I designed a set of new features to help investors evaluate and negotiate fund terms.
Aumni specializes in summarizing key data from legal documents. To start this project, I leveraged our in-house experts and mapped out the most important fund documents. Our team decided to focus on Limited Partnership Agreement (LPA). This document outlines the key economic and legal terms of a fund. It can be as long as 300 pages and full legal reviews of LPAs are expensive.
I collaborated with our Product Manager to conduct user interviews to understand the challenges investors face when evaluating fund investments.
Our vision focused on supporting diligence workflows, helping Limited Partners evaluate fund investments. To help our users prepare for negotiations, I also designed features that compare key economic and legal terms to market. Once an investment is made, all of the documents and summarized data will be accessible in Portfolio.
Limited Partners can invest both into funds and directly into companies. Any new features had to work with all types of investments and be consistent with the existing design system. After reviewing Aumni's information architecture, I mapped out a dedicated space in Portfolio for Fund Investments and added a new area called Diligence.
In the new Diligence area, users can now submit fund review requests and access all past reviews. Once a request is submitted, all of the data will be summarized, and users can review the most important fund terms to decide whether to invest and/or negotiate.
Fund terms can be complex and do not always follow the same structure. I designed two ways to help users review a data point in more detail — a detailed summary of management fees and distribution waterfall, and the ability to click section references and view the specific paragraph of the document.
Fund investors often do not have a way to compare key terms to market data. I designed a separate area in the Analytics part of the app with a comparison between market and portfolio terms, and a Fund Analysis tool with a quick comparison of key terms to market data.
At the end of this project, our team delivered new functionality making it possible for Limited Partners to leverage Aumni. According to the Private Equity International LP Perspective study from 2022, 64% of LPs say Fund Due Diligence is the most time-consuming task in their day-to-day work. Portfolio and Diligence were the most used sections of the platform by Limited Partners.
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