Fund terms extraction

The problem

Your institution is a serial LP across 200+ private equity and credit funds. You need to benchmark fund terms — management fees, carried interest, GP commitment levels, key-person provisions — but the data is locked in 200 different LPAs, each with slightly different language and structure.

When negotiating a new fund commitment, your team manually searches through past LPAs to find comparable fee structures and favorable terms. The process is slow, incomplete, and inconsistent. You have no systematic way to track which GPs offered fee discounts, preferential carry terms, or investor-friendly governance provisions.

You're leaving money on the table in every negotiation because you can't efficiently leverage your institutional knowledge and negotiating history.

The Omega approach

Upload your portfolio of LPAs — across all fund vintages and strategies. Omega Intelligence extracts economic terms, governance provisions, and investor protections from every agreement. Build a searchable, comparable fund terms database that powers negotiation strategy and fee benchmarking.

What you get:

• Management fee extraction: Base management fees, step-downs by fund life, calculation methodologies (committed capital vs. invested capital vs. NAV), and fee offsets identified
• Carried interest terms: Carry percentages, preferred return (hurdle rates), catch-up provisions, and waterfall structures (deal-by-deal vs. whole fund)
• GP commitment: GP capital commitment levels (as % of fund size) and co-investment terms extracted
• Key-person provisions: Key-person definitions, suspension triggers, and reinstatement conditions mapped
• Governance rights: LPAC composition, consent rights, no-fault termination provisions, and removal rights catalogued
• Economic alignment: Clawback provisions, escrow terms, and performance fee crystallization mechanics extracted

Use case: Institutional LP fund terms benchmarking

A pension fund has committed to 180 private equity funds over 15 years. The team is negotiating a re-up with a longstanding GP and wants to benchmark proposed terms (2% / 20% with 8% preferred return) against the GP's historical terms and peer fund terms in the same strategy and vintage.

Traditional approach: Analyst manually searches through 180 LPAs stored as PDFs. Extracts fee and carry terms into a spreadsheet. Takes 2-3 weeks. Limited ability to filter by strategy, vintage, or fund size. Inconsistent extraction leads to incomplete benchmarking.

With Omega:

• Upload 180 LPAs and all amendments (25,000+ pages) in one batch
• Omega extracts management fees, carry, hurdle rates, and waterfall structures across all funds
• Receive structured fund terms database with filters by strategy, vintage, fund size, and GP
• Query database: "Show me all buyout funds >$1B vintage 2018-2022 with their fee and carry terms"
• Identify that 15 comparable funds negotiated 1.5% / 20% with 8% hurdle (better than proposed 2% / 20%)
• Discover that this GP offered 1.75% fees and fee step-downs in their previous fund (2018 vintage)
• Use benchmarking data to negotiate improved terms: 1.75% with step-downs and 8% hurdle
• Save 25 bps in annual management fees (~$2.5M per year on a $1B fund)

Documents processed

• Limited Partnership Agreements (all strategies and vintages)
• LPA amendments and restatements
• Side letters (fee discounts, preferential terms, co-investment rights)
• GP commitment letters
• Fund formation documents (PPMs for economic term verification)

Terms extracted

• Management fees: Base rate, calculation base (committed/invested/NAV), step-down schedule, offsets (transaction fees, monitoring fees)
• Carried interest: Carry %, preferred return (hurdle), catch-up %, waterfall type (American vs. European), crystallization timing
• GP economics: GP commitment (% of fund), GP co-investment terms, founder shares / profits interests
• Key-person terms: Named key persons, suspension triggers (departures / time commitment), cure periods, reinstatement conditions
• Governance: LPAC size and composition, consent rights (strategy changes, key person waivers, GP conflicts), no-fault termination rights
• Investor protections: Clawback provisions, escrow %, MFN provisions, transparency / reporting requirements

Output deliverables

• Fund terms database with source-linked extractions
• Management fee benchmarking report (by strategy, vintage, fund size)
• Carried interest comparison matrix (hurdles, waterfalls, carry %)
• GP commitment analysis across fund portfolio
• Key-person clause library (standardized definitions and triggers)
• Governance rights comparison (LPAC, consent rights, termination provisions)
• Negotiation playbook: favorable terms to request based on historical precedents