A fund administrator
A fund administrator cuts fund onboarding time by 90% with Strive
A leading fund administrator for venture capital and private equity firms cut the time to onboard a fund's LP subscription documents by nearly 90% after moving document review onto Strive.
90%
faster LP subscription onboarding
< 1 hr
to onboard a fund's subscription documents
98%
extraction accuracy, every value cited
Strive reads stock purchase agreements running to hundreds of pages, in many languages and formats, and extracts the terms with nearly 98% accuracy. Every value is cited down to the sentence it came from, and the firm's team approves each one. The work puts the firm at the front of fund administration's move to AI that is accurate and trustworthy.
About the firm
The firm runs fund accounting and fund operations for hundreds of venture capital and private equity firms.
The challenge
Every fund the firm onboards arrives with its own stack of documents. Stock purchase agreements run to hundreds of pages. They come in many languages and several formats, from native PDFs to scans, and no two follow the same standard.
Each document the firm reviews is a bit different, and that is a real challenge for anyone servicing this level of volume. Reading them by hand takes a large team and a lot of time, and every term has to be right before it reaches a fund's books.
Why the firm chose Strive
The firm looked at every vendor it could find for document intelligence, including the leading providers of advanced document APIs, says its Chief Product Officer.
There was no solution that got the job done end to end. We have extremely complex documents which do not follow a standard. We needed an end-to-end solution, powered by AI, that processed the toughest extractions and presented them for review in a quick and efficient manner. It would have taken a lot of resources to build using the APIs offered today. It was critical that the system be accurate, and yet allow a person on our team to vet each result. We selected Strive because they had the solution to tackle this requirement natively.
Chief Product Officer
The solution
Strive worked with the firm's team to build its fund onboarding workflow on the Strive platform, with a review screen made just for that job.
Under the hood, Strive pairs the latest vision models from leading providers with its own advanced PDF processing technology. It reads stock purchase agreements of hundreds of pages, in many languages and formats, and extracts the terms the firm needs. Every value carries a citation and its location, down to the sentence.
Reviewers see each value beside its source and approve it before it moves on. Strive takes the parsing and searching off their plate. It sends each reviewer straight to the clause that matters, with the values already extracted as JSON that plugs right into in-house systems.
Results
The firm measured the before and after on one of its most complex workflows: subscription onboarding for venture fund LPs.
We had a look at the before and after numbers. Taking into account one of the most complex use cases, in which we review and process subscription onboarding for venture fund LPs, we were able to cut from 7 minutes per document to less than an hour to onboard a single fund's sub docs. This is nearly a 90% improvement in efficiency.
Senior Project Manager
- LP subscription onboarding
- Nearly 90% faster; under an hour for one fund's subscription documents
- Extraction accuracy
- Nearly 98%, every value cited to the sentence
- SPA terms and extractions
- Grunt work automated, hundreds of hours of labor saved
- Control
- The firm's team approves every value
How accuracy was measured: an internal Strive study using manual labeling and human analysis of thousands of document extractions, scored against the edits Strive users made to the cited values.
Ahead of the field
The firm is putting AI to work in fund administration in a way its clients can trust. Every value Strive extracts is cited to its source, and the firm's team approves each one before it reaches a fund's books.
Strive gives us a competitive advantage. We can onboard new funds in record time, so our clients can close their LPs and call capital sooner, with clean, accurate investor records from day one.
Chief Product Officer
About Strive
Strive builds workflows that fit each firm's business on an enterprise platform that handles tens of thousands of documents, and presents each workflow in a screen built for that function. In many cases, teams cut their busy work by 50% or more, with fewer errors, while their people approve every step. Strive is SOC 2 Type II audited and based in Seattle.
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