Is PPM required?

Happy to chat as invested in number of self-funded deals and looked at even more. In general, you'll need a 1-2 pager (send ahead of NDA to see if interest), a PPM (CIM + layer on who you are/doing/etc), and a model. Send me email --@----.com and I can give you my PPT on tips for self-funded searchers which has some notes on these items.

Assuming you're raising capital for a funded search, almost definitely. Before you can reasonably expect professional investors to invest in your fund there needs to be a pitch or a point of discussion. There's nothing specific about a PPM that makes it special, it's simply a clean and concise way to present A)who you are, B) what you're doing (or intend to do), C) how you are going to do it, along with IRR expectations. You owe it to investors out of professional courtesy. Think of it as your first act of fiduciary duty. CIMs are specific to particular deals, and do nothing to explain who you are, what you're doing, and how you'll invest and meet IRR requirements.