Traditional compendia can’t keep up with the growth in popularity and complexity of side letters. As diligent as fund managers might be regarding their investor obligations, they need more efficiency and transparency than sizable spreadsheets or word documents can provide.

A better option than traditional compendia is a digital, searchable repository of side letters and obligations. As the AI platform powering the private fund lifecycle, Insight from Ontra enables managers and their counsel to quickly and efficiently search, compare, and comply with their investor obligations with the help of AI.

Ontra is the leading provider of AI-powered legal technology solutions for the world’s most prominent private markets firms. We count over 800 GPs, investment banks, and advisors among our customers and partners worldwide, including Blackstone, KKR, Apollo, Carlyle, and several law firms from the AM Law 50.

Let’s take a closer look at how our customers can use AI Search in Insight to answer questions and perform tasks efficiently.

AI Search answers complex questions

Ontra now offers our customers the ability to ask questions of their agreements in Insight and get actionable answers in seconds. With the ability to surface accurate and thorough information quickly, our customers know more and can do more to create value for their firms and investors.

How AI Search works in Insight:

• Step 1: Ask Insight a question about your agreement. Example: Which investors have opt-out rights in Fund II?
• Step 2: Receive answers in seconds along with supporting text from the documents.
• Step 3: Dig deeper into search results by exploring the underlying language in the fund’s legal agreements.
• Step 4: Use search results to create workflows that hold teams accountable.

AI Search is an essential new tool for legal, compliance, investor relations, fund accounting, and deal teams. After an inquiry, AI Search quickly processes the relevant information, provides the user with an actionable answer, and surfaces the supporting text from the fund manager’s legal documents.

Users receive thorough, easy-to-understand answers rather than a list of search results. Ultimately, users won’t need a legal background to search for terms in a nuanced way or understand AI Search’s plain English answers.

Synapse, Ontra’s AI engine, enables customers to ask immediate follow-up questions and suggest related workflows based on requirements in their legal documents.

Semantic search understands the user’s intent

Insight offers AI-powered semantic search, which understands the intent and context of the customer’s search query. This gives customers flexibility when searching for information in side letters.

For example, a customer can search “key man,” and Insight surfaces key person provisions. Or a customer can search “tobacco” in relation to a fund’s investment restrictions. Insight surfaces clauses directly related to tobacco first, then other context-aware results, such as gambling.

An added bonus is that semantic search is forgiving in the face of typos. Busy legal and deal professionals don’t need to concern themselves with perfection when searching in Insight. For example, when a rushed customer types “Most favred nations,” Insight will surface the most relevant MFN provisions despite the typo.

Additionally, customers can use the Boolean search terms “AND” and “OR” to find language containing both or one of their two search terms. For example, a customer can search “reporting” and “annual” to surface only annual reporting obligations.

Overall, Ontra’s AI-powered semantic search offers our customers better, more relevant search results.

Ready to leverage AI to search your digital compendia?

Insight is the AI platform powering the private fund lifecycle. By embracing AI-enabled technology, private fund managers can simplify fund management, proactively manage risk, increase transparency, and reduce expenses.

• Insight is a digital compendium for each fund, enabling private fund managers and their counsel to search, compare, and comply with investor obligations.
• Fund managers and their internal teams can ask questions of their documents via AI Search.
• Fund managers and their internal teams can surface knowledge hidden in their legal agreements through semantic search, which understands context and the user’s intent.

Top private fund managers are already taking advantage of Insight to boost their compliance programs. If you’re ready to join them, schedule an Insight demo today.