Take the manual work out of the MFN process.
After a fund closes, every investor with a most-favored-nation clause may elect terms that others negotiated. Segmental compiles every side letter, works out who can elect what, and prepares each investor's election form, with every provision traced to its source.
Why this is still manual
Initial side letters get negotiated during the raise. The expensive part comes after closing: counsel has to read every executed side letter, compile the provisions, rank investors by commitment and work out which terms each investor may now elect. It is one of the most time-consuming legal steps in closing a fund.
The MFN process, step by step
- CompileRead every executed side letter and extract each provision, grouped by category.
- Build the matrixRank investors by commitment and show which provisions each one holds.
- Determine eligibilityApply each investor's MFN clause, including size thresholds and carve-outs, to find the provisions they may elect.
- Prepare election formsGenerate a personalized form for each investor for counsel to review before anything goes out.
- Collect and compileInvestors make their elections in the platform. Segmental compiles the final terms for counsel and the GP.
What it does, and what it doesn't
We would rather you know the boundaries up front.
What it does
- Extracts provisions from every side letter and links each one to the clause it came from.
- Builds the side-letter matrix automatically, ordered by commitment size.
- Applies MFN eligibility rules the same way for every investor.
- Tracks every election and every version in one place shared by counsel, the GP and investors.
What it doesn’t do
- It does not give legal advice or settle contested interpretations. Counsel reviews every eligibility result.
- It does not negotiate side letters for you.
- Nothing is sent to investors without your approval.
How a pilot works
Every pilot runs on your own data, in your own environment.
- Pick a closed fundBring the executed side letters from one fund that has been through MFN.
- Review with counselWe build the matrix and eligibility results; your team checks them.
- CompareMeasure the result against the MFN package you produced by hand.
Built on the Segmental platform
Every product runs on the same data, knowledge graph and rules engine, so new workflows reuse what your firm has already taught the system.
Run an MFN pilot on a closed fund.
See it on your own data. The platform deploys inside your environment, and first rules are ready to review within days.