Emergence follows the best funds. The hard part is getting comfortable before the round closes.
Emergence Ventures is a lean fund-of-funds — operators and GPs, no in-house legal. Every commitment means a 90-page LPA, side memoranda and side letters still under negotiation, and as a follow-on investor there's rarely much time to get through it. So Alaro didn't sell them a product. Alaro built them a fund-review desk that turns that stack into a clear, tailored view of the deal — usually within the hour.
Too slow
outside counsel couldn't turn a review around fast enough to get comfortable in time
~1 hour
A tailored review — with time to get comfortable, and even push commercial points
Alaro rebuilt the review around the decision, not the document.
A fund commitment lands as a 90-page LPA, plus memoranda and side letters still being negotiated — a lot to keep coherent under a tight follow-on timeline. Emergence didn't need an exhaustive legal memo; it needed to decide whether to commit, and to know it had the right rights: what the money can be used for, how it comes back, and the fund mechanics around it.
So Alaro built the review around those repeating questions — tailored to Emergence's risk profile and the way it likes to see things, and reviewed by a senior lawyer who knows where the market sits. The legal detail is still there; it just no longer gets in the way of the decision. And because Emergence commits again and again, the desk carries its institutional memory: a new LPA is never read in isolation, but benchmarked against the positions Emergence has already accepted.
Each commitment comes back as a decision-ready view of the fund. Every term links to where it sits in the 90-page LPA, and sits beside the position Emergence accepted on its last funds — so what's market, and what's off, is obvious at a glance.
A 90-page LPA, memoranda & side letters
To your risk profile, by a senior lawyer
Benchmarked against your prior deals
Alaro doesn't hand back a longer review. Alaro builds the system around the outcome.
Alaro works on a fixed fee, so Alaro's incentive is to make the next review faster and more consistent than the last — not longer. Emergence now has more than a stack of memos: a reusable fund-review desk that remembers its positions and gets sharper with every deal.
