IC paper
Investment case, diligence findings, key risks, mitigants and open items in the format the committee reviews.
Lighthouse PE
Sample view - Investment CommitteeFinal IC
Kinetic Fleet Services - paper v7 - 20 Aug 2026
IC paper v7 | 20 Aug
IC papers
4
2 not ready
Sponsor LTM EBITDA
A$15.6m
A$0.5m above draft QoE
Gross MOIC
2.4x
1.9x downside
Diligence workstreams
Commercial thesisNo material exception
QoE and EBITDA2 adjustments open
Fleet lease consents2 signing conditions
Debt packageCredit-approved terms
Gross MOIC sensitivity | five-year hold
FY29 EBITDA
8.0x exit
8.7x exit
9.5x exit
Upside
2.2x
2.5x
2.9x
Base
2.1x
2.4x
2.7x
Downside
1.9x
2.2x
2.5x
Selected case: 2.4x gross MOIC at 8.7x exit.
Signing conditions: resolve two fleet lease consents; debt sizing uses draft QoE-supported EBITDA of A$15.1m.
Investment Committee
Lighthouse PE
What are we underwriting, and what breaks the case?
Review the base, downside and break cases alongside open diligence, QoE adjustments, leverage and the returns bridge before the paper goes to IC.
View Lighthouse PE as
Phases in this view
SCREEN
INVEST
MONITOR
OPTIMISE
EXIT
Investment Committee
Current decisions and open work.
See the current case, open diligence and decisions due before the next IC.
Changes to the case
See what moved since first paper: price, leverage, EBITDA, capex, working capital and timing.
Returns bridge
Run entry, leverage, EBITDA, exit multiple and hold-period sensitivities across base and downside cases.
Ask Lighty PE - Investment Committee
Ask the portfolio. Open the records behind the answer.
Harbour Ridge Capital
Fictional sample | two funds | 15 companies | all figures A$
What changed in the case since first IC?Kinetic Fleet Services - paper v7
Entry EV/LTM EBITDA increased from 9.3x to 9.6x. Sponsor LTM EBITDA decreased from A$16.0m to A$15.6m, moving base gross MOIC from 2.6x to 2.4x; downside gross MOIC is 1.9x. Draft QoE supports A$15.1m for the current debt-sizing case and two fleet lease consents remain open.
IC paper
v7 - today
SAMPLE-INVESTMENT-COMMITTEE-1
Returns model
Base / downside
SAMPLE-INVESTMENT-COMMITTEE-2
Open diligence
2 lease consents
SAMPLE-INVESTMENT-COMMITTEE-3
The route-density upside remains outside entry EBITDA and the selected returns case until operating evidence is available.
As at 20 August 2026 | anonymous fictional sample
Retain the company submission and each sponsor adjustment.
Use the EBITDA definition approved for each purpose.
Preserve the company submission, mapping and reconciliation exceptions, then record sponsor, QoE, lender and valuation decisions separately. The board, covenant test, valuation and LP pack can each use the definition approved for that purpose.
Company submissionReconciliation exceptionsPurpose-specific approvalValuation and LP reporting
Start with files. Connect systems when useful.
Take the packs the portfolio already sends.
Ingest spreadsheets, board PDFs and emailed submissions now. Add CRM, finance, data-room and fund-accounting connections where they reduce work or improve freshness.
Spreadsheets & email
Monthly packs, forecasts, KPI schedules and supporting files
CRM & data rooms
Relationships, activity, request lists, files and findings
Finance
Actuals, cash, add-backs, debt and covenant headroom
Board & VCP
Minutes, initiatives, owners, milestones, risks and actions
Fund accounting
NAV, capital activity, fees, capital accounts and LP packs
Dedicated PE instance
Separate application, database and identities.
Lighthouse PE is deployed separately from Lighthouse Delivery and uses its own Supabase project. Access policies are configured by fund, company and role.
Separate PE data store
PE records, files and identities are held in the dedicated Lighthouse PE Supabase project.
Fund and company policies
Record access can be scoped to the funds and companies assigned to a user.
Recorded review history
Company submissions, sponsor adjustments and approvals retain their actor and timestamp.
Permission-aware Lighty
Lighty is limited to the PE records returned after the same fund and company access checks.
Lighthouse PE - Investment Committee