Diligence
Investment Committee (IC)
The body that approves new commitments and material decisions on behalf of an institutional LP.
IC processes vary widely - some IC's review every decision, others delegate within bands. What separates strong IC's from weak ones is documentation discipline: a written memo, a recorded vote, captured dissent, and a journal of conviction at the moment of decision.
This discipline is the foundation of institutional memory and the only defensible basis for evaluating the team's judgment over time.