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Since the first release of OpenAI’s GPT large-scale language model in 2022, developments in generative AI have transformed the way the professional services industry does business, presenting new avenues for increased efficiency and changing workflows. .
Ontra, a leader in AI-powered private market contract automation and intelligence, has long leveraged machine learning and AI in its products, including its cutting-edge Insight product. But now, the company is adding his GPT-4 capabilities to the AI that powers Insight, and expanding Insight’s ability to help private market professionals manage funds and side letter obligations and compliance. raised the level.
Above the Law recently sat down with Eric Hawkins, SVP of Engineering at Ontra, to learn more about how integrating GPT-4 into the Insight product enhances an already powerful tool.
Transforming private market contract management with GPT-4
Traditionally, private market companies managed important documents on paper, PDF formats, and outdated filing systems. But with the addition of Insight and GPT-4, Hawkins said, private markets professionals now have access to a digital repository of key fund documents, and can download PDFs of them to uncover core terms and information. You no longer need to search for documents individually.
“Insight takes complex fund data and structures it in a way that makes it easy to find answers to questions, compare terms, and understand what you have agreed to and must comply with.” Hawkins he explains.
“This enables multiple teams to work and collaborate more efficiently, increasing enterprise compliance amid increased regulatory scrutiny.”
Private markets professionals can use the product’s SmartSearch feature to search this structured data repository, including limited partnership agreements, side letters, and other fund documents related to GPs’ obligations to investors. . This feature allows private sector market professionals to quickly search for and compare examples of past versions of specific clauses or contracts. Having this precedent at hand allows companies to negotiate for better outcomes.
Enabling better, faster workflows
Insight benefits private market professionals by classifying and clustering the vast amounts of data needed to manage private funds. Not only does this give you a single source of truth, it also allows you to develop better, more efficient workflows.
“Insight brings together all the information across our fund documents, giving us, as private equity and private fund legal professionals, a more integrated view of our obligations and commitments and a streamlined workflow to maintain compliance. ,” Hawkins explains. “This allows him, especially, to be more efficient with the work he has to do on the LP.”
Hawkins emphasizes that these better workflows can be built across multiple teams and take into account differences between different versions of contracts for different investors.
He points out that the ability to quickly obtain documents related to a particular arrangement allows private markets teams to be agile in the event of event-based occurrences that may trigger obligations. Additionally, he explained that teams can integrate Insight into workflows related to all parts of private fund management, from fundraising and MFN elections to ongoing investor and fund reporting and duty management.
Hawkins also added that teams can export data and reports from Insight, a feature that could be especially useful for asset managers when preparing for mock or routine audits.
AI tools with a human touch
Unlike many technology companies that only utilize AI in their primary products, Ontra leverages the skills of a dedicated network of legal and private market experts (referred to as “human-involved” experts) as an additional set of eyes. and the accuracy and relevance of AI output.
Private market firms often start by uploading fund documents via Insight and categorizing and summarizing the obligations contained therein. When this happens, Hawkins explains, experts review and approve the obligations listed by Insight’s output, overriding, editing, or approving suggestions as necessary.
“Essentially, we take all of this structured data from Insight and provide it to one of our trusted human participants. They review this very quickly and reduce the time it takes to digitize contracts. ,” adds Hawkins.
“They can go through the entire document, see the AI recommendations, and say, “Yes, this is good,” or “This wasn’t quite right. Let me fix it a little bit.” ” he says. “Anyone can feed his or her documents into ChatGPT, but storing and managing that data in a way that is useful to the company is the magic that happens here.”
High speed, high security
When implementing any kind of AI-based tools into their daily operations, private market companies must consider security as a top priority.
The integration of GPT-4 into Insight was done with a focus on security.
“No data is used to prompt the OpenAI model. [by OpenAI] Even on subsequent training runs,” Hawkins said. “As a customer of OpenAI, Ontra has been able to implement zero data retention for their customers, meaning that the underlying data uploaded when a customer requests her GPT is immediately forgotten by OpenAI. .”
In addition to the agreement between Ontra and OpenAI, Insight also complies with the SOC 2 Trust Services Criteria for Security, a security framework developed by the American Institute of Certified Public Accountants to minimize the risk of data breaches.
To learn more about Ontra Insight or to schedule a demo, visit https://www.ontra.ai/demo/.
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