Operating partner memo to portfolio CEOs asking for a records screen in one reply

An operating partner memo to portfolio CEOs about a records screen should ask every company for the same three fit facts in one reply: peak full-time headcount with contractors excluded, years of documented operations, and main business systems. It should state that the screen is optional, that each company decides and signs, and that nobody sends records.

When a portfolio-wide memo beats one-to-one emails

Send one memo when you want every portfolio CEO to answer the same three fit facts (peak full-time headcount with contractors excluded, years of documented operations, and main business systems) so you can see within two weeks which companies are worth a SourceX fit screen. One memo replaces a run of separate conversations and gives every CEO an identical message: the screen is optional, each company decides and signs, and no records change hands.

Good moments to send it: as annual planning starts, a few weeks before a CEO summit, or right after a portfolio review flags system migrations. Avoid the weeks around quarter-end close.

The case for asking now is about where AI training data comes from. Developers building agents need records of real work, such as tickets, approvals, project histories and decisions with outcomes, and those sit inside companies. Researchers at Epoch AI project that, if current trends continue, language models will fully use the stock of public human-generated text sometime between 2026 and 2032, a forecast with wide uncertainty that helps explain why permissioned non-public records draw interest.

The memo template

To: CEOs of {fund_name} portfolio companies From: {operating_partner_name}, {title} Date: {date} Re: Optional records screen, three facts by {reply_date} Some established companies now license historical operating records (support tickets, project files, CRM and finance history, internal documentation) to AI developers for a one-time payment. SourceX manages these licenses end to end, from rights review to delivery and payment. The company keeps ownership of its data, approves what is included and agrees redaction rules before any work begins. Nothing is binding until the company accepts the price and terms and signs. To see which of our companies might fit, please reply to this memo with three facts: your peak full-time headcount in any year, excluding contractors; your years of documented operations and founding year; and your main business systems with the year each was adopted. Please do not send records, exports or customer information. The three facts are all we need. This is optional. Each company decides whether to take a screen, and any license would be approved through its own board. Disclosure: {firm_name} is a SourceX referral partner. If a license closed, {firm_name} could receive a referral reward paid from SourceX's fee. It would never reduce what your company receives. Thank you, {operating_partner_name}

The reply format CEOs can copy

Paste this table under the memo so replies arrive in the same shape. The example column is Illustrative and describes a fictional company.

Fact	Your answer	Example answer (Illustrative)
Peak full-time headcount, contractors excluded	{peak_fte} and year	140 in 2022
Years of documented operations	{years} and founding year	12 years, founded 2014
Main systems and year adopted	{systems}	Microsoft 365 (2016), Salesforce (2017), Zendesk (2018), NetSuite (2019), Jira (2020)

Peak headcount matters more than today's figure: a company that has since shrunk, been acquired or wound down can still qualify if its records still exist.

How to triage the replies

Use the three-fact triage: size first, then history, then systems. A company that fails size stops there.

Reply pattern	What it means	Next action
50+ full-time employees at peak, several years of history, many systems with adoption dates (strong companies often run 10-15 or more)	Strong candidate	Offer a one-to-one call with the CEO and CFO
50+ at peak and several years, but few systems or recent adoption dates	Possible; history may be thin or sit in retired tools	Ask where earlier records live, then run the fit checker
Below the size baseline	Not a fit now	Thank the CEO; no further ask
Records mostly consumer or patient data	Rights likely block licensing	Note it; no introduction
A major migration planned in the reply	Archive at risk	Ask for a preserved export whatever the screen decision
No reply after one reminder	Not a priority for this CEO	Leave it until the next portfolio review

The portfolio company screening workbook keeps the answers in one place, and for borderline replies the company fit checker offers a preliminary screen that is not a decision. The full company baseline, including rights and sponsor requirements, is on who qualifies.

How to adapt the memo

Situation	Change to make
Portfolio includes non-US companies	Send only to US companies; introductions are for US businesses
Companies closed in the last quarter	Leave them out until their first 100 days are done
A company in a sale process	Leave it out and talk to the deal team; an LOI may restrict new contracts, as the no-shop clause explainer sets out
Platforms with several add-ons	Ask for systems per acquired entity, since each may hold its own archive
A CEO who prefers a call	Use the memo as the call agenda and fill in the reply table yourself

Follow-up timing

Day 0: send the memo with the reply table, from your own address rather than a shared mailbox.
Day 7: one short reminder to non-responders that repeats the reply date and that the screen is optional.
Day 10: triage the replies with the table above and share the outcome with each deal partner.
Day 14: hold one-to-one calls with strong candidates; the portfolio CFO email template helps where the CFO will lead.
Next quarterly review: report which companies chose a screen, using the standing records item in the quarterly portfolio review agenda.

Companies that choose to proceed apply through your referral link, or you submit them with the referral form. From there SourceX works with each company directly: qualification, the company's own data inventory, price and terms, buyer review, and finally contracting, delivery and payment.

What never goes in the memo

A request for samples, exports, screenshots or system access.
Mandatory language, targets, or any link to management incentives.
A price, a value range or the name of a potential buyer.
A typed reward figure.
One company's replies shared with another company.

On the firm's side, partners earn 25% of the eligible platform fees SourceX actually collects from the referred company's licensing deals, capped at $100,000 per referred company. Rewards become payable only after the buyer pays and SourceX receives its fee, and the reward is a share of that fee rather than a deduction from the company's proceeds. Before the memo goes out, read what your limited partnership agreement and internal policies say about fees connected to portfolio companies, since some address them directly.

Next step

Register as a partner so the firm has a referral link before the memo goes out, then send it with the reply table. For where introductions fit beyond this memo, see referral opportunities for private equity operating partners.

Step 1Share your linkSend your personal link to a company you know.
Step 2Company appliesThe company applies itself at /apply.
Step 3Buyer selects and paysThe buyer selects and pays for the data and SourceX receives its fee.
Step 4You get your rewardYour share of SourceX fees becomes payable.

Common questions

Why does the memo ask for peak headcount instead of current headcount?

The SourceX baseline is 50+ full-time employees at peak, with contractors excluded, because the volume of records a company generated depends on how many people worked there over time. A company that has since shrunk, been acquired or wound down can still qualify if its records still exist and can be exported, so today's headcount alone would screen out good candidates.

Should the memo come from the operating partner or the deal partner?

Usually the operating partner, because the screen is an operating initiative and the follow-up calls sit with the operations team. Copy each deal partner so nobody is surprised, and let deal partners flag companies that should be left out, such as those in a sale process or a sensitive refinancing. A memo from a named person also reads as a request from a colleague rather than a broadcast.

Can a portfolio CEO go to SourceX directly instead of replying to the memo?

Yes. Companies can apply at sourcex.si/apply on their own. If the firm wants its introduction recognized, the CEO should use the firm's referral link, which attaches the firm's referral code to the application. If two people introduce the same company, the first valid referrer whose introduction produces a verified application within the attribution window receives the credit.

What if a CEO reads the memo as a sign the company is being prepared for sale?

Address it directly. A records screen is not part of an exit process, and the memo goes to every US portfolio company at once for that reason. Whether a license suits a particular company, and when, is for its leadership and board to decide. Remind the CEO that the screen is optional, that the company decides and signs, and that nothing is shared with SourceX beyond what the CEO chooses to provide.

How does the reward work if several portfolio companies proceed?

Each referred company is assessed on its own and carries its own reward, calculated as a share of the eligible fees SourceX collects from that company's licensing deals and capped per referred company. Nothing is payable until the buyer pays and SourceX receives its fee. Disclose the arrangement to each company and check what the fund documents say about such fees.

Free resources

MOIC calculator — Multiple on invested capital from realized and unrealized value.
PDF bank statement to CSV converter — Turn Chase, Bank of America or Wells Fargo PDF statements into CSV, privately in your browser.
Client data licensing eligibility checker — A transparent preliminary screen for one company.
All free tools · MCP resource center

By SourceX Partnerships Team · Published 2026-10-09 · Updated 2026-10-09

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