Solutions

For Advisors
M&A Boutiques · Sell Side
For Investors
Private Equity & Search Funds · Buy Side

Explore

ProductPlansSecurity
Data RoomDiligenceBusiness AnalysisDeal ChatEquity StoryFinancial ModelDocumentsRacetrackPortfolioFrameworks
Apply for AccessSign In

For Private Equity and Search Funds · Buy Side

From first look to exit, one deal record.

Screen against your mandate, review the data room, model the returns, draft the IC Memo, then track the business against the plan you underwrote.

Your deal team reads fewer pages and decides faster, with every claim traced to the data room.

Apply for Access Book a Demo See the stages
Investment Committee Memorandum Project Kestrel · Strictly confidential Recommendation: Pending Entry 7.5x IRR 24.8% MOIC 2.9x Open: awaiting QoE sign-off 1
Screening
Project Kestrel
  • Sector: business services In mandate
  • EBITDA €4.2M Within €2M to €10M
  • Geography: DACH In mandate
  • Top customer 31% Above your 25% limit
Recommendation: Pursue

One record

What you learn at diligence is still there when you sell. One deal record moves through every stage, and nothing is rebuilt along the way.

  1. 01
    Screening
    Mandate fit
  2. 02
    Diligence
    Findings, questions, QoE
  3. 03
    Owned
    Actuals vs IC budget
  4. 04
    Exit
    Sale materials from the same room

Stage by stage

Decide faster, on evidence you can trace. Your committee argues about the deal, not about the numbers.

  1. 01

    Screening

    Triage what the banker sent against your Investment Mandate: pursue, pass, or ask for more. Criterion by criterion.

    • Every inbound deal checked against your mandate and track record
    • A fit check on every criterion, and a snapshot of the numbers
    • Pass in minutes, with the verdict kept on the deal
    Screening
    Project Kestrel
    • Sector: business services In mandate
    • EBITDA €4.2M Within €2M to €10M
    • Geography: DACH In mandate
    • Top customer 31% Above your 25% limit
    Recommendation: Pursue
  2. 02

    Diligence

    Every finding ranked by what it means for the deal. Questions go to the seller on a secure link, and the answers come back into the deal.

    • Findings grouped by outcome, with the money at stake counted once
    • Contracts read clause by clause, quoted with the page
    • Quality of Earnings: add-backs, cash conversion, working capital, net debt
    • Meeting notes read against your open questions
    Diligence Summary
    Project Kestrel
    Walk away
    0
    Price
    2
    €1.4M
    Contract
    3
    Post-closing
    4
    • Customer can terminate on change of control Contract
    • Working capital below the 3-year average Price
  3. 03

    Returns

    An LBO built from the verified numbers, with returns by exit year, tested against your mandate's targets.

    • Sources and uses, debt schedule, returns by exit year
    • IRR and multiple against the targets in your mandate
    • The same model becomes the plan you track after closing
    LBO Returns
    Base Case
    • Entry multiple 7.5x EBITDA
    • Exit year Year 5
    • IRR 24.8% vs 20% target
    • Money multiple 2.9x
  4. 04

    IC Memo

    The Investment Committee Memorandum, drafted from the thesis, the findings and the model. The recommendation stays yours to make.

    • Built from what is already in the deal: thesis, diligence, returns, mandate
    • Open items shown as open, never papered over
    • The recommendation is set by a person, not by the software
    IC Memo
    Project Kestrel
    Investment Committee Memorandum Project Kestrel · Strictly confidential Recommendation: Pending Entry 7.5x IRR 24.8% MOIC 2.9x Open: awaiting QoE sign-off 1
    • Mandate fit
      5 of 6 criteria
    • Open items
      Awaiting QoE sign-off
    • Recommendation
      Pending your decision
  5. 05

    Ownership

    Each period against the budget approved at IC, with covenants, KPIs and the Value Creation Plan. The Board Pack is drafted for you.

    • Actuals against the IC budget, which is never rewritten by a re-forecast
    • Leverage against the covenant, cash and debt at every period end
    • The Value Creation Plan, lever by lever, with an owner and a date
    • A Board Pack draft each quarter, with a paragraph for your investors
    Portfolio · Kestrel
    EBITDA vs IC budget
    Q1
    Q2
    Q3
    Q4
    Actual IC budget
    • Leverage 3.1x vs 4.0x covenant
    • Pricing lever Behind plan
  6. 06

    Exit

    The data room you built at diligence is still there. The sale materials come from it.

    • One deal record from screening to sale, nothing rebuilt
    • Your thesis's exit view, checked against how the business actually performed
    • Teaser and IM generated from the data room when you are ready to sell
    Exit
    Project Kestrel
    • Periods recorded since closing 11 quarters
    • Thesis exit view Trade buyer at 9x
    • EBITDA vs underwriting +14%
    • Sale materials Ready to generate

Built for how you invest

A fund or a searcher, the same rigour.

Pipeline

Every intermediary and every deal, from sourced to IC, with each screening verdict kept on the deal.

Committee

An IC Memo drafted from the evidence, with the open items shown and the decision left to your committee.

After Closing

Every portfolio company on one screen, against the budget approved at IC, with what needs your attention first.

Your mandate, built in

Every deal measured against what you buy.

Write down your Investment Mandate and your track record once. Every screen, every thesis and every IC Memo is measured against them, so a deal that does not fit says so on page one.

  • Sectors, size, geography and the limits you hold to
  • Target returns and hold period
  • Your track record, for the memo and for your investors
  • Your firm's own diligence playbook
Investment Mandate
Knowledge
  • Sectors Business services, healthcare
  • EBITDA €2M to €10M
  • Geography DACH, Benelux
  • Customer concentration Top customer under 25%
  • Target returns 20% IRR, 2.5x
  • Hold period 4 to 6 years

What comes out

What goes to your committee. The memo, the model and the Board Pack, drafted from the evidence and cited to the source.

Model_ProjectAlpha.xlsx fx =C14-C15 FY22FY23FY24FY25E RevenueCOGSGross profitOpexEBITDAMarginD&AEBIT 19.822.124.527.211.613.014.115.58.29.110.411.73.94.24.24.54.34.96.27.221.7%22.2%25.3%26.5%0.80.91.01.13.54.05.26.1
Financial Model
Excel, live formulas
Investment Committee Memorandum Project Kestrel · Strictly confidential Recommendation: Pending Entry 7.5x IRR 24.8% MOIC 2.9x Open: awaiting QoE sign-off 1
IC Memo
PDF · Word
KESTREL GMBH Q3 Board Pack EBITDA 3% ahead of IC budget For the agenda
Quarterly Board Pack
Draft for review

Frequently asked

Questions, answered.

Something else? Write to hey@nas-os.io.

We only buy a few companies a year. Is it worth it?

The work is in the deals you do not buy. Screening and diligence are where the hours go, and that is what NaS_OS takes off your team.

Does the software make the investment decision?

No. It drafts the IC Memo and shows the evidence. The recommendation is a control a person sets, and the memo says pending until they do.

Is this full due diligence?

No. It is a thorough review of the data room that gets your advisors a cleaner file and your team the right questions, faster. It does not replace legal or accounting diligence.

What happens after closing?

The deal becomes a portfolio company in the same record. You report each period against the IC budget, track covenants and the Value Creation Plan, and get a Board Pack draft each quarter.

We are a search fund. Is it too much?

It is built so one person can run a fund's process: screen many targets, go deep on the one that matters, and report to your investors once you own it.

Bring the next deal on your desk.

We will run NaS_OS on a data room you are looking at now, on the call, from screening to a first IC Memo.

Apply for Access Book a Demo

Book a Demo

30 minutes, on your own deal.

Tell us when suits you and we will send an invite.

Which days suit you?
What time?