Definitive Guide to Investment Banking Pitch Books

Investment Banking Pitch book is the word most dreaded by the Analysts and Associates in any investment banks. I must tell you that making a Perfect Pitch book lies the secret behind bagging those million dollar deals. And that is why Investment Bankers work for hundred hours a week.

If you happen to go through the Typical day of an Investment banker, you will notice how they work day and night putting all the numbers together for the perfect Pitches. So what is a Investment Banking Pitch book and why exactly pitches are so important for Analyst and Associates?

What are Investment Banking Pitch books?

A Pitch book is a type of sales book which is created by an investment banks. It details the main features of the bank. The investment bank’s sales force uses this pitch book to aid the process of selling products and issues and also for generating new clients.

Let’s make it simple to understand with the help of the following example:

Suppose your friend wants to buy a new Smart phone. He is new to smartphones and is not sure of the configurations or comparisons. On the other hand, you are an expert in smartphones and you like to keep yourselves updated with the latest trends, technologies, apps, pricing, features etc.

Now assuming that your friend seeks your advise on which smarphone to buy?

You agree to help your friend and prepare a rough written draft writing down key features of the best 2-3 smart phones, their configuration, their reviews, best buy price etc. With this, your friend has a fair idea of which smart phone to buy, he can further decide to go for the suggested smart phone.

Let us compare this example to Investment Banking Pitch Book as follows:

Investment Banking Pitch Book Analogy
















You: Investment Banker (expert)

Your Friend: Client of Investment Banking firm (who needs advise, help)

Your explaining key features of smart phone: Investment Banker Pitch

Paper of Smart Phone Features & Comparisons: Pitch book

The investment bankers talks about how they are best in the industry and give clients all the data and Information about a particular deal through a Pitch book. Hope its little bit clear of what Pitch books are!

What’s exactly is Pitch Books In Investment Banking

#1 – Pitch Books are Marketing devices

  • Pitch books acts as a marketing device that is used by all the investment banks around the world.
  • It is indispensable to the investment banks while marketing themselves to the clients.
  • It exemplifies valuable and comprehensive marketing material.
  • They act as the starting point of initial pitch or sales introduction for the investment bank when it is trying to seek new business.

#2 – Should have Investment Actions well specified

  • Pitch book must have a diligent as well as proper analysis of the investment actions of the current or the potential client of the bank.
  • It should be designed and crafted in such a way that it is successful in securing deal with the current or the potential clients.
  • The approach of the investment banks while making the sales is highly formalized and official. Often they follow a tailored and highly effective sales strategy.
  • It offers the bank a chance to show and prove why the clients should choose them among the wide variety of financing and other sources of capital.

#-3 Contributors of Pitch Book

  • Many contributors of the Investment bank help in the process of pitch book preparation. It involves analysts, associate, vice-president, senior vice-president, lead of the team and the managing director.
  • Managing Directors are the ones who will bring the initial idea for a pitch. The aim here is to give financial solutions to clients by offering banks products and services.
  • Due to the many ideas for a Pitch book from the Managing Directors, the lower level of the Investment banks is loaded with tremendous amount of work.
  • This means that the analysts have to make sure that they are including the latest company and Industry information in the pitch books with no analytical or typographical errors.

So having understood what a Pitch book is, we now need to know what are its main contents?

Let us first see one Sample Pitch Book

Download the PDF file .

Key Sections of an Investment Banking Pitch book 

#1 – Capabilities and Qualifications of the Investment Bank

  • In this section the investment Bank will stress upon why they are the best in the industry.
  • The information about how they rank with respect to their competitors in terms of the products and services will be given here.
  • You can find the Ranking information for mergers and acquisitions, debt, equity and other derivative products.
  • This ranking table in comparison to other Investment Banks firms is known as the league table rankings.

#2 – Market Updates

This section gives the client, information about the current market trends and environment.

  • Why this section has so much importance as in market turmoil, clients seek the Investment Banks thoughts on the direction of the market or the optimal time to do a transaction.

It is important for the investment banks to have a smart perspective about the market situations.

#3- Transaction Section

This section gives the client, the bank’s perspective on the following:

  • Potential buyers and sellers in Mergers and Acquisitions
  • Amount of capital that can be raised and it’s pricing
  • Timing and Process for the transactions
  • Valuations for sale or acquisition targets

The following is the primary analysis that you may find in the Transaction section:

a) Comparable Analysis

  • This analysis includes benchmarking the client against its peers.
  • The statistics that are considered in comparable analysis are sales, earnings, valuation multiples like PE Multiple, PBV multiple and other trading multiples, etc.

b) Financial Model

  • The most important skill for an analyst is to Build a financial model. It is the most crucial analytical tool used by the deal team to perform some important analysis.
  • Financial Models are used for Accretion/Dilution analysis in case of Merger & Acquisition Pitch.
  • In case of Debt Issuance Pitch, Financial Models is used to show how a debt issuance can be serviced and repaid.
  • In IPO Pitch to see show the company’s financial profile will look after an IPO transaction.

Types of Investment Banking Pitch books

#1 – Main Pitch Book

These types of pitch book include all the details and information about the investment banking firm. Also the statistics related to recent deals, profits, successful investments, recent trends and deals in the market are demonstrated in the pitch book. Hence such a pitch book needs to be updated regularly.

Contents of the Main Pitch book: 
  • Organization details- This pitch book contains slides, which display the organization details of the respective investment bank, like its vision and mission statement, history, global presence, key management personnel and size of the company.
  • Deals & Client Lists- Further, it also contains information about the recent deals, sector specific client list as well as the services provided to them.
  • It may also contain slides portraying the firm’s ranking as compared to competitors.
  • Market Data- The main pitch book will also include important aspects on the market overview such as competitor’s performance, current trends & deals in the market.

#2- Deal pitch book

This type of pitch book is created specifically for a particular deal. Such presentation focuses on demonstrating how the investment bank can specifically cater to their client’s financial and investing needs.

A deal-pitch book is used to explain details of mergers & acquisitions (M&A), IPO’s & debt issuance. The deal pitch book may also list down the bank’s prominent achievements and clients, to assure acceptability and potential partnership.

Contents of a Deal pitch book:
  • Detail Specific- This book has information on specific details that makes an investment bank look attractive as well as efficient.
  • Usage of Graphs– The data is supported graphs that show market growth rate, the firm’s positioning overview and valuation summary. This helps in making a valiant representation of the firm’s potential to serve its client. Do checkout these Awesome Investment Banking Graphs
  • Financial Models- It must be attached with relevant financial models, graphs and statistics wherever necessary.
  • Data of Buyers and Sponsors- Depending on whether an investment bank is making a pitch report for M&A or IPOs, the deal-pitch book must include a list of potential buyers, potential acquisition candidates, financial sponsors and their detailed descriptions.
  • Includes Recommendation- It contains summary of the proposal and provides advice & recommendations, and information on the investment bank’s role and contribution in attaining the client’s goals.

#3- Management Presentations

When the client finalizes the deal with the investment bank, management presentations are used to pitch the clients to the investors. Details included in the management presentations are-

  • Information on the client company
  • Managements details
  • Specific project
  • Key financial ratios.
  • Client’s goals and how the investment firm can help achieve them.
Contents of a Management Presentation:
  • Client Specific- This type of Pitch book is focused on the current client and hence it is customized to be more client specific.
  • Provides Client specific data- It provides more information about the Client Company, highlights, products and services, market overview, customers, organizational chart, financial performance & growth forecasts.
  • Requires Client Interaction and feedback- Preparation of such a pitch book requires detailed interaction with the client and regular feedback sessions.

#4- Combo Pitch Book / Scenario Analysis

  • An investment bank prepares such a pitch book when the client company isn’t sure whether it wants to go public or sell.
  • Thus the pitch book is created stating both scenarios and showing the tradeoffs between the two.

#5- Targeted Deal Pitch Book

  • Such type of pitch book is created when your client company is approached by a buyer with an acquisition offer.
  • In this case the pitch book shows accretion / dilution under different scenarios.

#6 – Sell-Side M&A Pitch Books 

  • These are created when a client approaches an investment bank stating that they want to Sell themselves and are looking for Potential Buyers.
  • So the Pitch book is specifically customized stressing the points why the clients should choose that particular Investment bank. These types of Pitch books are more exhaustive and long.

Such pitch book contains the following information-

  • Potential buyers for the client
  • Bank Overview
  • Positioning Overview (why the bank is more attractive than others)
  • Valuation Summary
  • Recommendations
  • Appendix

#7 – Buy-Side M&A Pitch Books 

Such pitch book contains similar information like the Sell-Side M&A Pitch Books but differs on the following point-

Points to remember while making a Pitch book

A pitch book is like a salesman for the investment bank. Hence it needs to be perfect, professional and at the same time it should be convincing enough.

Important points that must be incorporated in the pitch book are-



  • It should be concise – only detailing the important points
  • May concentrate on a single concept per page
  • Always make use of appendix
  • Must be as crisp as possible

Case Studies

  • Support your points with case studies wherever possible

Graphs & Charts

  • Use Graphs & Charts to emphasize key points

Look and feel

  • Make a point to make proper use of colors wherever possible but do not overdo it.
  • Should be professional looking.
  • Must leave a lasting impression on the clients.

Anatomy of a pitch book.

  • All the details in the Pitch book must be accurate and up-to-date.
  • There is no scope for any mistakes that may leave a negative impression on the client.
  • The information should be brief and to the point.
  • It should be simple but must have a professional layout.


If you want to be an Analysts or Associates, you will be spending majority of your time in creating the Perfect pitch book. I cannot tell you with 100% assurance that there is just one full-proof way to do a Pitch book. It usually depends on how the Investment bank wants to portray a particular deal. But one point to remember is that customizing your message according to your client’s Needs and Goals always works!


  1. By Ravi on

    Thank you Dheeraj for such a nice post.
    Well i would like to know what level of english language is required for pitch book presentation ? (high calibre or average would do)



    • By Dheeraj on

      As such the english is more aligned towards financial jargons! Dont’ worry too much on that. Your analysis and graphs should speak up than English language.


  2. By Ankush Singh on

    Hi Dheeraj,
    Firstly amazing work with the website.

    I was looking for something specifically on how an IPO pitch book works out. Haven’t found anything exactly on it on the internet – it’s all scattered. Hopefully you can come up with something consolidated soon.

    Thanks and Regards,


  3. By Sneha Desai on

    I initially though that pitch books are just only books created with matter written in it. Had no idea that actual pitches are given to clients with help of this Pitch books which have lot of information and analysis. Thanks a lot for this article.


  4. By Gary on

    Hi Dheeraj, thanks for the amazing writeup. Can you please enlighten upon how many days generally it takes to create the Pitch book?


    • By Dheeraj on

      Hi Gary,

      The answer depends on the urgency shown by your VP or seniors. In most cases, you may have to deliver the pitch book overnight. In a few cases, you may get the luxury of spending a week or two on pitch book.



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