Linden Capital Partners Significantly Reduces Time Spent on SEC Exam Response with Ontra

Challenge

Private equity firm seeks a new way for side letter compliance

As the number of funds and side letters grew, Linden decided it was time to automate and digitize its side letter compliance workflows. Jonathan Romick, General Counsel of Linden Capital Partners, noted that the old way of handling side letters was too inefficient and time-consuming.

When the firm started seeking a new way to manage its complex legal documents to increase efficiency, reduce risk, and free up legal counsel for higher-value activities, it considered multiple solutions. “We chose Ontra because of its ease of navigation and customization compared to the competition, as well as the level of support it offers,” stated Jonathan.

Solution

Automated search creates instant reports for an SEC exam

When Linden received a list of requests from the SEC as part of a routine examination, Jonathan needed to respond quickly and efficiently.

Using the old way, Jonathan would have had to review individual side letters and manually input the information into a spreadsheet. Using Ontra, he simply selected the required data, and the information automatically populated the spreadsheet.

With Insight for Funds‘ advanced search capabilities, Jonathan quickly found the requested information in his digital compendia. His search parameters included all the side letters between any private fund managed by the advisor and an investor, the names of the parties to the agreement, the inception dates, and a topical list of the primary provisions.

Previously, preparing this level of information on side letters would have been overwhelming and required Jonathan to spend 3 to 4 hours searching through the massive volume of information associated with the firm’s many funds. Using Ontra’s Insight for Funds, the data was automatically organized, cutting Jonathan’s time commitment from an estimated 3 hours to 40 minutes — a total of 140 minutes saved, representing a 77% reduction in time spent.

“The experience with Ontra was awesome. Insight extracted the key details and organized them so we had what we needed to give to the SEC,” Jonathan said.

Linden gains a single source for side letter compliance

Further, Jonathan noted that Insight’s AI search function has significantly reduced the time he would otherwise spend obtaining answers to questions about agreements and reviewing obligations. The natural language interface has made getting the required information easier, allowing him time to focus on higher-value work.

“Insight provides a single source for side letter compliance: You can review side letters, document your review, and send out reminders to people. It houses the entire flywheel of compliance obligations related to side letters in a very efficient and easy-to-use manner,” Jonathan said.

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Published September 2025