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TN/USE/05
Edition 2027 · effective 1 January 2027
Transactions & investment · Testing an investment thesis
Everyone who built the deal wants it to close.
Deal teams are engaged to close. An independent evaluator is engaged to test the case for closing. Before a commitment, test the thesis, the plan and the risks with someone who has no incentive either way.
§ 01The evaluation question
What the evaluator is asked.
“Does the evidence support the investment thesis, and where is it weakest?”
(The question)
Commissioned by. Investment committee, LPs, family office
When. Before final approval
Usual protocol. B · Single-commissioner decision review
§ 02What is examined
The evidence, and the output.
The evidence
Material reviewed, and what was not available, is always stated.
- The thesis and its key value drivers
- Management plan against evidence
- Downside cases and their triggers
- Red flags in diligence findings
A view of the thesis with the weakest links ranked
A reasoned view. The decision stays with you.
- It will not: replacing financial, legal or tax diligence
§ 03Depth and time
Usually: Clarity DeepView™.
A full twelve-part INE™ report. Typical time: Two to three weeks.
§ 04Your version
Every case is different. Frame yours.
§ 05Related