A worked example.
Illustrative — the firms, names and figures below are invented
Meridian Health is a portfolio company. In March the investment committee approved a follow-on investment, subject to confirmatory diligence. In June the quarterly review comes round and the partner asks what the position is.
- IC memo · Mar
- Recommends the follow-on at €12.4m ARR, naming customer concentration as the principal risk.
- Minutes · Mar
- Approval recorded, subject to confirmatory diligence. No vote is minuted.
- Board deck · May
- Trading below plan; ARR restated to €11.9m.
- CRM · Jun
- Stage still reads “approved” — the record nobody went back to update.
- Precedent
- Harbor was declined in 2023 on the same concentration profile.
The condition has no discharge. No document after March records the confirmatory diligence being completed, and the minutes record no vote — silence is not unanimity. The answer says so rather than reporting the deal as approved, because the record does not say that.