investment-committee-prep

name: Investment Committee Prep slug: investment_committee_prep version: 0.1.0 status: draft category: residential_multifamily subsystem: residential_multifamily pack_type: workflow targets:

• claude_code stale_data: | IC cadence, docket capacity bands, memo-template sections, condition-tracking deadlines, sensitivity-test materiality bands, and comp-evidence freshness policy are all overlay-driven. The IC-member roster and LP capital-availability posture drift cycle-to-cycle; IC-condition deadlines are per-deal and drift with any approved extension. Rent-comp and sale-comp reference inventories refresh on reference-library cadence; stale comps surface through confidence banner. applies_to: segment: [middle_market, luxury, affordable] form_factor: [garden, walk_up, wrap, suburban_mid_rise, urban_mid_rise, high_rise] lifecycle: [development, construction, lease_up, stabilized, renovation, recap_support] management_mode: [self_managed, third_party_managed, owner_oversight] role: [investments_lead, asset_management_director, executive, ic_members] output_types: [memo, kpi_review, dashboard, checklist] decision_severity_max: action_requires_approval references: reads:
  • reference/connectors/adapters/dealpath_deal_pipeline/normalized_contract.yaml
  • reference/connectors/adapters/dealpath_deal_pipeline/dq_rules.yaml
  • reference/connectors/deal_pipeline/schema.yaml
  • reference/connectors/master_data/asset_crosswalk.yaml
  • reference/connectors/master_data/market_crosswalk.yaml
  • reference/derived/role_kpi_targets.csv
  • reference/normalized/approval_threshold_defaults.csv
  • reference/normalized/market_rents__{market}_mf.csv
  • reference/normalized/rent_comp_evidence__{market}_mf.csv
  • reference/normalized/sale_comp_evidence__{market}_mf.csv writes: [] metrics_used:
• ic_approval_rate # proposed: true
• ic_deferral_rate # proposed: true
• ic_decline_rate # proposed: true
• ic_condition_completion_rate # proposed: true
• ic_condition_aging_days # proposed: true
• ic_docket_load_count # proposed: true
• sensitivity_test_pass_rate # proposed: true
• comp_evidence_freshness_days # proposed: true
• lp_capital_coverage_ratio # proposed: true
• ic_cycle_time_days # proposed: true escalation_paths:
• kind: ic_condition_past_deadline to: deal_team_lead -> investments_lead -> asset_management_director -> approval_request(row per matrix)
• kind: sensitivity_test_material_failure to: investments_lead -> executive
• kind: comp_evidence_stale_beyond_policy to: investments_lead -> data_platform_team
• kind: lp_capital_shortfall to: investments_lead -> cfo_finance_leader -> executive
• kind: dq_blocker_from_dealpath to: data_platform_team -> investments_lead; affected deals paused from docket approvals_required:
• ic_committee_approval description: | Pre-IC packet assembly for each IC cycle. Assembles the docket, pulls each deal's memo and cross-references, tracks IC conditions from prior decisions through to completion, consumes the sensitivity / stress-test output, surfaces comp evidence with freshness flags, and runs an LP capital availability check. The pack is the IC committee's input; the committee owns the decision. The workflow refuses to publish a deal's packet if blocking Dealpath DQ rules are open (dp_completeness_ic_record) or if required sensitivity tests are missing. Outputs include the IC packet, the condition-tracking rollup (from prior cycles), and the post-IC condition-log draft ready for minute-keeping.

Investment Committee Prep

Workflow purpose

Deliver a clean, auditable IC packet that lets the committee make the decision. Compose the docket, cross-reference each deal memo, track conditions from prior decisions to closure, verify the sensitivity / stress-test battery ran and published, surface comp evidence with freshness flags, and confirm LP capital availability against the capital call required for approvals on this docket. The workflow does not make the IC decision; it assembles the input and records the minute-ready artifact.

Trigger conditions

• Explicit: "prep the IC packet", "IC agenda for next cycle", "draft the IC memo cross-references", "condition-tracking rollup", "sensitivity posture for tomorrow's IC".
• Implicit: an IC meeting is within overlay-defined prep window (typically 5-10 business days); any deal enters ic_review in Dealpath; workflows/pipeline_review flags an IC-load approaching capacity band; an IC condition deadline approaches within overlay band; a sensitivity test is requested by the investments_lead.
• Recurring: bi-weekly per the overlay IC cadence, or event-driven per IC meeting. Condition-tracking sweep runs daily.

Inputs (required / optional)

Outputs

Output contract

Final-marked output MUST follow _core/executive_output_contract.md: verdict-first block (recommendation, 3-bullet rationale, confidence, materiality, next action), source-class labels on every numeric cell ([operator] / [derived] / [benchmark] / [overlay] / [placeholder]), and refusal-artifact shape when a required reference input is absent. Any [placeholder]-tagged cell blocks IC packet assembly (the workflow refuses per reference_manifest.yaml#reads fallback_behavior: refuse on rent_comp_evidence).

Required context

asset_class=residential_multifamily. Scope: one IC cycle, either by declared ic_meeting_date or by next_ic per overlay. Per-deal grain requires deal_id (or all deals at ic_review within prep window). org_id required for IC-member roster and approval-threshold bands. market is deal-level; the pack handles multi-market dockets. fund_id required if LP-capital check is scoped by fund (most cycles).

Process

1. Freshness + DQ gate. Evaluate Dealpath dq_rules.yaml. dp_freshness_deals blocker halts the run for affected deals. dp_completeness_ic_record blocker refuses to publish any IC-approved roll-up until every ic_approved deal carries an ic_decision_date. dp_conformance_stage_enum blocker halts stage-based filters.
2. Scope. Resolve the IC cycle: named ic_meeting_date, or next_ic per overlay. Pull all deals at ic_review; optionally include under_dd deals flagged for pre-IC advisory per overlay policy.
3. Docket composition. Compose the docket with each deal's canonical identity (via asset_crosswalk), deal_type, market, target capital, strategy tag. Compare ic_docket_load_count to overlay capacity band.
4. Memo cross-reference. For each deal, pull the memo artifact from Dealpath (or memo location per overlay). Validate against the IC memo template overlay (per deal_type, segment): every required section present, every required exhibit pointer resolvable. Missing sections surface as packet_incomplete — deal held back from publication until resolved.
5. Prior-cycle IC condition tracking. For every deal carrying ic_approved_with_conditions status in investment_committee_review, pull open conditions and their resolution_deadline. Compute ic_condition_aging_days and ic_condition_completion_rate. Any condition past deadline escalates per approval matrix; the workflow opens an ApprovalRequest for extension or waiver if requested.
6. Sensitivity / stress-test confirmation. For each deal on docket, verify the sensitivity output from skills/sensitivity_stress_test exists and covers the overlay-defined battery (cap-rate shift, rent-growth haircut, expense-inflation bump, vacancy stress, interest-rate shift, exit-cap sensitivity). Compute sensitivity_test_pass_rate and publish per-deal pass/fail. Missing tests hold the deal back.
7. Comp evidence scan. For each deal, read rent_comp_evidence__{market}_mf.csv (and sale_comp_evidence for acquisitions / recaps) and compute freshness vs. overlay policy. comp_evidence_freshness_days flag fires if any comp is older than overlay band. Stale comp evidence surfaces but does not block unless overlay marks it blocking for the deal type.
8. Debt term sheet cross-link. Consume debt variance state from workflows/pipeline_review for any deal at under_financing. Surface indicated-vs-UW coupon and advance-rate variance in the packet.
9. LP capital availability. Read LP capital snapshot for each fund in scope. Compute lp_capital_coverage_ratio = LP-available capital / docket-weighted required capital. Flag if coverage < overlay threshold; escalate to cfo_finance_leader.
10. Quorum + distribution check. Verify IC-member roster and quorum threshold met; prepare distribution list per overlay (encrypted at rest, share policy per overlay).
11. Compose IC packet. Per deal: memo + sensitivity + comp evidence + debt variance (if any) + conditions-brought-forward + capital-call coverage. Top-of-packet summary: docket + condition rollup + LP coverage + DQ outcomes.
12. Draft post-IC condition log. Minute-ready template for the IC secretary: decision field (approved / approved_with_conditions / deferred / declined / withdrawn), condition text, responsible party, resolution_deadline, approval_request pointer.
13. Route through approval. The IC packet itself is not an approval artifact; the IC decision is. However, the workflow does route the packet through workflows/owner_approval_routing for committee-visibility logging and audit, citing decision_severity=action_requires_approval (the IC decision is the gated action).
14. Confidence banner. Adapter as_of_date, DQ outcomes, overlay status, comp freshness, any fallback behavior invoked.

Metrics used

See frontmatter metrics_used. All metric slugs for this workflow are proposed (proposed: true) — no IC-preparation metric has landed in _core/metrics.md yet. Every output carries the proposed flag on each metric.

Reference files used

• reference/connectors/adapters/dealpath_deal_pipeline/normalized_contract.yaml
• reference/connectors/adapters/dealpath_deal_pipeline/dq_rules.yaml
• reference/connectors/deal_pipeline/schema.yaml
• reference/connectors/master_data/asset_crosswalk.yaml
• reference/connectors/master_data/market_crosswalk.yaml
• reference/derived/role_kpi_targets.csv
• reference/normalized/approval_threshold_defaults.csv
• reference/normalized/market_rents__{market}_mf.csv
• reference/normalized/rent_comp_evidence__{market}_mf.csv
• reference/normalized/sale_comp_evidence__{market}_mf.csv

Escalation points

• IC condition past deadline: deal_team_lead -> investments_lead -> asset_management_director -> approval_request per matrix row.
• Sensitivity test material failure (any deal fails overlay-defined critical test): investments_lead -> executive.
• Comp evidence stale beyond policy (rent-comp set fresher than required for the deal type): investments_lead -> data_platform_team.
• LP capital shortfall on the docket: investments_lead -> cfo_finance_leader -> executive.
• DQ blocker from Dealpath (dp_completeness_ic_record, dp_conformance_stage_enum): data_platform_team -> investments_lead; affected deals paused from the docket.

Required approvals

• ic_committee_approval is the committee's decision on each deal. The workflow is the input; the approval is the output of the IC meeting itself. Condition extensions and waivers open their own ApprovalRequest via workflows/owner_approval_routing.
• The packet itself carries decision_severity=action_requires_approval for audit purposes (the IC decision is the gated action); no action is taken by the workflow itself.

Failure modes

1. Publishing a deal packet without its sensitivity / stress-test output. Fix: sensitivity confirmation is step 6; missing test holds the deal back.
2. Forgetting prior-cycle conditions when the deal returns to IC. Fix: condition tracking runs on every sweep; resurrected deals carry prior conditions forward explicitly.
3. Citing stale comp evidence without surfacing freshness. Fix: comp_evidence_freshness_days flag and banner required.
4. Over-committing capital on the docket beyond LP availability. Fix: lp_capital_coverage_ratio < overlay threshold escalates before publish.
5. Confusing ic_approved with ic_approved_with_conditions — not tracking conditions as still-open. Fix: separate status tracking in investment_committee_review; approved_with_conditions never treated as closed until conditions resolved.
6. Missing quorum flag. Fix: IC-member roster check is step 10; quorum failure surfaces before packet finalized.
7. Auto-routing IC packet outside approved distribution list. Fix: distribution list per overlay; workflow default is draft_for_review.
8. Publishing a memo where a required exhibit pointer doesn't resolve. Fix: template validation is step 4; unresolved exhibits block the deal's entry.
9. Treating DQ dp_completeness_ic_record blocker as a warning. Fix: blocker halts the affected IC-approved deal's appearance in any roll-up.

Edge cases

• Stalled deal resurfacing at IC after previous deferral: prior-decision pointer (deal_milestone.milestone_type=ic_deferred) carried forward; conditions or questions from prior cycle surface at top of the packet.
• Retrade in progress: deal on docket has an open retrade flag from workflows/pipeline_review — packet includes the retrade summary and evidence pointer; IC may defer pending resolution.
• Declined-then-resurrected deal: prior IC decline (milestone_type=ic_declined) fetched and prominently cited; deal's re-presentation requires a "what changed" section per overlay policy.
• Deal renamed after IC: name change logged via dp_renamed_after_approval; packet uses canonical deal_id and surfaces prior-name alias.
• Multi-asset deal / portfolio acquisition: one deal_id to multiple canonical assets — memo cross-references each asset; sensitivity ran per asset; comp evidence per asset; capital-call coverage at deal level.
• Cross-fund allocation: deal split across funds — LP capital check per fund; capital call allocated per fund per overlay; approval decision tracked per fund where overlay requires.
• Debt market shift mid-docket: indicated coupon moved since memo draft — packet surfaces the latest indication vs. memo assumption; IC may defer for re-underwriting.
• Partial closing path (equity closes before debt): pre-IC if applicable — packet surfaces the capital-sequence plan and contingency.
• Condition unresolved at resolution_deadline: condition past deadline triggers approval request for extension or waiver; deal re-surfaces at next IC for condition review.
• Late legal entity setup on prior-approved deal that has not yet closed: surfaced under prior-condition tracking; escalated to asset_management_director.
• Committee member on vacation / unavailable: alternate per overlay; quorum re-checked; packet distribution list updated.
• Conditional approval pending LP consent: packet records approved_with_conditions; LP consent tracked as a prior-cycle condition on subsequent runs.
• IC cancelled / rescheduled last-minute: condition-tracking sweep still runs; packet regenerated on new date; prior-draft artifacts retained for audit.
• Sensitivity battery changes mid-cycle: deals on docket ran against prior battery — workflow flags, investments_lead decides whether to re-run before meeting.

Example invocations

1. "Prep the IC packet for next Wednesday's meeting. Five deals expected; flag any condition past deadline."
2. "What IC conditions are open across the current book of approved-with-conditions deals? Group by deal_team_lead."
3. "Build the pre-read for tomorrow's IC. Sensitivity posture on every deal; LP capital coverage by fund."
4. "Draft the post-IC minute-ready condition log template for DP_DEAL_024. Approved with three conditions."
5. "Show the IC docket outlook for the next two cycles — what's coming through, capacity check, capital-need."

Example outputs

See examples/example_investment_committee_prep_output.md for the full artifact shape.

Output — IC packet summary (abridged)

Cycle. IC meeting 2026-04-22; prep window day -7.

Docket. 4 deals on docket + 1 pre-IC advisory. ic_docket_load_count = 4 (within overlay capacity band of 5).

Memos. 4 of 4 memos validated against the template (middle_market acquisition + luxury development variants).

Conditions carried forward. 3 open conditions across the current book.

• DP_DEAL_022: LP consent on side-letter — responsible asset_management_director, deadline 2026-04-20.
• DP_DEAL_019: Roof-scope bid confirmation — responsible asset_management_director, deadline 2026-04-20 (also tracked by pre_close_deal_tracking).
• DP_DEAL_031: Insurance program confirmation (prior-cycle condition) — responsible reporting_finance_ops_lead, deadline 2026-04-25.

Sensitivity posture. 4 of 4 deals pass the overlay battery. sensitivity_test_pass_rate = 1.00.

Comp evidence. Fresh within band on 4 of 4 deals; one comp set (Charlotte luxury) is within 2 days of overlay stale threshold.

LP capital coverage. lp_capital_coverage_ratio = 1.28 (within band). No shortfall.

Debt term sheet. 1 deal (DP_DEAL_009) carries the variance flag from workflows/pipeline_review — packet includes latest-indication line.

DQ outcomes. All blockers pass. 1 warn (dp_handoff_lag on recently closed deal, not on docket). No deal paused.

Minute-ready condition-log template. Drafted for IC secretary.

Confidence banner. dealpath_deal_pipeline@2026-04-15 (sample); asset_crosswalk@2026-04-15 (sample); market_crosswalk@2026-04-15 (sample); rent_comp_evidence@2026-03-31 (starter); role_kpi_targets@2026-03-31 (starter).