Blue Point Capital Partners Relies on Ontra’s Insight for Its Daily Workflow and Task Management

Challenge

Blue Point encounters an increasing volume of agreements and regulatory changes

The lean operations team at Blue Point Capital manually tracked a high volume of side letters and obligations for 13 existing funds across various spreadsheets. As the firm prepared to launch Fund V, the volume of side letters became increasingly complex. With each fund in a separate spreadsheet, comparing the partnership agreements (LPAs) and the product disclosures (PDSs) between funds was extremely inefficient and error–prone.

“I was constantly bouncing back and forth between multiple spreadsheets of side letter obligations. I knew I had to find a more efficient way forward, so I started talking to Ontra,” said Director of Compliance at Blue Point Capital Partners, Ed Zelaski.

While they were still in the fundraising process and dealing with manual workflows, the SEC enacted new private equity rules that required more extensive reporting and restrictions on terms. This resulted in increased time and resources spent managing compliance. At that point, Ed decided it was time to find a new way to streamline and simplify fund obligation management.

“Once the new (now extinct) private equity rules were announced in 2023, I accelerated pursuing Ontra as a solution. I was motivated because we knew we needed a better way of tracking all our agreements. Even though those SEC rules were overturned in 2024, Insight continues to streamline our processes compared to our previous approach,” Ed stated.

Solution

Insight provides daily workflow and deadline management for Blue Point

Since then, Ontra’s Insight has become an integral part of Blue Point’s compliance team’s daily routine. When questions arise about how the firm handles offsets for all its funds, retrieving the relevant sections for every LPA and populating a spreadsheet is just a single click away.

“Insight makes managing our limited partnership agreements and our side letters significantly simpler, delivering real benefits in terms of cost and efficiency. It’s such a quick and accurate reference that I have it open every day,” explained Ed.

Ed relies on the Tasks feature in Insight to apprise him of approaching deadlines across all Blue Point team members who support the firm’s limited partners. Knowing that Insight is tracking tasks and deadlines across all Blue Point’s funds has given Ed greater peace of mind—knowing there’s a system in place that adds accountability and safeguards against anything being missed.

“The Tasks feature is a really good tool for monitoring activity. As the primary user, I have a 360-degree view, which allows me to ensure that the people working on funds are aware of upcoming deadlines. With Insight, I know that no matter what, we have things covered,” stated Ed.

A former AI skeptic, Ed uses Insight’s AI Search feature daily. He is confident that the answers he gets are accurate based on the source documents referenced in the platform. Although he would have access to the agreement details without Insight, the platform lessens the time and effort required to retrieve the necessary information.

“I really like AI Search. It’s been a huge help. It’s so much easier to simply type a question to get updates or check on various requirements than to search through every obligation to get the answer,” Ed stated.

Insight saves time and lessens the workload for Blue Point

To date, Blue Point has 75 side letters across three funds and 2,500 obligations residing in Insight. Ed values the additional time he has gained for higher-value work due to Insight’s improved efficiency, although he hasn’t tracked the exact hours saved. He specifically noted that the text summary feature has saved him time and eliminated the need to switch between documents to identify specific language.

“I was recently working on a project comparing obligations across all our funds. Instead of looking at one LPA and taking a screenshot, I simply pulled the language I needed directly from the system across all our funds. Everything was right there at my fingertips,” Ed explained.

When asked if Insight has met the firm’s expectations, Ed noted that transforming from a manual workflow to an AI-powered legal automation platform has streamlined his responsibilities and improved efficiency.

From the beginning, onboarding with Ontra went smoothly, as the teams worked together to ensure everything was set up according to Blue Point’s specifications. Once the platform was configured, the team was up and running quickly and has been operating autonomously ever since.

“Our funds are relatively similar, so the abstracting part didn’t take very long, and once we figured out how we wanted everything configured, it’s been running smoothly,” stated Ed.

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