# Investment committee agenda and decision record

> This investment committee agenda gives a venture fund a 75-minute meeting: conflicts, two timed deal decisions that start with the weakest claims, follow-on requests, pipeline and passes, and actions. Pre-reads go out by a fixed time with no new material after it. A decision record for each deal captures the memo version, the decision, votes, reasons, dissent and conditions, so the fund can later see exactly what was decided and why.

Source: https://delsivo.com/templates/investment-committee-agenda · Updated 2026-11-06

## Key takeaways

- Freeze pre-reads before the meeting, so everyone discusses the same memo.
- Start each deal with the weakest claims, not the sponsor's best slide.
- Record dissent and its reasons alongside the decision.
- Note the memo version the decision was based on.

## Investment committee agenda to copy

The timings suit two deals. With one deal, give it 40 minutes; with three or more, consider a second meeting.

Committee agenda and decision record (plain text):

```text
INVESTMENT COMMITTEE AGENDA
Meeting: [date, time, place or link]        Chair: [ ]        Note taker: [ ]
Members: [names]        Quorum and voting rule: [e.g. two of three partners]

PRE-READS (sent by [day and time], no new material after that)
- Memo for [Company A], version [ ]
- Memo for [Company B], version [ ]
- Pipeline summary: deals at each stage, passes since last meeting

AGENDA
1. Conflicts (2 min)
   Each member states any conflict for today's deals. Conflicted members [leave the discussion / don't vote].

2. Decision: [Company A] (25 min)
   - Sponsor summary: recommendation, terms, top three reasons (5 min)
   - Weakest claims and open risks first (10 min)
   - Discussion and questions (7 min)
   - Decision and vote (3 min)

3. Decision: [Company B] (25 min)
   Same structure.

4. Follow-on requests (10 min)
   [Company C] is raising; pro rata allocation [amount]; reserves remaining [amount].

5. Pipeline and passes (10 min)
   Deals likely to come to committee next. Notable passes and their reasons.

6. Actions (3 min)
   Who does what by when.

DECISION RECORD (one per deal)
Company: [ ]
Memo version decided on: [ ]
Decision: [Invest / Pass / More work]    Amount and terms: [ ]
Votes: [for / against / abstain, by name if your rules require it]
Reasons for the decision: [ ]
Dissent and reasons: [ ]
Conditions before closing: [ ]
Questions still open, owner and date: [ ]
```

## When to use it

For any meeting where the fund makes an investment or follow-on decision. Small funds deciding between two partners can still use the decision record on its own: a short written record of what was decided and why protects the fund and helps when the company raises again.

## What to change

- Replace the quorum and voting line with the rule in your fund documents.
- If you have outside committee members, add a line for whether they vote.
- Move pipeline review to a separate weekly meeting if it crowds out decisions.
- Add your fund's standing questions to each deal slot, so sponsors prepare answers.

## What to leave out

- New material on the day. If it matters, postpone the decision.
- Open-ended pipeline discussion during decision slots.
- Personal remarks about founders in the written record. Record reasons about the business and evidence.

## Running committee with or without Delsivo

A document and a calendar invite are enough. Committee features in Delsivo, including memos, frozen packets, independent reviews and recorded decisions, are planned for a later release. Until then, the [investment memo template](https://delsivo.com/templates/investment-memo-template) pairs with this agenda.

## Frequently asked questions

### What is on an investment committee agenda?

Conflicts, each deal for decision with time for the sponsor, risks and discussion, follow-on requests, pipeline, and actions, with pre-reads sent in advance.

### How long should an investment committee meeting be?

About 25 to 40 minutes per deal decision. Longer meetings tend to drift into pipeline talk.

### Should dissent be recorded in committee minutes?

Yes. Recording who disagreed and why helps the fund learn when it later sees how the investment turned out.

## Related pages

- [Investment committee](https://delsivo.com/glossary/investment-committee)
- [Investment memo template](https://delsivo.com/templates/investment-memo-template)
- [Investment committee software](https://delsivo.com/investment-committee-software)
- [How to run an investment committee](https://delsivo.com/how-to-run-an-investment-committee)