Buy-side research: built to decide, not to publish.
Buy-side research is done inside investment firms to support one decision, with their own capital at stake. It stays private, and it is judged by what the investment returns.
Research written for a committee that has to say yes or no.
A buy-side analyst works for the investor. The output is a view on a specific company or deal: what it is worth, what could go wrong and what the firm would need to believe to proceed. There is no publication and no rating for the market.
| Produced by | Funds, PE firms, asset managers |
| Read by | Investment committee |
| Output | Thesis, model, committee memo |
| Judged by | Investment returns |
| Distribution | Private, confidential |
From first screen to ongoing monitoring.
- Screen
Filter a universe of companies down to a short list worth deeper work.
- Thesis
State why the market may be wrong and what has to happen for the investment to pay off.
- Model
Build operating and returns models with base, upside and downside cases.
- Diligence
Test earnings, cash flow, customers and market claims before committing capital.
- Decide and monitor
Take the memo to committee, then track the thesis against results after investing.
A clear view, and the evidence that would prove it wrong.
- Variant view that says where the firm differs from the market and why
- Unit economics showing how each customer or product earns money
- Valuation range from several methods, with the assumptions that move it most
- Downside case with a realistic view of what can be lost
- Monitoring plan naming the indicators that would change the view
Analyst capacity for private equity teams.
We work as an outside research team for sponsors, funds and independent investors. Our fees do not depend on a deal closing.
Target screens
Short notes that rank candidates and say why to proceed or pass.
Thesis and committee memos
Drafts that your team edits and owns, with sources for every figure.
Models and diligence
Operating and returns models, plus coordination with our due diligence work.
Post-deal monitoring
Quarterly reviews of results against the original thesis.