What is the most efficient IC process you've seen?

Everyone already knows what going on for the most part and IC is done more like a marriage for a final veto and state your reason, lets all grab a beer afterwards

Our process works well. ICs are scheduled on an ad-hoc basis, the deal is typically run past 1-2 of the approvers early to gauge interest and if it’s worth pursuing. Haven’t had a deal fall through yet as they’re familiar with it by the time it’s in front of them and often it’s focused on confirming outcome of DD. For larger investments, these might go through 2-3 ICs so that key issues can be hones in on before final approval.

Of the various processes I’ve been part of, efficiency seems to come down to are the IC members aware of the deal and broadly supportive of it before you go for formal approval. If they’re not, you’re going to struggle to get them on board with it.

This is such an important question. Feel like most juniors don’t really diligence a firms IC process. Previewing deals one on one with decision makers and addressing all their concerns ahead of the final meeting date (wedding + beers after as poster above said) is my ideal process.

I have been a part of deals where nobody previews and we get to IC to discover the founder automatically vetos everything in the given jurisdiction and have seen some funds that can regularly have 5-10 follow up IC meetings. It’s a really debilitating process to work for seniors who don’t have a good “sniff test” to fast track good deals, eliminate bad ones early, and focus due diligence on exclusively the important points. Counterparties also lose their shit when they continuously have to provide additional answers/materials after being assured, “we will have a final go/ no go for you shortly”.

At my firm, 30B+ AUM, IC is weekly (start of week). Deals close to the finish line (this is important, you don't float deals around unless all critical points & issues are all being addressed - by this point, likelihood of closing/being approved is like 95%) would have been in discussion for weeks before the week of voting. By the time IC voting members record their final decision, everyone will have been well aware of what's going on. IC package has also been reduced substantially to 10-15 pages. 

Compared to before when ICs are called on adhoc basis with books that were literally a binder of 150 pages. That was stupid.

All the ICs I've seen have one guy that sits on IC actually know the deal and if he vouches for it very rarely does anyone fight him and then it's done. If there isn't a second person that gets involved before it goes to IC you're probably good. If a second person starts digging in that means you now have a 50/50 shot haha.

When I was in acquisitions, IC was a formality. It happened once per week, if needed, on Wednesday or Thursday. By the time you reach IC, the deal was socialized and agreed to moving forward - just need a formal vote. So we gave a 30 minute presentation. Had some questions. And That was that.