> ## Documentation Index
> Fetch the complete documentation index at: https://docs.apers.app/llms.txt
> Use this file to discover all available pages before exploring further.

# Build Strategies with Playbooks

> Formalize your investment thesis and simulate counterparty preferences with Apers Playbook

Playbook is a powerful feature that allows users to:

1. **Formalize their investment thesis** — Make better decisions over time with clearly defined criteria
2. **Simulate counterparty preferences** — Understand prospects' or counterparties' investment preferences and simulate their possible actions

<Info>
  Playbooks can be updated as you analyze more deals. In future versions of Apers, Playbooks will be able to improve automatically.
</Info>

## Creating a Playbook

<Steps>
  <Step title="Navigate to Playbook">
    Click **Playbook** from the left side panel.
  </Step>

  <Step title="Create a new Playbook">
    Click **"Create New Playbook"** to begin.
  </Step>

  <Step title="Choose your mode">
    Select either **Express Mode** or **Precision Mode**.
  </Step>
</Steps>

## Playbook Modes

|                  | Express Mode                                                                | Precision Mode                             |
| ---------------- | --------------------------------------------------------------------------- | ------------------------------------------ |
| **Best for**     | Quick setup                                                                 | Detailed, sophisticated criteria           |
| **How it works** | Describe your goals, preferences, or paste your investment policy statement | Manually configure all investment criteria |
| **Output**       | Apers constructs the Playbook for you                                       | Full control over every parameter          |

## Configuring Your Playbook (Precision Mode)

In Precision Mode, you can define the following:

<ResponseField name="Investment Thesis" type="section">
  Define your strategy name (can differ from fund mandate), asset classes, and strategies.
</ResponseField>

<ResponseField name="Playbook Status" type="section">
  Set the status of your Playbook:

  * **Draft** — Work in progress
  * **Active** — Ready to use
  * **Inactive** — Archived or paused
</ResponseField>

<ResponseField name="Target Criteria" type="section">
  Specify asset classes, property type, strategy, and target geography (e.g., US Sun Belt markets with strong population growth).
</ResponseField>

<ResponseField name="Investment Objectives" type="section">
  Define objectives such as IRR, DSCR, and other performance criteria.
</ResponseField>

<ResponseField name="Quantitative Criteria" type="section">
  Set must-pass criteria (e.g., deal size) and return targets (e.g., IRR must be more than 15%).
</ResponseField>

## Using Playbook with Deals

<Steps>
  <Step title="Navigate to a Deal">
    Open the Deal you want to analyze.
  </Step>

  <Step title="Run Playbook">
    Click the **"Run Playbook"** button.
  </Step>

  <Step title="Select your investment thesis">
    Choose the Playbook you want to apply to this Deal.
  </Step>

  <Step title="Confirm attachment">
    A **green dot** will appear on the "Run Playbook" button, indicating the Playbook is active.
  </Step>
</Steps>

<Info>
  Once a Playbook is attached, all interactions within the Deal leverage your investment criteria behind the scenes — no matter which subchat you are operating in.
</Info>