ReframeThe fund documents and terms your lawyers compare
A fund formation practice works with the limited partnership agreement, the private placement memorandum, subscription agreements, side letters, amendments and restatements. Your lawyers compare funds and investors by the terms in those documents.
| Document | Terms your lawyers compare |
|---|---|
| Limited partnership agreement | The fund term, the investment period, the management fee, the carried interest and the key person provisions |
| Side letter | Most favored nation elections, fee discounts, co-investment rights, excuse rights and reporting obligations |
| Subscription agreement | The investor, the capital commitment and the investor's status |
| Amendment or restatement | The provision the amendment changes and the effective date of the change |
Why retrieval search misses fund terms
Retrieval search, often called RAG, returns the passages most similar to a question, and the AI model answers from those passages. A side letter can change a term of the limited partnership agreement for one investor, and an amendment can change a term from a stated date.
In Reframe's benchmark, retrieval search lost 10 percent of its accuracy as the document set grew from 300 to 1,000 documents. An agent reading the raw files lost 16 percent. Reframe maintained its accuracy.
How Reframe reads fund documents
- Your lawyers define the fund ontology: the funds, investors, documents, provisions and dates the practice compares.
- Reframe reads every document once against the ontology, in place in iManage and your collaboration systems.
- Reframe stores each value with the quoted passage and a link to the source document.
- Reframe stores the effective date of every amendment and restatement, so your lawyers can ask which terms applied on a given date.
- Reframe sends a value without evidence to a lawyer for review and never presents the value as a confident fact.
Results on 1,000 fund documents
Reframe tested the same AI model on a simulated fund formation practice of 1,000 documents across 91 funds, with 144 questions across 12 question types.
| Measure | Result |
|---|---|
| Fund-level terms of 66 unseen funds | 99.5 percent accuracy |
| Errors compared with retrieval search | 45 percent fewer |
| Questions about a past date | 67 percent more accurate than retrieval search |
| Cost per rubric criterion met | 85 percent better than an agent reading the raw files |
| Knowledge graph built from the documents | More than 28,000 entities and 70,000 relationships |
Read the full method and results in the benchmark on 1,000 fund documents.
Questions about AI for fund documents
Can AI read side letters accurately?
Yes, when the system reads each side letter against a fund ontology and keeps the investor, the provision and the quoted passage together. In Reframe's benchmark, Reframe extracted the fund-level terms of 66 unseen funds with 99.5 percent accuracy.
Does Reframe move fund documents out of iManage?
No. Reframe reads your documents in place in iManage and your collaboration systems, and every answer links to the source document in iManage.
Which AI tools can your lawyers use with Reframe?
Claude, ChatGPT and Microsoft 365 Copilot connect to Reframe over the Model Context Protocol. Each tool signs in as the lawyer, and Reframe checks the lawyer's ethical walls and permissions before the tool reads a passage.
How does a fund practice start with Reframe?
Start with one practice and the iManage workspaces the practice uses. In a 90-minute working session, your lawyers bring the questions they ask, and Reframe moves no documents for the session.