A Series D workup: cohorts read, moat interrogated, memo written

Growth fund, $2.1B AUM, we write $30-60M checks into Series C and D. We have ten days of exclusivity on Coriolis (fictional company, real rigor): vertical SaaS for specialty pharmacy operations, $31M ARR growing 68 percent, 118 percent net revenue retention, gross margin 79 percent, burning $1.4M a month, raising $50M at $520M pre. Their data room gave us cohort tables and they claim their moat is integrations with the three dominant pharmacy management systems.

I need the growth-stage workup: cohort and retention analysis with what the numbers actually say versus the pitch; the moat interrogated — are those integrations a wall or a toll booth someone else can pay; TAM built bottoms-up from pharmacy counts, not a Gartner quote; valuation reality across scenarios — what do we have to believe for 3x at this entry; and the IC memo with recommendation and the two or three diligence calls we must make before wiring anything. Institutional quality throughout — this goes to a committee that has seen a thousand memos and forgives nothing.