visionclaw 0.1.195-beta.0 → 0.1.195-dev.feat-e2e-test-system.1

package/dist/builtin-skills/catalog/investment-banking/SKILL.md

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+---
+description: Use this skill for investment banking workflows — CIM drafting, teasers, buyer lists, merger models (accretion/dilution), pitch decks, process letters, company one-pagers, deal tracking, and data pack building. Triggers on: CIM, confidential information memorandum, teaser, buyer list, merger model, accretion dilution, pitch deck, process letter, one-pager, company profile, deal tracker, M&A, investment banking.
+---
+
+# Investment Banking
+
+Institutional-quality IB workflows adapted from [Anthropic's Financial Services reference](https://github.com/anthropics/financial-services). Covers deal materials, execution documents, and advisory workflows.
+
+## Data Sources
+1. **VisionClaw stock_data tool** — quotes, financials, historical data
+2. **Web search** — SEC filings, press releases, industry reports
+3. **User-provided data** — CIMs, financials, templates, deal terms
+4. **MCP servers** (if configured) — FactSet, S&P Global, PitchBook, etc.
+
+---
+
+## 1. Confidential Information Memorandum (CIM)
+
+### When to Use
+Drafting sell-side marketing documents for M&A processes.
+
+### Structure (typically 40-60 pages)
+1. **Executive Summary** (2-3 pages): Investment highlights, key financials, transaction overview
+2. **Company Overview** (5-8 pages): History, business model, products/services, organizational structure
+3. **Industry Overview** (5-8 pages): Market size, growth drivers, competitive landscape, trends
+4. **Operations** (5-8 pages): Facilities, supply chain, technology, employees
+5. **Customers & Sales** (3-5 pages): Customer base, go-to-market, retention, pipeline
+6. **Management Team** (2-3 pages): Bios, org chart, depth of team
+7. **Growth Opportunities** (3-5 pages): Organic growth, M&A, new markets, product expansion
+8. **Financial Overview** (8-12 pages): Historical performance, projections, key metrics, quality of earnings adjustments
+9. **Appendix**: Detailed financials, customer lists, facility details
+
+### Key Rules
+- Every claim must be supportable — no unsubstantiated growth projections
+- Present the company favorably but honestly — buyers will diligence everything
+- Financials must be audited or clearly marked as management estimates
+- Include EBITDA adjustments/add-backs with clear documentation
+
+---
+
+## 2. Teaser (Anonymous One-Pager)
+
+### When to Use
+Initial outreach to potential buyers before NDA signing.
+
+### Format (1 page, anonymous)
+- **Sector/subsector** (do NOT name the company)
+- **Business description**: What the company does (generalized)
+- **Key financial highlights**: Revenue range, EBITDA range, growth rate, margins
+- **Investment highlights**: 3-5 bullet points on why this is attractive
+- **Transaction overview**: Process type, timeline, management expectations
+- **Contact**: Advisor contact information
+
+### Rules
+- Must NOT identify the company (no name, location specifics, or unique identifiers)
+- Use ranges instead of exact numbers when needed for anonymity
+- Should generate enough interest for buyer to sign NDA and request the CIM
+
+---
+
+## 3. Buyer List
+
+### When to Use
+Building the universe of potential strategic and financial acquirers.
+
+### Structure
+
+**Strategic Buyers:**
+
+| Company | Rationale | Revenue | Market Cap | Recent M&A Activity | Fit Score |
+|---------|-----------|---------|-----------|---------------------|-----------|
+| | | | | | High/Med/Low |
+
+**Financial Buyers (PE/Growth Equity):**
+
+| Firm | Fund Size | Sector Focus | Recent Relevant Deals | Fit Score |
+|------|-----------|-------------|----------------------|-----------|
+| | | | | High/Med/Low |
+
+### Categorization
+- **Tier 1**: Highest probability — strong strategic fit, active acquirers, clear rationale
+- **Tier 2**: Good fit — logical buyers but may have hurdles (size, geography, timing)
+- **Tier 3**: Possible — tangential fit, worth contacting for competitive tension
+
+### Analysis per Buyer
+- Strategic rationale (revenue synergies, cost synergies, market access)
+- Ability to pay (financial capacity, leverage capacity)
+- Likelihood to engage (recent activity, stated strategy, management comments)
+- Potential concerns (antitrust, cultural fit, integration complexity)
+
+---
+
+## 4. Merger Model (Accretion/Dilution)
+
+### When to Use
+M&A analysis — whether a transaction is accretive or dilutive to the acquirer's EPS.
+
+### Workflow
+1. **Standalone projections**: Acquirer and target P&L (revenue, EBITDA, net income, EPS)
+2. **Transaction assumptions**: Purchase price, premium, consideration mix (cash/stock), financing
+3. **Pro forma adjustments**:
+   - Purchase accounting (goodwill, intangible amortization)
+   - Financing costs (new debt interest, foregone cash interest)
+   - Synergies (revenue and cost, phased in over time)
+   - Tax effects
+4. **Pro forma EPS**: Combined net income / pro forma share count
+5. **Accretion/dilution**: (Pro forma EPS - Standalone acquirer EPS) / Standalone EPS
+6. **Sensitivity analysis**: Accretion/dilution across different purchase prices, synergy levels, consideration mixes
+
+### Key Metrics
+- % accretion/dilution in Year 1, Year 2, Year 3
+- Breakeven synergies needed for accretion
+- Implied acquisition multiples (EV/EBITDA, EV/Revenue, P/E)
+- Goodwill created
+
+---
+
+## 5. Pitch Deck
+
+### When to Use
+Client presentations for M&A advisory, capital raising, or strategic review.
+
+### Standard Sections
+1. **Situation Overview**: Client context, why now, strategic rationale
+2. **Company Snapshot**: Business overview, key financials, market position
+3. **Valuation Analysis**: Football field showing range from multiple methodologies
+4. **Comparable Companies**: Trading comps summary
+5. **Precedent Transactions**: Relevant deal comps
+6. **Process Recommendations**: Timeline, buyer universe, execution strategy
+7. **Appendix**: Detailed financials, additional analysis
+
+### Football Field Chart
+Show valuation ranges from each methodology:
+- 52-week trading range
+- Analyst price targets
+- Trading comps (EV/EBITDA, EV/Revenue)
+- Precedent transactions
+- DCF (with sensitivity range)
+- LBO (PE affordability)
+
+Current share price shown as a marker for reference.
+
+---
+
+## 6. Process Letter
+
+### When to Use
+Formal bid instructions sent to prospective buyers in an M&A process.
+
+### Contents
+- Transaction description and timeline
+- Bid submission requirements (form, content, deadline)
+- Evaluation criteria
+- Confidentiality and exclusivity terms
+- Next steps and key dates
+- Management presentation scheduling
+- Data room access instructions
+
+---
+
+## 7. Company One-Pager (Strip Profile)
+
+### When to Use
+Quick company profiles for pitch books, buyer meetings, or internal reference.
+
+### Format (1 page)
+- **Company name, ticker, sector**
+- **Business description** (2-3 sentences)
+- **Key financials**: Revenue, EBITDA, margins, growth, EV, market cap
+- **Valuation multiples**: EV/Revenue, EV/EBITDA, P/E
+- **Ownership**: Top shareholders, insider ownership %
+- **Recent developments**: 2-3 key events
+- **Key strengths/risks**: 2-3 bullets each
+
+---
+
+## 8. Deal Tracker
+
+### When to Use
+Tracking live deals, milestones, and action items across an active M&A pipeline.
+
+### Format
+
+| Deal Name | Stage | Key Dates | Next Milestone | Owner | Status | Notes |
+|-----------|-------|-----------|---------------|-------|--------|-------|
+| | IOI/LOI/DD/Signing/Close | | | | On Track/At Risk/Delayed | |
+
+Track: buyer interactions, bid rounds, diligence progress, regulatory filings, integration planning.
+
+---
+
+## 9. Data Pack Builder
+
+### When to Use
+Building standardized financial data packs from CIMs, offering memorandums, SEC filings, or other sources for IC review.
+
+### Workflow
+1. **Ingest source materials**: CIM pages, SEC filings, web data
+2. **Extract financials**: Revenue, EBITDA, margins, capex, working capital
+3. **Normalize**: Standard format across companies, consistent accounting treatment
+4. **Quality of Earnings adjustments**: Add-backs, one-time items, run-rate adjustments
+5. **Output**: Standardized Excel workbook with documented sources
+
+---
+
+## General IB Standards
+- Every number must trace to a source document
+- Professional formatting: consistent fonts, colors, decimal precision
+- All deal-sensitive materials must be clearly marked confidential
+- Financials must balance and tie across all materials
+- When in doubt, ask the user — assumptions on deal terms can be costly
+
+*Adapted from Anthropic Financial Services (Apache 2.0). No paid data subscriptions required.*

package/dist/builtin-skills/catalog/private-equity/SKILL.md

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+---
+description: Use this skill for private equity workflows — deal sourcing, deal screening, due diligence checklists, DD meeting prep, unit economics analysis, returns analysis (IRR/MOIC), IC memos, portfolio monitoring, value creation plans, and AI readiness assessments. Triggers on: PE, private equity, deal sourcing, deal screening, due diligence, DD checklist, IC memo, investment committee, portfolio monitoring, IRR, MOIC, returns analysis, unit economics, value creation, 100-day plan.
+---
+
+# Private Equity
+
+PE workflow skills adapted from [Anthropic's Financial Services reference](https://github.com/anthropics/financial-services). Covers the full deal lifecycle from sourcing through portfolio operations.
+
+## Data Sources
+1. **VisionClaw stock_data tool** — public market data for comparable analysis
+2. **Web search** — industry reports, company websites, press releases, databases
+3. **User-provided data** — CIMs, data room documents, portfolio reports
+4. **MCP servers** (if configured) — PitchBook, Chronograph, FactSet, etc.
+
+---
+
+## 1. Deal Sourcing
+
+### When to Use
+Discovering companies, building target lists, drafting outreach for acquisition targets.
+
+### Workflow
+1. **Define criteria**: Sector, size (revenue/EBITDA range), geography, deal type (platform vs add-on)
+2. **Build target list**:
+   - Industry databases and web research
+   - Conference attendee lists, trade association members
+   - Competitor analysis of existing portfolio companies
+3. **Prioritize**: Score each target on fit, attractiveness, likelihood of transaction
+4. **Draft outreach**: Founder/CEO intro emails, broker relationship outreach
+5. **Track pipeline**: Maintain deal flow log with status and next steps
+
+---
+
+## 2. Deal Screening
+
+### When to Use
+Quick pass/fail on inbound deal flow — CIMs, teasers, broker materials. Should take minutes, not hours.
+
+### Screening Table
+
+| Criterion | Target | Actual | Pass/Fail |
+|-----------|--------|--------|-----------|
+| Revenue range | | | |
+| EBITDA range | | | |
+| EBITDA margin | | | |
+| Growth profile | | | |
+| Sector fit | | | |
+| Geography | | | |
+| Deal size / EV | | | |
+| Valuation (x EBITDA) | | | |
+| Customer concentration | | | |
+| Management continuity | | | |
+
+### Output: One-Page Screening Memo
+1. **Verdict**: Pass / Further Diligence / Hard Pass
+2. **Bull case**: 2-3 bullets — why this could be a good deal
+3. **Bear case**: 2-3 bullets — key risks and concerns
+4. **Key questions**: What you'd need to answer on a first call
+
+### Rules
+- Be direct about red flags — don't bury concerns
+- Flag inconsistent or incomplete financials explicitly
+- Save screening criteria in memory for future deals once confirmed
+
+---
+
+## 3. Due Diligence Checklist
+
+### When to Use
+Organizing and tracking diligence workstreams after signing LOI.
+
+### Workstreams
+
+**Commercial DD**
+- [ ] Market size and growth validation
+- [ ] Customer interviews (10-15 reference calls)
+- [ ] Competitive positioning and win/loss analysis
+- [ ] Pipeline and backlog verification
+- [ ] Pricing power and contract analysis
+- [ ] Customer concentration and churn
+
+**Financial DD**
+- [ ] Quality of earnings analysis
+- [ ] Revenue recognition review
+- [ ] Working capital normalization
+- [ ] Capex vs maintenance capex split
+- [ ] Pro forma adjustments validation
+- [ ] Tax structure review
+
+**Legal DD**
+- [ ] Corporate structure and entity review
+- [ ] Material contracts review
+- [ ] Litigation and regulatory review
+- [ ] IP ownership and protection
+- [ ] Employment agreements and key person risk
+- [ ] Insurance coverage adequacy
+
+**Operational DD**
+- [ ] Technology and systems assessment
+- [ ] Key employee retention risk
+- [ ] Facility and capacity review
+- [ ] Supply chain and vendor dependencies
+- [ ] Cybersecurity and data privacy
+- [ ] Integration readiness
+
+Track: responsible party, status, key findings, red flags, due date.
+
+---
+
+## 4. DD Meeting Prep
+
+### When to Use
+Preparing for management presentations, expert calls, or customer reference calls.
+
+### Management Presentation Prep
+1. **Background**: Company summary, deal context, what we know so far
+2. **Key questions by topic**: Financial, operational, strategic, management
+3. **Red flags to probe**: Issues identified in screening or early DD
+4. **Information requests**: Specific data/documents to request
+5. **Assessment criteria**: What does "good" look like on each topic?
+
+### Expert Call Prep
+1. **Expert background**: Who they are, why they're relevant
+2. **Industry questions**: Market dynamics, trends, competitive positioning
+3. **Company-specific questions**: Reputation, strengths/weaknesses vs peers
+4. **Diligence questions**: Areas where we need third-party validation
+
+---
+
+## 5. Unit Economics Analysis
+
+### When to Use
+Evaluating revenue quality — ARR cohorts, LTV/CAC, net retention, payback periods. Critical for SaaS, subscription, and recurring revenue businesses.
+
+### Key Metrics Framework
+
+**Acquisition Economics**
+- Customer Acquisition Cost (CAC): Sales & marketing / new customers
+- CAC Payback Period: CAC / (monthly revenue per customer × gross margin)
+- Sales efficiency: Net new ARR / S&M spend
+
+**Retention Economics**
+- Gross Revenue Retention (GRR): (Beginning ARR - Churn - Contraction) / Beginning ARR
+- Net Revenue Retention (NRR): (Beginning ARR - Churn - Contraction + Expansion) / Beginning ARR
+- Logo retention rate: Retained customers / beginning customers
+
+**Lifetime Value**
+- LTV = ARPU × Gross Margin × (1 / Churn Rate)
+- LTV/CAC ratio (target: >3x)
+- Revenue quality score: NRR × GRR × growth rate
+
+**Cohort Analysis**
+- Revenue by cohort vintage (monthly or quarterly)
+- Retention curves by cohort
+- Expansion revenue by cohort
+- Time to break-even by cohort
+
+---
+
+## 6. Returns Analysis
+
+### When to Use
+IRR/MOIC sensitivity analysis for investment decisions.
+
+### Framework
+1. **Entry assumptions**: Purchase price, EV/EBITDA multiple, leverage
+2. **Operating scenarios**: Base, upside, downside
+   - Revenue growth trajectory
+   - Margin expansion/compression
+   - Working capital and capex
+3. **Exit assumptions**: Exit year (typically 3-5), exit multiple
+4. **Returns calculation**:
+   - Entry equity = EV - Net Debt
+   - Exit equity = Exit EV - Exit Net Debt
+   - MOIC = Exit equity / Entry equity
+   - IRR = annualized return
+5. **Sensitivity tables** (5×5, ODD dimensions):
+   - Entry multiple vs Exit multiple → IRR
+   - Revenue growth vs Margin expansion → MOIC
+   - Leverage vs Exit multiple → IRR
+
+---
+
+## 7. Investment Committee Memo
+
+### When to Use
+Formal recommendation memo for IC deal approval.
+
+### Structure
+
+**I. Executive Summary** (1 page)
+- Company description, deal rationale, key terms
+- Recommendation and headline returns (base case IRR/MOIC)
+- Top 3 risks and mitigants
+
+**II. Company Overview** (1-2 pages)
+- Business description, products/services, customers
+- Competitive positioning, management team
+
+**III. Industry & Market** (1 page)
+- Market size/growth, competitive landscape, secular trends
+
+**IV. Financial Analysis** (2-3 pages)
+- Historical performance, quality of earnings, key drivers
+
+**V. Investment Thesis** (1 page)
+- 3-5 pillars of the investment thesis
+- Value creation levers (organic growth, margin expansion, M&A, multiple expansion)
+- 100-day priorities
+
+**VI. Deal Terms & Structure** (1 page)
+- EV, implied multiples, sources & uses, capital structure
+
+**VII. Returns Analysis** (1 page)
+- Base/upside/downside IRR and MOIC
+- Sensitivity analysis
+
+**VIII. Risk Factors** (1 page)
+- Ranked by severity × likelihood, with mitigants
+- Deal-breaker risks (if any)
+
+**IX. Recommendation**
+- Proceed / Pass / Conditional proceed
+- Key conditions or next steps
+
+### Rules
+- Be factual and balanced — present both bull and bear honestly
+- Don't minimize risks — IC members will find them; credibility matters
+- Financial tables must tie (EBITDA bridges, S&U balances, returns math)
+- Ask for missing inputs rather than assuming deal terms
+
+---
+
+## 8. Portfolio Monitoring
+
+### When to Use
+Tracking portfolio company KPIs and performance vs plan.
+
+### Dashboard Format
+
+| Company | Vintage | Entry EV | Current EV | MOIC | Revenue (Act vs Plan) | EBITDA (Act vs Plan) | Status |
+|---------|---------|---------|-----------|------|----------------------|---------------------|--------|
+| | | | | | | | Green/Yellow/Red |
+
+Per company: Revenue, EBITDA, margin, cash flow, debt paydown, key initiative status.
+Flag variances >10% from plan. Require management commentary on yellows/reds.
+
+---
+
+## 9. Value Creation Plan / 100-Day Plan
+
+### When to Use
+Post-close operational improvement planning.
+
+### Structure
+1. **Revenue levers**: Pricing, cross-sell, new markets, sales force expansion
+2. **Margin levers**: Procurement optimization, operational efficiency, automation
+3. **Strategic levers**: M&A (buy-and-build), geographic expansion, new products
+4. **Organizational**: Key hires, management upgrades, board composition
+5. **EBITDA bridge**: Current EBITDA → +Revenue initiatives → +Cost savings → Target EBITDA
+
+Timeline: 30/60/90-day milestones with owners and KPIs.
+
+---
+
+## 10. AI Readiness Assessment
+
+### When to Use
+Evaluating a portfolio company's readiness to adopt AI for operational improvement.
+
+### Assessment Areas
+- Data infrastructure and quality
+- Current technology stack
+- Team capabilities and AI literacy
+- Use case identification and prioritization
+- Vendor landscape and build-vs-buy decisions
+- ROI estimation for top use cases
+- Implementation roadmap
+
+---
+
+*Adapted from Anthropic Financial Services (Apache 2.0). No paid data subscriptions required.*