Document Review Commands
FundAdmin AI provides twelve document review commands that analyze fund formation, investor, and operational documents with institutional-grade rigor. Each command deploys specialized AI agents to extract key terms, flag risks, and produce actionable summaries.
These commands accept PDF, DOCX, or plain text files and generate structured Markdown reports.
/fund review-lpa
Description: The flagship command. Performs a comprehensive Limited Partnership Agreement review using 5 parallel AI agents, each specializing in a different aspect of the LPA. Produces an LPA Safety Score from 0 to 100 reflecting overall investor-friendliness.
Usage
/fund review-lpa <file>Inputs
| Parameter | Type | Required | Description |
|---|---|---|---|
file | File path | Yes | Path to the LPA document (PDF, DOCX, or TXT) |
Output
Generates LPA-REVIEW-[fund-name]-[date].md containing:
- LPA Safety Score (0-100) with grade breakdown
- Economics Analysis -- management fee, carried interest, preferred return, hurdle rate, catch-up, clawback, fee offsets, organizational expenses
- Governance Analysis -- GP removal provisions, LPAC composition, key person events, no-fault divorce, cause events
- Investor Rights -- transfer restrictions, excuse/exclusion rights, co-investment rights, information rights, MFN provisions
- Risk Assessment -- conflicts of interest, affiliated transactions, indemnification scope, limitation of liability
- Term & Liquidity -- fund term, extension provisions, early termination, commitment period, recycling provisions
Example
/fund review-lpa greenfield-capital-fund-iv-lpa.pdfRelated Commands
/fund review-ppm-- review the PPM alongside the LPA/fund benchmark-- compare extracted terms against market benchmarks/fund lpa-negotiate-- generate negotiation redlines from the review
/fund review-ppm
Description: Reviews a Private Placement Memorandum (PPM) to identify risk factors, fee disclosures, regulatory status, and potential gaps. Flags inconsistencies between the PPM narrative and the underlying LPA terms.
Usage
/fund review-ppm <file>Inputs
| Parameter | Type | Required | Description |
|---|---|---|---|
file | File path | Yes | Path to the PPM document (PDF, DOCX, or TXT) |
Output
Generates PPM-REVIEW-[fund-name]-[date].md containing:
- Executive Summary -- fund strategy, target size, GP/manager background
- Risk Factor Analysis -- categorized risk factors (market, operational, regulatory, structural, concentration)
- Fee Disclosure Review -- management fee, performance allocation, fund expenses, organizational costs, broken deal expenses
- Regulatory Status -- SEC registration, exemptions relied upon (3(c)(1), 3(c)(7)), state blue sky, ERISA considerations
- Disclosure Gaps -- missing or insufficient disclosures versus SEC staff guidance and industry best practices
- Conflicts of Interest -- identified conflicts, mitigation measures, related-party transactions
Example
/fund review-ppm horizon-ventures-ppm-2024.pdfRelated Commands
/fund review-lpa-- review the corresponding LPA/fund check-compliance-- verify regulatory compliance/fund plain-english-- translate PPM sections into plain English
/fund review-subscription
Description: Reviews subscription documents and investor questionnaires. Verifies investor qualification thresholds, validates FATCA/CRS classification, and checks for completeness across all required fields.
Usage
/fund review-subscription <file>Inputs
| Parameter | Type | Required | Description |
|---|---|---|---|
file | File path | Yes | Path to the subscription document (PDF, DOCX, or TXT) |
Output
Generates SUBSCRIPTION-REVIEW-[investor-name]-[date].md containing:
- Investor Classification -- individual, entity, trust, ERISA plan, non-US person
- Accredited Investor Verification -- income test ($200K individual / $300K joint), net worth test ($1M excluding primary residence)
- Qualified Purchaser Verification -- $5M in investments for individuals, $25M for entities
- Qualified Client Verification -- $1.1M net worth or $2.2M assets under management
- FATCA/CRS Classification -- entity type (FFI, NFFE, Active/Passive), reporting obligations, W-8/W-9 form validation
- Completeness Check -- missing fields, unsigned sections, inconsistent responses
- AML/KYC Flags -- identity verification gaps, beneficial ownership disclosures, PEP indicators
Example
/fund review-subscription acme-pension-subscription-docs.pdfRelated Commands
/fund kyc-review-- deep-dive KYC analysis for the investor/fund investor-onboard-- full onboarding workflow/fund check-compliance-- regulatory compliance verification
/fund review-side-letter
Description: Extracts all obligations and special terms from a side letter, identifies MFN trigger provisions, and flags potential conflicts with the underlying LPA. Essential for tracking the full scope of commitments made to individual investors.
Usage
/fund review-side-letter <file>Inputs
| Parameter | Type | Required | Description |
|---|---|---|---|
file | File path | Yes | Path to the side letter (PDF, DOCX, or TXT) |
Output
Generates SIDE-LETTER-REVIEW-[investor-name]-[date].md containing:
- Obligation Inventory -- every obligation, right, and concession extracted with clause references
- MFN Analysis -- provisions eligible for MFN election, carve-outs, notification requirements
- LPA Conflict Detection -- terms that conflict with or modify the base LPA, severity classification (HIGH/MEDIUM/LOW)
- Fee Modifications -- management fee discounts, carry reductions, fee offsets, expense caps
- Reporting Enhancements -- additional reporting obligations, frequency, format requirements
- Transfer & Co-Investment Rights -- special transfer permissions, co-investment allocation rights, preemptive rights
- Governance Provisions -- LPAC seat rights, consent rights, key person modifications, excuse/exclusion rights
Example
/fund review-side-letter calpers-side-letter-fund-iv.pdfRelated Commands
/fund mfn-tracker-- track MFN elections across all side letters/fund obligation-tracker-- monitor all side letter obligations/fund compare-- compare side letters between investors
/fund compare
Description: Performs a side-by-side comparison of two documents, highlighting material changes, additions, and deletions. Useful for comparing LPA versions, side letters between investors, or draft versus final documents.
Usage
/fund compare <file1> <file2>Inputs
| Parameter | Type | Required | Description |
|---|---|---|---|
file1 | File path | Yes | Path to the first document (the baseline) |
file2 | File path | Yes | Path to the second document (the comparison) |
Output
Generates COMPARISON-[name1]-vs-[name2]-[date].md containing:
- Change Summary -- total additions, deletions, and modifications with materiality classification
- Material Changes -- changes that affect economics, governance, or investor rights, flagged with severity
- Section-by-Section Diff -- clause-level comparison organized by document section
- New Provisions -- provisions present in one document but absent from the other
- Removed Provisions -- provisions dropped between versions
- Defined Term Changes -- modifications to defined terms and their downstream impact
- Recommendation Summary -- key items requiring attention or negotiation
Example
/fund compare lpa-draft-v2.pdf lpa-draft-v3.pdf/fund compare investor-a-side-letter.pdf investor-b-side-letter.pdfRelated Commands
/fund review-lpa-- review either document individually/fund playbook-- analyze terms evolution across multiple versions/fund extract-terms-- extract key terms from either document
/fund extract-terms
Description: Extracts all key terms, defined terms, and fee provisions from a fund document and presents them in a structured, plain-English format. Serves as a rapid reference for understanding any fund document without reading it end to end.
Usage
/fund extract-terms <file>Inputs
| Parameter | Type | Required | Description |
|---|---|---|---|
file | File path | Yes | Path to the document (PDF, DOCX, or TXT) |
Output
Generates TERMS-[document-name]-[date].md containing:
- Key Economic Terms -- management fee, carry, preferred return, hurdle, catch-up, clawback, fund expenses
- Defined Terms Glossary -- every defined term with its definition, cross-references, and page location
- Fee Provisions -- all fee-related clauses with calculation methodology, timing, and exceptions
- Duration & Commitment -- fund term, investment period, extension provisions, commitment schedules
- Governance Terms -- voting thresholds, consent requirements, advisory committee provisions
- Plain English Summary -- each key provision restated in clear, non-legal language with risk flags where terms are unusual or aggressive
Example
/fund extract-terms partnership-agreement.pdfRelated Commands
/fund review-lpa-- full LPA review with scoring/fund plain-english-- detailed clause-by-clause plain English translation/fund benchmark-- compare extracted terms against market data
/fund review-capital-call
Description: Validates a capital call notice against the LPA, verifying the drawdown calculation, investor allocations, and compliance with notice period requirements. Produces a Health Score from 0 to 100 reflecting accuracy and completeness of the notice.
Usage
/fund review-capital-call <file>Inputs
| Parameter | Type | Required | Description |
|---|---|---|---|
file | File path | Yes | Path to the capital call notice (PDF, DOCX, or TXT) |
Output
Generates CAPITAL-CALL-REVIEW-[fund]-[date].md containing:
- Health Score (0-100) with grade breakdown
- Drawdown Validation -- called amount vs. unfunded commitments, investor-level allocations, pro-rata calculations
- LPA Compliance Check -- notice period, form requirements, permitted use of proceeds
- Per-LP Breakdown -- each investor's called amount, running funded commitment, remaining unfunded balance
- Wire Instruction Verification -- account details completeness, ABA/SWIFT format checks
- Error & Discrepancy Flags -- arithmetic errors, missing signatures, inconsistent totals
- Risk Assessment -- HIGH/MEDIUM/LOW flags for any material issues identified
Example
/fund review-capital-call fund-iv-capital-call-3.pdfRelated Commands
/fund draft-capital-call-- generate a compliant capital call notice/fund waterfall-review-- validate the underlying distribution waterfall/fund fee-audit-- verify fee calculations included in the call
/fund review-distribution-notice
Description: Reviews a distribution notice for accuracy, waterfall compliance, and tax withholding correctness. Validates per-LP distribution amounts and flags any FATCA/NRA withholding issues.
Usage
/fund review-distribution-notice <file>Inputs
| Parameter | Type | Required | Description |
|---|---|---|---|
file | File path | Yes | Path to the distribution notice (PDF, DOCX, or TXT) |
Output
Generates DISTRIBUTION-REVIEW-[fund]-[date].md containing:
- Distribution Summary -- total proceeds, distribution type (return of capital, income, gain), per-LP amounts
- Waterfall Compliance -- preferred return hurdle, catch-up, carried interest, clawback reconciliation
- Tax Withholding Checks -- FATCA classification, NRA withholding (30%/treaty rate), ECI withholding, state withholding
- Per-LP Allocation Table -- each investor's gross distribution, withholding, net proceeds, and updated DPI
- Arithmetic Validation -- sum checks, rounding consistency, cumulative distribution reconciliation
- LPA Compliance -- notice period, distribution timing, reinvestment vs. distribution election
- Risk & Discrepancy Flags -- HIGH/MEDIUM/LOW issues requiring correction before issuance
Example
/fund review-distribution-notice fund-iii-distribution-notice-q4.pdfRelated Commands
/fund draft-distribution-- generate a compliant distribution notice/fund waterfall-review-- validate the full waterfall model/fund tax-review-- detailed tax document review
/fund review-capital-account
Description: Reviews a capital account statement for mathematical accuracy and consistency with prior-period balances. Validates contributions, distributions, income allocations, and ending NAV per investor.
Usage
/fund review-capital-account <file>Inputs
| Parameter | Type | Required | Description |
|---|---|---|---|
file | File path | Yes | Path to the capital account statement (PDF, DOCX, or TXT) |
Output
Generates CAPITAL-ACCOUNT-REVIEW-[fund]-[date].md containing:
- Balance Reconciliation -- opening balance + contributions + income allocations -- distributions = closing balance check
- Math Validation -- line-by-line arithmetic verification, sum-of-parts reconciliation, rounding analysis
- Allocation Methodology -- income/loss allocation method (pro-rata, targeted, layered), consistency with LPA
- Prior-Period Consistency -- closing balance from prior period matches opening balance, cumulative totals check
- Fee & Expense Verification -- management fee charge, fund expense allocation, organizational cost amortization
- GAAP/IFRS Compliance Flags -- fair value measurement, unrealized gain/loss presentation, consolidation indicators
- Per-Investor Summary -- ownership percentage, capital account balance, net asset value, return metrics
Example
/fund review-capital-account lp-capital-account-statement-q3.pdfRelated Commands
/fund waterfall-review-- validate the distribution waterfall supporting the statement/fund performance-calc-- calculate IRR, TVPI, DPI from capital account data/fund audit-support-- generate audit-ready workpapers from the review
/fund review-k1
Description: Reviews a Schedule K-1 (Form 1065) for completeness, accuracy, and investor-specific tax issues. Flags Unrelated Business Taxable Income (UBTI) and Effectively Connected Income (ECI) exposures for tax-exempt and non-US investors.
Usage
/fund review-k1 <file>Inputs
| Parameter | Type | Required | Description |
|---|---|---|---|
file | File path | Yes | Path to the Schedule K-1 document (PDF, DOCX, or TXT) |
Output
Generates K1-REVIEW-[investor]-[date].md containing:
- K-1 Completeness Check -- all required boxes populated, partner information, EIN/TIN validation
- UBTI Analysis -- Box 20 Code V amounts, debt-financed income, operating income from C-corp blockers, UBTI mitigation structures
- ECI Flags -- effectively connected income for non-US investors, withholding certificate requirements, treaty positions
- Section 199A -- qualified business income deduction eligibility, W-2 wages, unadjusted basis allocation
- Passive Activity -- passive loss limitations, at-risk rules, material participation assessment
- State Tax Nexus -- multi-state activity, composite return eligibility, non-resident filing obligations
- Prior-Year Consistency -- capital account reconciliation, suspended losses, basis tracking
- Investor-Specific Flags -- HIGH/MEDIUM/LOW issues flagged by investor type (tax-exempt, non-US, individual, ERISA)
Example
/fund review-k1 limited-partner-k1-2024.pdfRelated Commands
/fund tax-review-- comprehensive tax document review/fund check-compliance-- regulatory compliance including ERISA and FATCA/fund review-capital-account-- reconcile K-1 allocations against capital account
/fund review-poa
Description: Reviews a power of attorney document for scope, validity, and risk. Assesses the breadth of authority granted, identifies missing safeguards, and produces a risk assessment for fund counsel review.
Usage
/fund review-poa <file>Inputs
| Parameter | Type | Required | Description |
|---|---|---|---|
file | File path | Yes | Path to the power of attorney document (PDF, DOCX, or TXT) |
Output
Generates POA-REVIEW-[investor]-[date].md containing:
- Risk Assessment -- overall risk rating (HIGH/MEDIUM/LOW) with summary justification
- Scope Analysis -- breadth of authority granted, specific powers enumerated, exclusions and limitations
- Validity Check -- proper execution (signatures, notarization, witnessing), jurisdiction requirements, expiry provisions
- Principal & Agent Identification -- principal identity, agent identity, succession provisions, multiple agent coordination
- Revocability -- durable vs. springing POA, revocation procedures, automatic termination triggers
- Fund-Specific Concerns -- authority to make capital calls, sign subscription documents, vote on fund matters, approve transfers
- Safeguard Assessment -- fiduciary duty language, accounting requirements, conflict of interest provisions
- Recommended Actions -- items requiring legal counsel review, missing provisions, suggested clarifications
Example
/fund review-poa investor-power-of-attorney.pdfRelated Commands
/fund review-subscription-- review subscription documents executed under the POA/fund kyc-review-- KYC review for the principal and agent/fund investor-onboard-- full investor onboarding workflow
/fund review-gp-update
Description: Analyzes a GP quarterly activity update or portfolio letter for completeness, consistency with prior periods, and alignment with LPA reporting obligations. Extracts key portfolio metrics and flags material developments.
Usage
/fund review-gp-update <file>Inputs
| Parameter | Type | Required | Description |
|---|---|---|---|
file | File path | Yes | Path to the GP update document (PDF, DOCX, or TXT) |
Output
Generates GP-UPDATE-REVIEW-[fund]-[date].md containing:
- Completeness Assessment -- required sections per LPA reporting obligations, missing disclosures, frequency compliance
- Portfolio Metrics Extraction -- NAV, IRR, TVPI, DPI, RVPI, deployment rate, reserve levels, recent exits
- Material Developments -- key events, new investments, exits, write-downs, valuation changes, covenant issues
- Consistency Check -- metrics vs. prior-period report, narrative vs. financials, stated vs. calculated returns
- Valuation Commentary -- methodology disclosures, fair value level classifications, independent valuation references
- Conflict & Risk Disclosures -- GP conflicts disclosed, related-party transactions, litigation or regulatory matters
- LPA Compliance -- information rights fulfillment, LPAC notification requirements, key person event disclosures
- LP Action Items -- items requiring LP response, consent requests, upcoming deadlines
Example
/fund review-gp-update greenfield-capital-q3-2024-update.pdfRelated Commands
/fund performance-calc-- independently calculate performance metrics from the update/fund obligation-tracker-- track GP reporting obligations over time/fund audit-support-- generate audit workpapers referencing the GP update