The challenge
When Emergence first spoke to Alaro in October 2025, LPA reviews were consuming its partners' time.
- There was no in-house legal team. The partners read every fund's documents themselves, alongside fundraising and pipeline work.
- Each fund came with a stack of documents. A typical commitment meant about 155 pages of LPA and related fund documents, with comments sometimes due within days.
- Every request had to count. Emergence backs emerging managers alongside other investors, so it needs to know which requests are worth making before final close.
The solution
Alaro became Emergence's fund-review desk, working where Emergence already works: email. The partners send fund documents to a dedicated Alaro inbox.
Emergence started working with Alaro on live commitments in March 2026 and shared its past LPAs. Alaro then built each review around how Emergence's partners make investment decisions.
“Alaro reshaped the fund review to focus on how we decide investments. We get key legal and commercial points, the [fund manager] discussion list, and side-letter priorities upfront, with detailed analysis ready if needed.”
Karolina Mrozkova
General Partner, Emergence Ventures
How it works
Before each review, Alaro sends a short confirmation list. It covers the investing entity and amount, fee discounts, fund size limits, an LPAC seat, ESG reporting, and co-investment rights.
Alaro learned from the 14 LPAs in Emergence's knowledge base. Every review is benchmarked against the positions Emergence has already accepted on earlier funds, and a senior fund lawyer checks each one.
Each commitment then follows these steps:
Emergence sends the LPA and related fund documents, and confirms the list.
Alaro returns a fund review: a summary of issues ranked must have, negotiate, or note, plus economics and voting summaries.
Where Emergence wants to negotiate, Alaro then sends a list of requests for the fund manager, with questions, LPA changes, and side-letter asks. It can draft the side letter too.
Where Emergence has the manager's earlier LPA, Alaro compares the new one clause by clause, so Emergence can see what has changed.
The results
In its first few months working with Emergence, Alaro reviewed funds on both sides of the Atlantic.
Across those reviews:
- 11 vehicles across the US and Europe: 8 US funds and 3 European.
- 10 fund reviews: plus a co-investment vehicle review, a side letter, and two follow-up request lists.
- 1,706 pages: of fund documents reviewed, about 155 pages per review. The largest ran to 239 pages.
- Over 75 requests: recommended to fund managers in the reviews sent to Emergence, around 15 per review.
- Next-day reviews: a complete fund review back the day after Emergence confirmed its checklist.
“Emergence runs a lean team, and its partners' time is best spent backing great managers. Before Alaro, they read every LPA themselves. Now they read the summary and decide which requests to send.”
Willem Jongert
CEO & Co-founder, Alaro
Why Alaro?
Emergence had other options: keep reviewing LPAs itself with a general AI chatbot, or send each one to outside counsel.
It chose Alaro because:
- It's built around the decision. Each review leads with what matters for the commitment, not a long legal memo.
- It knows the asset class. A senior fund lawyer checks every review against what's market for small venture funds.
- It works across jurisdictions. Alaro reviews Emergence's US and European funds alike, so every commitment follows the same process, wherever the fund is based.
- It remembers. Every new LPA is compared with the positions Emergence has already accepted, so each review builds on the last.
- It ends in action. Each review flags the requests worth making, ready for the partners to send straight to the fund manager.
Emergence Ventures and Alaro: quick answers
What does Emergence use Alaro for?
Emergence uses Alaro, an AI paralegal, to review LPAs, subscription documents, and other fund documents before it commits, and to draft side letters. It works over email.
Who checks Alaro's work?
A senior fund lawyer checks every review, and Emergence's partners make the final call on each commitment.
Which funds does Alaro review for Emergence?
Venture funds in the US and Europe.
