ILS, a legal technology startup developing software to allow investment funds lawyers to automate processes including side letter management, comment memo management, and the MFN process, has raised over £2.3 million in a seed round led by Chicago Ventures. The funding will support the development of a centralised workflow system for private funds legal teams.
Launched in 2024, ILS builds tools designed to address manual post-close fund workflows that have historically been underserved by modern software. Its ProVision platform helps private funds teams manage side letters and MFN processes by bringing all side letters into a single system of record, converting negotiated terms into structured obligations and elections, and generating election forms that automatically track MFN elections.
ProVision processes over 5,000 side letters across more than 450 matters and supported over $150bn capital in fundraises across the US, UK, EU, Hong Kong, Singapore and the Middle East in 2025. Customers include law firms such as Cleary Gottlieb, Fried Frank, Goodwin, Paul, Weiss, Proskauer, Ropes & Gray, and Willkie Farr & Gallagher.
The platform was developed after co-founders Fergus Plant and Jack McCarthy identified gaps in post-close fund workflows while working in the investment funds teams at firms including Goodwin and Proskauer. Together with co-founder Stefano Benigni, they built ProVision to introduce structure, automation and reliability into post-close legal processes for private investment funds.
The investment will support the expansion of the ProVision platform and the delivery of its 2026 product roadmap.
We are thrilled to partner with Chicago Ventures, whose deep expertise assisting companies like ours to empower traditional businesses with technology will allow us to take our already substantial growth to another level.
ILS is building the workflow system for private funds lawyers, starting with MFN and side-letter automation and expanding into a unified operating platform for funds lawyers and fund formation teams. ProVision’s rapid adoption across leading AmLaw firms, combined with the team’s lawyer-led and highly disciplined approach to AI, uniquely positions the company to define this category. We’re proud to lead this round and partner with the team as they scale globally.
What’s been most valuable for us is the operational clarity ProVision brings to a high-volume, high-stakes workflow. It helps us translate side letter negotiations into a structured record we can use across the matter, which improves consistency for our asset management team and creates cleaner visibility when clients need updates fast.
ProVision is an important component of our asset management technology at Ropes & Gray. Our teams adopted it quickly, and ILS incorporated attorney feedback to develop features tailored to our needs. We look forward to collaborating on additional workflows in the future.
