The IC thesis stays alive after the deal closes.
Capital Refinery is the system of record for the investment decision. Every approved deal carries its thesis, its assumptions, and its conditions forward — and is re-tested continuously against the live operator data.
Five gaps every PE team is operating around.
Bain estimates $3.6 trillion of unrealized value sits on GP balance sheets, with hold periods extending into a sixth and seventh year. None of the gaps below are the team's fault — they are the structural shape of a stack that was built to collect data, not to govern decisions across that kind of timeline.
Bain & Company, 2025 Global Private Equity Report
Three workflows that actually shift.
Underwriting that produces a structured record
Not a document search. A decisionable investment record.
CIMs, financials, and credit agreements are parsed into a structured record by a deterministic-first kernel. Every figure has a candidate ID and a provenance trail. The IC memo is bound to that record at approval.
Monitoring that tests the thesis
Operator updates flow into the same record that holds the thesis.
Accounting feeds, KPIs, and operator narrative are mapped to the assumption they test. The connection between the entry assumption and the live operator number is the data model — not a quarterly reconciliation.
Decision validity, surfaced before the breach
When a prior decision stops being correct, the team finds out.
Decision validity is a live score on every position. When conditions change enough that the original IC decision is no longer defensible, Capital Refinery surfaces it — with the assumptions that broke and the time-to-consequence.
The research behind this.
Bring us a deal you actually hold.
We'll walk you through the decision validity layer on your own diligence pack. 60–90 minutes. No demo data.