# CIM Template and Investment Teaser Template 2026: Free Outline, Example and Buyer List

> A free CIM template with 13 sections and a one-page investment teaser template, both exportable to Excel or Google Sheets. Plus 27 private equity buyers that announced new funds, $76B in total, since September 2026.

Resources · 9 November 2026 · by Giorgio Fenancio · https://privateequitylist.com/intelligence/cim-template

**Key takeaways**

- **The short answer:** a CIM (confidential information memorandum) is the 30–80+ page document a seller gives buyers after they sign an NDA; an investment teaser is the 1–2 page anonymous summary sent first. Both templates below are tables you can export to Excel or Google Sheets.
- **CIM template:** 13 sections, from the executive summary and investment highlights to 3–5 years of historical financials, projections and the transaction overview.
- **Teaser template:** 9 fields, with no company name, regions instead of cities and revenue and EBITDA as ranges.
- **Timing:** a targeted sale contacts 20–60 buyers, gets 8–15 NDAs signed and 3–6 indications of interest, and takes 28–36 weeks from kickoff to closing (Papermark).
- **Who reads it:** 27 private equity buyers announced new buyout or growth funds between 1 September and 8 November 2026, $76B in 26 funds, according to the Private Equity List fund tracker.
- **Buyer universe:** 3,543 private equity firms in Private Equity List; 1,555 of them write cheques of $10–50M.

- **1–2 pages**: investment teaser (no company name, no NDA)
- **30–80+ pages**: CIM (sent after the NDA)
- **27**: buyers with a new fund (1 September – 8 November 2026)
- **$76B**: in their new funds (26 funds, as announced)

**Private equity firms by typical cheque size**

| | Value |
|---|---:|
| Under $1M | 270 |
| $1–5M | 628 |
| $5–10M | 190 |
| $10–50M | 1555 |
| $50–100M | 503 |
| $100M+ | 390 |

Source: Private Equity List database, November 2026

**Buyers with a new fund since September 2026, by headquarters**

| | Value |
|---|---:|
| United States | 20 |
| Asia | 4 |
| Europe | 3 |

Source: Private Equity List fund tracker, 1 September – 8 November 2026

## What is a CIM: the confidential information memorandum in M&A

**Definition:** a CIM is the sale document of a private company. It describes the business, its market, its team and its numbers in enough detail for a buyer to make a first offer.\
**When it is sent:** only after a buyer signs a non-disclosure agreement. [IMAP](https://www.imap.com/en/insights/2026/CIM-vs-Teaser-What-Goes-In-Each-and-Why-It-Matters~cv), an M&A advisory group, puts a CIM at 30–80+ pages; [Mergers & Inquisitions](https://mergersandinquisitions.com/confidential-information-memorandum/) calls it a 50+ page document.\
**Who writes it:** in investment banking, the sell-side bank's analysts and associates draft it from information the owner supplies. Smaller sellers use an M&A adviser or write it themselves.\
**What it leads to:** buyers read the CIM and send an indication of interest (IOI), a non-binding price range. The best IOIs get a management presentation and the data room.\
**Legal status:** a CIM is a marketing document; the binding terms come later in the purchase agreement. Private placements of fund interests use a private placement memorandum, written by lawyers.

## What is an investment teaser

**Definition:** a one- or two-page summary of the business with no company name. It is the first thing buyers see.\
**Who gets it:** a broad list of buyers, some of them competitors, so it stays thin. A buyer who wants more signs the NDA and receives the CIM.\
**What it carries:** sector and region, revenue and EBITDA ranges, the business model, 3–5 investment highlights, why the owner is selling and how to request the CIM ([IMAP](https://www.imap.com/en/insights/2026/CIM-vs-Teaser-What-Goes-In-Each-and-Why-It-Matters~cv)).\
**In M&A and private equity:** the teaser is this one-pager. Startups send a similar short teaser deck before the full pitch deck.

## CIM template: the 13 sections, in order

The table is the template. Each row is a section of the CIM, with what to write and one example line for a made-up company, Project Atlas, a US commercial HVAC services business. Illustrative example, not data. Use the CSV button to open it in Excel or Google Sheets and replace the example column with your own text.

<div class="intel__tablewrap">
<table class="intel__table">
<thead><tr><th>Section</th><th>What to include</th><th>What buyers check</th><th>Example line (illustrative)</th></tr></thead>
<tbody>
<tr><td>1. Cover and disclaimer</td><td>Project name, "Confidential", adviser, date, a note that the document is not an offer and buyers must rely on their own diligence</td><td>That the NDA covers this document</td><td>Project Atlas. Confidential information memorandum. November 2026.</td></tr>
<tr><td>2. Executive summary</td><td>The business in one paragraph, 4–6 investment highlights, headline financials, what is for sale</td><td>Whether to read on: size, growth, margin, why now</td><td>Atlas services 1,900 commercial buildings in Texas; 82% of revenue is recurring maintenance.</td></tr>
<tr><td>3. Company overview</td><td>History, locations, ownership, legal structure, headcount</td><td>Who owns what, and what the buyer actually acquires</td><td>Founded in 2004; two shareholders; 214 employees in four branches.</td></tr>
<tr><td>4. Products and services</td><td>Each service line with its share of revenue and gross margin</td><td>Which lines make the money</td><td>Maintenance contracts 61% of revenue, repairs 21%, installation 18%.</td></tr>
<tr><td>5. Customers</td><td>Customer types, top-10 share, contract length, retention</td><td>Concentration: how much revenue leaves if one customer goes</td><td>Top 10 customers are 24% of revenue; the largest is 5%.</td></tr>
<tr><td>6. Market and competition</td><td>Market size with a source, growth drivers, named competitors, why customers pick you</td><td>Room to grow and the risk of losing share</td><td>Atlas is one of three independent providers with more than 100 technicians in its region.</td></tr>
<tr><td>7. Sales and marketing</td><td>How customers are won, sales team, pipeline, pricing</td><td>Whether growth depends on the founder</td><td>Six account managers; 70% of new contracts come from referrals by building managers.</td></tr>
<tr><td>8. Operations</td><td>Sites, suppliers, systems, certifications, employees by function</td><td>What must be fixed or replaced after closing</td><td>Dispatch runs on ServiceTitan; technician turnover 14% a year.</td></tr>
<tr><td>9. Management team</td><td>Who runs the business, tenure, who stays after the sale</td><td>Whether the team stays without the seller</td><td>CEO and CFO will stay and reinvest; the founder steps back to chairman.</td></tr>
<tr><td>10. Historical financials</td><td>Income statement, balance sheet and cash flow for 3–5 years; adjusted EBITDA with each adjustment explained</td><td>Quality of earnings: are the add-backs real</td><td>Revenue $42M, adjusted EBITDA $6.1M in 2025, after $0.4M of owner costs added back.</td></tr>
<tr><td>11. Projections</td><td>3–5 year forecast, the assumptions behind it, the current year's trading so far</td><td>Whether the forecast is backed by contracts or hope</td><td>Revenue forecast to grow 9% a year, two-thirds from contracts already signed.</td></tr>
<tr><td>12. Growth opportunities</td><td>New regions, services, pricing, acquisitions, each with a rough size</td><td>The buyer's own value creation plan</td><td>Twelve local competitors with $3–8M of revenue could be bought and added.</td></tr>
<tr><td>13. Transaction overview</td><td>What is for sale, the seller's goals (price, rollover, role), process and dates, contact</td><td>Structure and how to bid</td><td>Sale of 100% of the shares; owners open to a 20% rollover. IOIs due 15 January.</td></tr>
</tbody>
</table>
</div>

**Order:** [Mergers & Inquisitions](https://mergersandinquisitions.com/confidential-information-memorandum/) gives the classic bank order: overview and investment highlights, products and services, market, sales and marketing, management, financials and projections, risk factors and appendices. IMAP adds business model, growth opportunities and a transaction overview.\
**History:** buyers prefer 3–5 years of historical financials; the M&I example CIM shows two years and a five-year projection.\
**Appendices:** detailed financial statements, customer lists by anonymised code, site lists and licences. Keep anything a competitor could use for the data room.

## Investment teaser template: one page, nine fields

The same made-up company as a blind teaser. Illustrative example, not data. Export it with the CSV button and fill in your own lines.

<div class="intel__tablewrap">
<table class="intel__table">
<thead><tr><th>Field</th><th>What to write</th><th>Example (illustrative)</th></tr></thead>
<tbody>
<tr><td>1. Project name</td><td>A code name, never the company name</td><td>Project Atlas</td></tr>
<tr><td>2. Headline</td><td>Sector, region and what makes it attractive in one line</td><td>Recurring-revenue commercial HVAC services platform in the US South</td></tr>
<tr><td>3. Business description</td><td>3–4 sentences on what the company does and for whom, with no names</td><td>Maintains, repairs and installs heating and cooling systems for offices, schools and hospitals.</td></tr>
<tr><td>4. Sector and geography</td><td>Region or state, not the city</td><td>Building services; Texas</td></tr>
<tr><td>5. Key figures</td><td>Revenue and EBITDA as ranges, growth, employees</td><td>Revenue $40–45M; adjusted EBITDA $6–7M; 200+ employees</td></tr>
<tr><td>6. Investment highlights</td><td>3–5 bullet points, each with a number</td><td>82% recurring revenue; no customer above 5%; 21 years of history</td></tr>
<tr><td>7. Transaction</td><td>Stake for sale and why the owner is selling</td><td>Majority or 100% sale; founder retiring, management stays</td></tr>
<tr><td>8. Process</td><td>Who runs the sale and the next date</td><td>Adviser-led; CIM available now, first-round offers in January</td></tr>
<tr><td>9. Next step</td><td>Sign the NDA to receive the CIM; adviser contact</td><td>Return the signed NDA to the adviser to receive the CIM</td></tr>
</tbody>
</table>
</div>

**Anonymity check:** remove company, brand and product names; use regions, not cities; give ranges when the sector is small enough for exact figures to reveal the company.\
**Length:** one page is the norm ([WaveUp](https://waveup.com/blog/sell-side-m-and-a-process/), IMAP); two at most.\
**Review:** the owner and a lawyer read the teaser before it goes out, because it reaches competitors.

## CIM example: a filled-in executive summary

An executive summary is what most buyers read first, and bankers spend most of their time on it and on the financial section ([Mergers & Inquisitions](https://mergersandinquisitions.com/confidential-information-memorandum/)). Here is one for Project Atlas. Illustrative example, not data.

**The business:** Atlas maintains, repairs and installs heating and cooling systems for 1,900 commercial buildings across four branches in Texas.\
**Recurring revenue:** 82% of revenue comes from maintenance contracts that renew each year; 93% of contract value renewed in 2025.\
**Spread-out customers:** the top 10 customers are 24% of revenue and the largest is 5%.\
**Growth:** revenue grew from $31M in 2022 to $42M in 2025; adjusted EBITDA from $4.2M to $6.1M.\
**Room to buy:** twelve local competitors with $3–8M of revenue each could be acquired and added to the branch network.\
**The deal:** the owners will sell up to 100% of the shares; the CEO and CFO stay and are open to reinvesting.

## CIM vs teaser vs pitch deck vs offering memorandum

<div class="intel__tablewrap">
<table class="intel__table">
<thead><tr><th>Document</th><th>Length</th><th>When it is sent</th><th>NDA first</th><th>Used for</th></tr></thead>
<tbody>
<tr><td>Investment teaser</td><td>1–2 pages</td><td>First contact with every buyer</td><td>No</td><td>Selling a company or raising growth capital</td></tr>
<tr><td>CIM</td><td>30–80+ pages</td><td>After the NDA, before first offers</td><td>Yes</td><td>Selling a company, majority or minority stakes</td></tr>
<tr><td>Management presentation</td><td>A meeting plus slides</td><td>After the indications of interest</td><td>Yes</td><td>Letting shortlisted buyers meet the team</td></tr>
<tr><td>Pitch deck</td><td>A short slide deck</td><td>First meeting with an investor</td><td>Usually no</td><td>Startup equity rounds</td></tr>
<tr><td>Private placement or offering memorandum</td><td>A legal disclosure document</td><td>With the subscription papers</td><td>Often</td><td>Selling securities: fund interests, real estate deals, Reg D offerings</td></tr>
</tbody>
</table>
</div>

**Teaser vs CIM:** the teaser goes wide and says little; the CIM goes to fewer buyers and says almost everything except what stays in the data room.\
**CIM vs pitch deck:** a founder raising a seed or Series A round sends a deck, not a CIM; the [capital raise](https://privateequitylist.com/intelligence/capital-raise) guide lists what goes in that pack.\
**CIM vs investment memorandum:** buyers write an investment memorandum for their own committee after reading your CIM; "investment memorandum template" searches often mean that internal document.

## When the teaser and CIM go out: the sell-side timeline

<div class="intel__tablewrap">
<table class="intel__table">
<thead><tr><th>Phase</th><th>Weeks from kickoff</th><th>What the seller sends</th><th>What buyers send back</th></tr></thead>
<tbody>
<tr><td>Preparation</td><td>1–6</td><td>Nothing yet: CIM, teaser, model and buyer list are written</td><td>—</td></tr>
<tr><td>Outreach and NDAs</td><td>5–10</td><td>Teaser to the buyer list, then the CIM after each NDA</td><td>Signed NDAs and questions</td></tr>
<tr><td>Indications of interest</td><td>9–12</td><td>Process letter with the bid date</td><td>IOIs: a price range and structure</td></tr>
<tr><td>Management presentations and LOIs</td><td>12–16</td><td>Data room access, meetings with the team</td><td>Letters of intent with price and exclusivity</td></tr>
<tr><td>Confirmatory diligence</td><td>16–28</td><td>Answers, contracts, quality of earnings report</td><td>Purchase agreement mark-up</td></tr>
<tr><td>Signing and closing</td><td>28–36</td><td>Final disclosure schedules</td><td>Payment at closing</td></tr>
</tbody>
</table>
</div>

**Source:** week ranges from [Papermark's sell-side playbook](https://www.papermark.com/blog/sell-side-m-and-a-process), October 2026.\
**The funnel:** a targeted process commonly contacts 20–60 buyers, gets 8–15 NDAs and 3–6 indications of interest (Papermark).\
**Longer view:** [WaveUp](https://waveup.com/blog/sell-side-m-and-a-process/) plans 9–12 months from hiring an adviser to closing, 6–9 if the company is well prepared; exclusivity after an LOI usually lasts 30–60 days.\
**Write the CIM before the teaser goes out:** a buyer who signs the NDA expects the CIM the same week.

## Who receives your CIM: private equity buyers with new money

A teaser works best with buyers that have just raised a fund, because they have to invest it. Between 1 September and 8 November 2026, 27 private equity firms announced new buyout or growth funds in the Private Equity List fund tracker. 26 of those funds add up to $76B as announced; CVC's fund is a target. The typical fund is $1.2B.

**Biggest new buyout and growth funds, September – November 2026**

| | Value |
|---|---:|
| Advent GPE XI | $27B |
| ICG Europe Fund IX | $13.2B |
| West Street Capital Partners IX | $9.6B |
| Valor Equity Partners | $3.3B |
| Siguler Guff Small Buyout VI | $3B |
| Advent Mid-Market Fund | $3B |
| Spectrum Equity Fund XI | $2.5B |
| Consonance Private Equity III | $1.35B |

Source: Private Equity List fund tracker, size as announced

### United States

20 of the 27 buyers are US firms. Healthcare is the most common focus: Consonance, Sheridan, Aphias, Transformation Capital, FFL and Iron Path all name it.

<div class="intel__tablewrap">
<table class="intel__table">
<thead><tr><th>Buyer</th><th>HQ</th><th>New fund</th><th>What it buys</th></tr></thead>
<tbody>
<tr><td><a href="https://privateequitylist.com/investors/advent-international-corporation">Advent International</a></td><td>Boston</td><td><a href="https://www.dealstreetasia.com/stories/advent-global-funds-499347">GPE XI, $27B, and Mid-Market Fund, $3B</a></td><td>Global buyouts; the new mid-market fund takes smaller deals</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/goldman-sachs-essg">Goldman Sachs ESSG</a></td><td>New York</td><td><a href="https://www.dealstreetasia.com/stories/goldman-sachs-asset-arm-raises-11-7b-across-three-private-equity-funds-495270">West Street Capital Partners IX, $9.6B</a></td><td>Large buyouts and growth investments</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/valor-equity-partners">Valor Equity Partners</a></td><td>Chicago</td><td><a href="https://vcwire.tech/2026/11/05/valor-equity-partners-raises-approx-3-3-billion-for-latest-fund/">Latest fund, about $3.3B</a></td><td>Operational growth in tech-enabled, manufacturing and energy companies</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/siguler-guff-united-states">Siguler Guff</a></td><td>New York</td><td><a href="https://pulse2.com/siguler-guff-raises-record-3-billion-for-small-buyout-strategy-targeting-founder-owned-u-s-businesses/">Small Buyout Opportunities Fund VI, $3B</a></td><td>Founder-owned US businesses</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/spectrum-equity">Spectrum Equity</a></td><td>Boston</td><td><a href="https://pulse2.com/spectrum-equity-closes-oversubscribed-2-5-billion-fund-xi/">Fund XI, $2.5B</a></td><td>Growth equity in fintech, marketing and media businesses</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/consonance-capital-partners">Consonance Capital Partners</a></td><td>New York</td><td><a href="https://pulse2.com/consonance-capital-partners-closes-oversubscribed-1-35-billion-third-fund/">Consonance Private Equity III, $1.35B</a></td><td>Healthcare services and healthcare technology</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/ffl-partners">FFL Partners</a></td><td>San Francisco</td><td><a href="https://peprofessional.com/2026/10/ffl-plants-a-bigger-seed/">FFL Capital Partners VI, $1.35B</a></td><td>Middle-market healthcare and tech-enabled services</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/princeton-ventures">Princeton Equity Group</a></td><td>Princeton, NJ</td><td><a href="https://pulse2.com/princeton-equity-group-raises-1-3-billion-fund-iii-at-hard-cap/">Princeton Equity Partners III, $1.3B</a></td><td>Franchisors and multi-location businesses</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/morgan-stanley-investment-management">Morgan Stanley Investment Management</a></td><td>New York</td><td><a href="https://vcwire.tech/2026/09/17/morgan-stanley-investment-management-closes-inaugural-growth-equity-investment-fund-at-1-3-billion/">North Haven Growth & Innovation Fund, $1.3B</a></td><td>Growth equity, its first fund of this kind</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/tpg">TPG</a></td><td>San Francisco</td><td><a href="https://www.dealstreetasia.com/stories/tpg-raises-1-3b-for-debut-asia-mid-cap-fund-surpassing-target-499710">TPG Emerging Companies Asia, $1.3B</a></td><td>Mid-sized companies in Asia</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/investcorp">Investcorp</a></td><td>New York</td><td><a href="https://pulse2.com/investcorp-raises-1-22-billion-for-north-american-private-equity-fund-ii/">North American Private Equity Fund II, $1.22B</a></td><td>Mid-market buyouts in North America</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/sheridan-capital-partners">Sheridan Capital Partners</a></td><td>Chicago</td><td><a href="https://vcwire.tech/2026/10/08/sheridan-capital-partners-closes-fund-iv-at-1-1-billion/">Fund IV, $1.1B</a></td><td>Healthcare: outsourced services, products and patient services</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/aphias-capital">Aphias Capital</a></td><td>San Francisco</td><td><a href="https://pulse2.com/aphias-capital-closes-oversubscribed-1-05-billion-fund-i/">Fund I, $1.05B</a></td><td>Healthcare and business services; team from H.I.G. Capital</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/transformation-capital">Transformation Capital</a></td><td>Boston</td><td><a href="https://vcwire.tech/2026/09/15/transformation-capital-closes-fund-iv-at-850m/">Fund IV, $850M</a></td><td>Digital health growth equity</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/gem">GEM</a></td><td>Charlotte</td><td><a href="https://pulse2.com/gem-closes-685-million-independent-sponsors-fund-ii-to-expand-lower-middle-market-private-equity-investments/">Independent Sponsors Fund II, $685M</a></td><td>Backs independent sponsors' lower middle market deals</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/monomoy-capital-partners">Monomoy Capital Partners</a></td><td>New York</td><td><a href="https://vcwire.tech/2026/10/22/monomoy-capital-partners-closes-monomoy-family-fund-i-at-589m/">Monomoy Family Fund I, $589M</a></td><td>Middle-market industrial, consumer and business services</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/iron-path-capital">Iron Path Capital</a></td><td>Nashville</td><td><a href="https://vcwire.tech/2026/10/06/iron-path-capital-closes-fund-ii-at-450m/">Fund II, $450M</a></td><td>Healthcare, business services and industrial companies</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/rising-point-capital-management">Rising Point Capital Management</a></td><td>Chicago</td><td><a href="https://vcwire.tech/2026/09/30/rising-point-capital-management-closes-maiden-fund-at-325m/">Fund I, $325M</a></td><td>Industrial, construction and infrastructure services</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/artemis-capital-partners">Artemis Capital Partners</a></td><td>Boston</td><td><a href="https://vcwire.tech/2026/09/16/artemis-capital-partners-closes-fund-iv-at-over-250m/">Fund IV, $254M</a></td><td>Industrial technology: automation, aerospace and defence</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/savory-fund">Savory Fund</a></td><td>Salt Lake City</td><td><a href="https://vcwire.tech/2026/10/14/savory-fund-closes-savory-fund-iii-at-201-5m/">Savory Fund III, $201.5M</a></td><td>Emerging restaurant concepts</td></tr>
</tbody>
</table>
</div>

### Europe

Three European buyers raised or set out to raise new funds, from €12B in London to €171.5M in Poland.

<div class="intel__tablewrap">
<table class="intel__table">
<thead><tr><th>Buyer</th><th>HQ</th><th>New fund</th><th>What it buys</th></tr></thead>
<tbody>
<tr><td><a href="https://privateequitylist.com/investors/cvc">CVC</a></td><td>Luxembourg</td><td><a href="https://pulse2.com/cvc-sets-e26-billion-initial-target-for-europe-americas-fund-x/">Europe / Americas Fund X, €26B target</a></td><td>Large buyouts in Europe and the Americas</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/intermediate-capital-group-icg">Intermediate Capital Group (ICG)</a></td><td>London</td><td><a href="https://pulse2.com/icg-closes-ninth-european-corporate-fund-at-record-e12-billion/">ICG Europe Fund IX, €12B</a></td><td>European companies, with flexible equity and structured capital</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/avallon-mbo">Avallon MBO</a></td><td>Łódź</td><td><a href="https://pulse2.com/avallon-launches-e171-5-million-fourth-fund-with-increased-focus-on-technology/">Fourth fund, €171.5M</a></td><td>Management buyouts in Poland, now with more technology</td></tr>
</tbody>
</table>
</div>

### Asia

Four Asian buyers, plus TPG's new Asia mid-cap fund listed under the United States.

<div class="intel__tablewrap">
<table class="intel__table">
<thead><tr><th>Buyer</th><th>HQ</th><th>New fund</th><th>What it buys</th></tr></thead>
<tbody>
<tr><td><a href="https://privateequitylist.com/investors/ikhlas-capital">Ikhlas Capital</a></td><td>Singapore</td><td><a href="https://www.dealstreetasia.com/stories/ikhlas-capital-second-fund-495365">Second fund, $370M</a></td><td>Companies across South East Asia</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/lakeshore-capital">Lakeshore Capital</a></td><td>Bangkok</td><td><a href="https://www.dealstreetasia.com/stories/lakeshore-capital-third-fund-2-496105">Fund III, $305M</a></td><td>Thai healthcare, food, logistics and retail companies</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/carpediem-advisors">Carpediem Capital</a></td><td>Mumbai</td><td><a href="https://www.dealstreetasia.com/stories/carpediem-capital-fund-iii-495964">Fund III, $210M target</a></td><td>Indian consumer-facing small and mid-sized companies</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/excelsior-capital-vietnam">Excelsior Capital Vietnam</a></td><td>Vietnam</td><td><a href="https://www.dealstreetasia.com/stories/excelsior-capital-vietnam-fund-495923">Second fund, over $170M</a></td><td>Education, consumer and technology companies</td></tr>
</tbody>
</table>
</div>

## How many buyers fit your deal: building the teaser list

**Private equity firms by region they invest in**

| | Value |
|---|---:|
| North America | 2135 |
| Europe | 2023 |
| Asia | 1113 |
| Middle East | 428 |
| South America | 365 |
| Africa | 351 |
| Australia and others | 296 |

Source: Private Equity List database, November 2026; a firm can cover several regions

**Start with cheque size:** the equity a buyer puts in is the price minus the debt. For a $40M deal with half of it borrowed, that is about $20M, and 1,555 of the 3,543 private equity firms in Private Equity List write $10–50M cheques.\
**Then region and sector:** 2,135 firms invest in North America and 2,023 in Europe. Filter the [private equity firms list](https://privateequitylist.com/investors/private-equity) by sector and country to get to a long list of 40–60 names.\
**Add family offices:** 249 [family offices](https://privateequitylist.com/investors/family-office) in Private Equity List; those that buy companies directly often hold them longer than a fund would.\
**Add independent sponsors:** they find a deal first and raise the equity afterwards; GEM's new $685M fund exists to back them. Our [independent sponsors](https://privateequitylist.com/intelligence/independent-sponsors) guide lists 38 capital partners.\
**Put buyers with new money first:** funds that just closed are in the [new funds tracker](https://privateequitylist.com/new-vc-funds); the [private equity buyers](https://privateequitylist.com/intelligence/private-equity-buyers) guide lists every buyer with a 2026 fund by region and company size.\
**Export the list:** in [search](https://privateequitylist.com/search), combine type, cheque size, sector and country, then export names, websites and partner contacts for the teaser emails.

## Common CIM and teaser mistakes

**A teaser that names the company:** a city, a product name or an exact revenue figure in a small sector is enough for a competitor to work it out.\
**Adjusted EBITDA without a bridge:** every add-back needs its own line and reason; buyers' quality of earnings work will test each one.\
**A forecast with no link to history:** a jump from 5% growth to 25% needs signed contracts or a named new product behind it.\
**Hiding customer concentration:** buyers find it in the data room, and the price drops later in the process, when the seller has less leverage.\
**A CIM written for the owner:** buyers want what they will own after closing, so the management section has to say who stays.\
**Sending to everyone:** a teaser sent to buyers whose cheque size or sector does not fit wastes NDAs and leaks the sale. Papermark's targeted processes contact 20–60 buyers.

## Where the CIM fits in a capital raise

**Selling or raising growth capital:** the same CIM and teaser work for a minority growth equity round; the transaction section then describes the stake and the use of funds.\
**Startups:** a seed or Series A raise uses a pitch deck, a [cap table template](https://privateequitylist.com/intelligence/cap-table-template) and a data room instead; the [capital raise](https://privateequitylist.com/intelligence/capital-raise) guide sets out the full process.\
**Debt alongside equity:** buyers of mid-market companies usually borrow part of the price, often from [private equity lenders](https://privateequitylist.com/intelligence/private-equity-lenders); a debt CIM for lenders adds the proposed terms, such as interest rate, maturity and covenants ([Mergers & Inquisitions](https://mergersandinquisitions.com/confidential-information-memorandum/)).

## Data and methodology

**Buyers:** private equity firms whose new buyout or growth fund was announced between 1 September and 8 November 2026 in the Private Equity List fund tracker; only verified announcements, firms with a published profile. Secondaries, credit, real estate, infrastructure and fund-of-funds vehicles were left out.\
**Fund sizes:** as announced, linked to each announcement; euro funds shown in euros, totals in US dollars at the tracker's conversion. CVC's €26B and Carpediem's $210M are targets and are not in the $76B.\
**Firm counts:** cheque size, investment region and type from Private Equity List profiles as of 9 November 2026.\
**External figures:** document lengths, sections and process timing come from IMAP, Mergers & Inquisitions, Papermark and WaveUp, linked in the text. Project Atlas is a made-up company.

## FAQ

### What is a CIM in M&A and private equity?

A CIM, or confidential information memorandum, is the sale document of a private company: business, market, team, 3–5 years of financials, projections and the deal on offer. Buyers receive it after signing an NDA and use it to make a first, non-binding offer. Private equity firms are the most common readers; 3,543 of them are listed in Private Equity List.

### How long should a CIM be?

Usually 30–80+ pages, according to IMAP; Mergers & Inquisitions describes it as a 50+ page document. Smaller companies can stay near the low end if the executive summary, customers and financials sections are complete.

### What is the difference between a teaser and a CIM?

The teaser is a 1–2 page anonymous summary sent to every buyer on the list without an NDA. The CIM names the company, runs to 30–80+ pages and goes only to buyers who sign the NDA. A targeted sale contacts 20–60 buyers with the teaser and gets 8–15 NDAs (Papermark).

### Who prepares a confidential information memorandum?

The sell-side investment bank or M&A adviser drafts it, with analysts and associates doing most of the writing from information the owner supplies. Owners of smaller companies sometimes write it themselves from a template like the one in this article.

### Who should receive an investment teaser?

Buyers whose cheque size, sector and region fit the deal: private equity firms, family offices and independent sponsors, and strategic buyers in your industry. Start with buyers that have new money: 27 private equity firms announced new buyout or growth funds between 1 September and 8 November 2026, $76B in 26 funds, according to the Private Equity List fund tracker.