages)
   - TAM / SAM / SOM sizing
   - Market dynamics and trends
   - Competitive landscape
   - Regulatory environment

4. INVESTMENT THESIS (1-2 pages)
   - Core thesis pillars (3-5)
   - Differentiation / moat analysis
   - Growth drivers
   - Why now? (timing catalyst)

5. FINANCIAL ANALYSIS (2-3 pages)
   - Historical financials summary
   - Key metrics and unit economics
   - Financial projections (base/bull/bear)
   - Valuation analysis

6. MANAGEMENT TEAM (1 page)
   - Founders and key executives
   - Relevant experience and track record
   - Gaps and hiring plan
   - Reference check highlights

7. RISKS AND MITIGANTS (1 page)
   - Key risks ranked by severity
   - Mitigating factors for each risk
   - Deal-breaker thresholds

8. TERMS AND STRUCTURE (0.5-1 page)
   - Proposed terms
   - Cap table impact
   - Governance rights
   - Liquidation preferences

9. RECOMMENDATION
   - Clear invest / pass recommendation
   - Conditions or contingencies
   - Next steps and timeline

尽职调查框架

按类别划分的尽职调查清单

类别	关键问题	来源
市场	TAM 是否准确？增长率如何？有哪些利好或利空因素？	行业报告、专家访谈、人口普查数据
产品	是否有产品与市场契合度的证据？是否具备防御性？产品路线图如何？	客户访谈、产品演示、NPS 数据
财务	收入质量如何？单位经济效益如何？现金还可支撑多久？	财务报表、数据室、QofE 报告
团队	创始人与市场是否契合？是否存在关键人员风险？团队梯队是否充足？	背景调查、LinkedIn、过往退出案例
法律	IP 所有权是否明确？是否涉及诉讼？是否面临监管风险？	法律顾问审查、专利检索
客户	是否存在客户集中风险？客户流失情况如何？扩张收入如何？	客户访谈、群组数据、NRR 分析
技术	是否存在技术债？是否具备可扩展性？安全状况如何？	CTO 访谈、代码审查、SOC 2 状态

尽职调查评分矩阵

SCORING FRAMEWORK (1-5 scale per category):

Category             Weight    Score    Weighted
────────────────────────────────────────────────
Market Opportunity    20%       ___      ___
Product Strength      20%       ___      ___
Financial Health      20%       ___      ___
Team Quality          15%       ___      ___
Competitive Position  15%       ___      ___
Risk Profile          10%       ___      ___
────────────────────────────────────────────────
TOTAL                100%               ___/5.0

THRESHOLDS:
  4.0-5.0: Strong invest
  3.0-3.9: Conditional invest (address specific concerns)
  2.0-2.9: Pass (but monitor)
  < 2.0:   Hard pass

财务模型整合

各阶段关键指标

指标	种子轮 / A 轮	成长期（B-D 轮）	后期阶段 / PE
收入	ARR、MRR	ARR 增长率、NRR	收入、EBITDA
效率	Burn multiple	40 法则	EBITDA 利润率
单位经济效益	回本周期	LTV:CAC	毛利率
增长	月环比增长率	年同比增长率	内生增长 vs. 并购
留存	客户留存率	净美元留存率	客户流失率
现金	现金跑道（月）	FCF 消耗率	自由现金流

投资备忘录中的 DCF 整合

SIMPLIFIED DCF FOR MEMO:

Projection Period: 5-7 years
────────────────────────────────────────────
Year          1      2      3      4      5
Revenue       ___    ___    ___    ___    ___
EBITDA        ___    ___    ___    ___    ___
UFCF          ___    ___    ___    ___    ___
PV Factor     ___    ___    ___    ___    ___
PV of UFCF    ___    ___    ___    ___    ___

Sum PV of UFCFs:         ___
PV of Terminal Value:    ___
Enterprise Value:        ___
(-) Net Debt:            ___
Equity Value:            ___

Implied per share:       ___
Current price:           ___
Upside / (Downside):     ___%

可比分析模板

COMPARABLE COMPANY TABLE:

Company    EV/Rev  EV/EBITDA  P/E    Growth%  Margin%
────────────────────────────────────────────────────
Comp A      ___     ___       ___     ___      ___
Comp B      ___     ___       ___     ___      ___
Comp C      ___     ___       ___     ___      ___
Comp D      ___     ___       ___     ___      ___
────────────────────────────────────────────────────
Mean        ___     ___       ___     ___      ___
Median      ___     ___       ___     ___      ___

Target      ___     ___       ___     ___      ___

PREMIUM / DISCOUNT JUSTIFICATION:
- Premium warranted if: higher growth, better margins, stronger moat
- Discount warranted if: smaller scale, higher risk, less proven

LBO 回报摘要

LBO RETURNS TABLE:

                   Bear    Base    Bull
Entry Multiple      ___x    ___x    ___x
Exit Multiple       ___x    ___x    ___x
Revenue CAGR        ___%    ___%    ___%
EBITDA Exit         $___    $___    $___
Equity IRR          ___%    ___%    ___%
MOIC                ___x    ___x    ___x
Cash-on-Cash        ___x    ___x    ___x

不同类型的备忘录模板

种子轮 / A 轮备忘录重点

EMPHASIS AREAS:
- Founder-market fit (60% of conviction at seed)
- Market size and timing thesis
- Product vision and early traction signals
- Capital efficiency and milestone plan

ACCEPTABLE GAPS:
- Limited financial history
- Unproven unit economics
- Incomplete team (plan to hire)
- No established moat yet

KEY QUESTION: "Can this team build this product in this market?"

成长型股权备忘录重点

EMPHASIS AREAS:
- Proven product-market fit with metrics
- Scalable and repeatable go-to-market
- Unit economics at scale
- Path to profitability or Rule of 40

REQUIRED EVIDENCE:
- 12-24 months of cohort data
- Net revenue retention > 110%
- Improving or stable LTV:CAC
- Clear use of proceeds

KEY QUESTION: "Does this business scale profitably?"

PE / 收购备忘录重点

EMPHASIS AREAS:
- Stable, predictable cash flows
- Margin expansion opportunities
- Debt capacity and coverage ratios
- Exit optionality (strategic, IPO, secondary)

REQUIRED ANALYSIS:
- Quality of Earnings (QofE)
- Working capital normalization
- Management incentive alignment
- Integration / value creation plan

KEY QUESTION: "Can we generate 20%+ IRR through operational improvement?"

公开市场 / 股票研究重点

EMPHASIS AREAS:
- Valuation vs. intrinsic value
- Catalyst identification and timeline
- Risk/reward asymmetry
- Position sizing rationale

REQUIRED ANALYSIS:
- Multi-method valuation (DCF, comps, precedents)
- Sensitivity analysis on key assumptions
- Scenario-weighted expected return
- Liquidity and portfolio fit

KEY QUESTION: "Is the market mispricing this asset, and what unlocks value?"

质量检查清单

提交前审查

检查项	状态
执行摘要可独立阅读（无需阅读完整备忘录）	[ ]
投资论点包含 3-5 个清晰且可验证的支柱	[ ]
TAM 估算采用自下而上的方法（而非仅自上而下）	[ ]
财务预测包含悲观、基准和乐观情景	[ ]
风险章节如实呈现（而非只写形式上的内容）	[ ]
投资建议明确且无歧义	[ ]
市场数据和论据均注明来源	[ ]
估值方法适合当前阶段	[ ]
已建模股权结构表的影响	[ ]
已完成管理层背景调查（至少 3-5 项）	[ ]

常见误区

AVOID THESE MEMO FAILURES:

1. THESIS WITHOUT EVIDENCE
   Bad:  "Large TAM with strong tailwinds"
   Good: "TAM of $12B growing 18% CAGR per Gartner 2025, driven by
          regulatory mandate effective 2026 (cite: HB-1234)"

2. HOCKEY STICK WITHOUT DRIVERS
   Bad:  Revenue 5x in 3 years
   Good: Revenue 5x driven by: 2x ASP increase (upsell to enterprise),
         1.5x customer growth (new sales hires), 1.7x NRR (product expansion)

3. RISKS WITHOUT MITIGANTS
   Bad:  "Key person risk on founder"
   Good: "Key person risk mitigated by: strong VP Engineering hired Q3,
          documented processes, board-approved succession plan"

4. VALUATION WITHOUT CONTEXT
   Bad:  "12x ARR is fair"
   Good: "12x ARR represents 20% discount to median comp (15x) justified
          by smaller scale but offset by 2x higher growth rate"

备忘录格式指南

FORMATTING STANDARDS:

LENGTH:
- IC memo: 8-15 pages (excl. appendix)
- Deal summary: 2-3 pages
- Quick screen: 1 page

VISUAL HIERARCHY:
- Executive summary: bold key numbers
- Use tables for comparisons (not paragraphs)
- Charts for trends (revenue, margins, cohorts)
- Red/yellow/green for risk ratings

APPENDIX ITEMS:
- Detailed financial model
- Full cap table
- Customer reference notes
- Competitive feature matrix
- Org chart
- Term sheet

另请参阅

• 金融
• anthropic-skills:docx（Anthropic 文档技能）
• anthropic-skills:xlsx（Anthropic 文档技能）
• 商业战略