Fund AI.OS
The AI Operating System for How an Impact Fund Runs
Built in the AI Circle. Mapped to every stage of the fund lifecycle.
The Fund AI.OS follows your fund’s lifecycle, from formation to wind-down, for equity funds, debt funds and foundations. For each stage it shows the work your team does and the prompt, skill, workflow or tool that helps with it. Every item runs in the AI tools your fund already licenses, and a named person checks every output before anyone relies on it.
For impact private equity and private credit teams, and the foundations that invest alongside them. Current AI Circle members are SPE Capital, LocFund Next, the Accion Digital Transformation Fund, elea and Shell Foundation.
items in the Fund AI.OS Library today
stages of the fund lifecycle, drawn for equity funds, debt funds and foundations
levels, from a prompt a person runs to a tool the fund buys
How it works
Four Layers, From Your Fund's Work to a Checked Result
- 1Your fund's lifecycle
Eleven stages, from formation to wind-down, for equity funds, debt funds and foundations. Each stage names a gain for the fund, its investees or its LPs.
- 2The work behind each stage
Each stage lists the steps your team runs, from the screening pack to the LP report. Work that runs under every stage, such as policy and data governance, has its own band.
- 3An AI.OS item for the work
Level 1 is a prompt or skill a person runs. Level 2 is an automation that runs without anyone pressing a button. Level 3 is a tool the fund buys rather than builds.
- 4A person checks
Every output passes a three-step check before anyone relies on it: source check, cross-check, field check. The data tier decides which tool may see which data.
Every item starts from the fund's own work and ends with a person's check.
The fund lifecycle
Eleven Stages, Each With a Named Gain
Equity fund
Built and tested in the AI Circle's first cohort.
Stage 1
Fund Formation and Fundraising
Limited partners (LPs) get a written AI policy in the due diligence pack, not a promise.
The work your team does
- Define the fund strategy
- Structure the vehicle
- Prepare offering documents
- Raise capital
- Negotiate side letters
- Hold closes
- Stand up operations
Fund AI.OS items
Stage 2
Origination and Deal Sourcing
More of the right companies reach the pipeline, each one logged once.
The work your team does
- Build the target universe
- Run proprietary outreach
- Capture inbound flow
- Track market signals
- Log and dedupe
- Hold the first call
Fund AI.OS items
Stage 3
Screening and Thesis Fit
Founders get a consistent answer sooner, and every decline is logged with its reason.
The work your team does
- Assemble the screening pack
- Score against the thesis
- Run exclusion checks
- Review headline financials
- Decide go or no-go
Fund AI.OS items
Stage 4
Preliminary Investment Committee (IC)
The committee sees what would stop the deal before money is spent on diligence.
The work your team does
- Draft the early memo
- Hold preliminary IC
- Issue the letter of intent
- Sign confidentiality terms
Fund AI.OS items
- You run it
- Full screen, five deal-breaker tests
- Decision log and reason list
- Early memo draftingComing
- A tool to buy
- Fund AI tools inventory
Stage 5
Due Diligence
Findings are traced to source and checked before they reach the memo.
The work your team does
- Set the diligence plan
- Run commercial diligence
- Run financial diligence
- Run legal diligence
- Run technical, ESG and impact diligence
- Assess management
- Run expert calls and site visits
- Build the valuation and returns case
- Close the findings register
Stage 6
Term Sheet, Structuring and Final IC
Terms are benchmarked against precedent before the final memo goes up.
The work your team does
- Negotiate final terms
- Structure governance and protections
- Write the final IC memo
- Decide at final IC
Fund AI.OS items
- You run it
- Precedent term benchmarkingComing
- Final memo draftingComing
- A tool to buy
- Fund AI tools inventory, term sheet and final IC
Stage 7
Closing
Every condition precedent is tracked to signing.
The work your team does
- Negotiate definitive documents
- Satisfy conditions precedent
- Call capital
- Sign and fund
- Record and announce
Fund AI.OS items
- You run it
- Conditions precedent trackerComing
- Closing document summaryComing
- A tool to buy
- Fund AI tools inventory, closing
Stage 8
Ownership and Value Creation
Portfolio companies get a 100-day plan and earlier warning when results slip.
The work your team does
- Run the 100-day plan
- Take the board seat
- Set the KPI framework
- Execute value creation levers
- Mark the portfolio
- Measure impact
- Intervene where needed
Fund AI.OS items
- You run it
- Value creation prompt, 100-day plan and value bridge
- Board pack synthesis
- Portfolio monitoring prompts and exception report
- Monitoring input and sample sheets
- Value creation prompt sheets and Copilot agent
- Runs on its own
- Portfolio monitoring digest, n8n
- A tool to buy
- Portfolio reporting platforms
Stage 9
Fund Administration and LP Reporting
Each LP gets the report its side letter asks for, on time.
The work your team does
- Report quarterly to LPs
- Issue notices
- Close the books
- Run fund governance
- Track side letter obligations
Fund AI.OS items
- You run it
- LP obligations register
- LP requirement map
- LP report generator
- LP letter paragraph
- LP reporting prompt pack
- Runs on its own
- Reporting on the deadlineComing
Stage 10
Exit
Exit preparation starts from a complete record.
The work your team does
- Review exit readiness
- Choose the route
- Prepare the asset
- Run the process
- Close the sale
- Distribute proceeds
Fund AI.OS items
- You run it
- Buyer mappingComing
Stage 11
Wind-Down
Final reporting and records close cleanly.
The work your team does
- Harvest the tail
- Close the fund
Fund AI.OS items
- You run it
- Final period LP reportComing
Debt fund
Ready items run against a credit file as they are. Starting points keep their structure and change the decision test, from enterprise value to repayment capacity.
Stage 1
Fund Formation and Capital Raising
LPs get an AI policy written for a lender from day one.
The work your team does
- Define the credit strategy
- Choose the structure
- Set credit governance
- Raise capital
- Stand up operations
Fund AI.OS items
- You run it
- AI use policy template, debt provider
- Data governance note
- LP obligations register
- Credit policy configurationChange the decision test for a credit file before useStarting point
Stage 2
Origination
Borrower requests are captured once and routed to the right owner.
The work your team does
- Source through channels
- Capture inbound applications
- Log and dedupe
- Open the borrower dialogue
Fund AI.OS items
- You run it
- Warm-path and outreach note drafterChange the decision test for a credit file before useStarting point
- Meeting-to-structured noteChange the decision test for a credit file before useStarting point
- Comparable credits finderChange the decision test for a credit file before useStarting point
- Runs on its own
- Inbound application triage workflowChange the decision test for a credit file before useStarting point
- Meeting capture workflowChange the decision test for a credit file before useStarting point
- Channel and refinancing scanChange the decision test for a credit file before useStarting point
- A tool to buy
- Loan origination platformsChange the decision test for a credit file before useStarting point
Stage 3
Initial Credit Screen
Borrowers hear sooner whether they fit the mandate.
The work your team does
- Check mandate fit
- Read the headline financials
- Size indicative capacity and pricing
- Decide go or no-go
Fund AI.OS items
- You run it
- Screening setup guides, Claude and Copilot
- Screen with memory
- Decision log backfill
- Mandate fit screening skillChange the decision test for a credit file before useStarting point
- Quick screen, credit versionChange the decision test for a credit file before useStarting point
- Runs on its own
- Application triage workflow
Stage 4
Underwriting and Credit Analysis
Borrowers are asked for each document once, and every finding is checked at source.
The work your team does
- Spread the financials
- Test repayment capacity
- Value the collateral
- Assess the borrower
- Analyze industry and market
- Run ESG and impact review
- Write the credit paper
Fund AI.OS items
- You run it
- Digital readiness diligence
- Six responsible AI diligence questions
- Three-step verification
- Full screen, repayment-capacity testsChange the decision test for a credit file before useStarting point
- Financial spreading, base and downside casesComing
- Collateral and security reviewComing
- Management assessment and KYC checksComing
Stage 5
Credit Committee and Term Sheet
Every committee decision is logged with its reason.
The work your team does
- Negotiate the term sheet
- Present to credit committee
- Issue committed terms
Fund AI.OS items
- You run it
- Decision log and reason list
- Credit paperComing
- Term sheet supportComing
Stage 6
Documentation and Closing
Conditions precedent are tracked to first drawdown.
The work your team does
- Draft loan documentation
- Satisfy conditions precedent
- Board the loan
- Fund the loan
Fund AI.OS items
- You run it
- Precedent deviation readingComing
- Conditions precedent trackerComing
- A tool to buy
- Closing and security toolsChange the decision test for a credit file before useStarting point
Stage 7
Loan Administration and Servicing
Borrowers are billed correctly, from a servicing platform first.
The work your team does
- Record cash movements
- Calculate interest and fees
- Bill and collect
- Keep loan-level accounts
Fund AI.OS items
- A tool to buy
- Servicing platform, then prompts on its outputComing
Stage 8
Portfolio Monitoring and Covenant Compliance
Borrowers near a covenant breach get a conversation before a default.
The work your team does
- Track reporting deadlines
- Test covenants each period
- Review ratings and marks
- Engage the borrower
Fund AI.OS items
- You run it
- Covenant exception reportChange the decision test for a credit file before useStarting point
- News, litigation and social scanChange the decision test for a credit file before useStarting point
- External environment scanChange the decision test for a credit file before useStarting point
- Quarter-context mergeChange the decision test for a credit file before useStarting point
- Monitoring report against covenant definitionsChange the decision test for a credit file before useStarting point
- Loan-level monitoring sheetChange the decision test for a credit file before useStarting point
- Borrower review packChange the decision test for a credit file before useStarting point
- Watchlist, marks and non-accrualComing
- Runs on its own
- Monitoring digest on certificate deadlines, n8nChange the decision test for a credit file before useStarting point
Stage 9
Amendments, Waivers and Workouts
Each waiver is priced and documented on the record.
The work your team does
- Assess waiver requests
- Document amendments
- Run workouts where needed
Fund AI.OS items
- You run it
- Decision log for waiver decisions
- Waiver assessmentComing
- Runs on its own
- Amendment version controlComing
Stage 10
Repayment and Exit
Payoffs and prepayments reconcile cleanly.
The work your team does
- Collect scheduled repayments
- Handle early repayment
- Sell positions where possible
- Close the position
Fund AI.OS items
- You run it
- Payoff and prepayment checksComing
Stage 11
Reporting and Wind-Down
Investors get loan-level reporting from one store of record.
The work your team does
- Report to LPs
- Close the books
- Wind down
Fund AI.OS items
- You run it
- LP reporting ladder: register, requirement map, report generator
- LP reporting paste-ready prompt
- Position commentaryChange the decision test for a credit file before useStarting point
- Wind-down reportingComing
Foundation
Accendo's assessment of what transfers to grantmaking. Ready items are methods that hold for any instrument. Starting points have not yet run end to end in a foundation.
Stage 1
Governance and Strategy
Trustees approve AI use under a written policy.
The work your team does
- Set the mission and theory of change
- Approve strategy and priorities
- Set the annual payout
- Allocate budgets
Fund AI.OS items
Stage 2
Program Design
Each program starts from the outcomes it seeks for end clients.
The work your team does
- Design each program
- Set eligibility and evaluation criteria
- Publish the calendar
Fund AI.OS items
- You run it
- Program design promptComing
Stage 3
Sourcing and Pre-Application
Applicants get clear guidance, and every inquiry is logged once.
The work your team does
- Open the call or invite
- Support applicants
- Take letters of inquiry
- Invite full proposals
Fund AI.OS items
- You run it
- Meeting-to-structured note
- Runs on its own
- Meeting capture workflowChange the decision test for a grant program before useStarting point
- Inbound inquiry triage workflowChange the decision test for a grant program before useStarting point
Stage 4
Application and Eligibility Screening
Applicants hear sooner whether they fit the program.
The work your team does
- Receive the full proposal
- Verify legal status
- Run compliance screening
- Check completeness
Fund AI.OS items
- You run it
- Program fit screening skillChange the decision test for a grant program before useStarting point
- Screen with memoryChange the decision test for a grant program before useStarting point
- Decision log backfill
Stage 5
Review and Due Diligence
Reviews are checked at source, and safeguarding questions are asked every time.
The work your team does
- Score against criteria
- Review finances
- Review governance and safeguarding
- Take references and visit
- Write the recommendation
Fund AI.OS items
- You run it
- Three-step verification
- Six responsible AI diligence questions
- Digital readiness diligenceChange the decision test for a grant program before useStarting point
- Docket memo draftingComing
Stage 6
Approval
Decisions are minuted with reasons, and declined applicants get feedback.
The work your team does
- Run the internal review committee
- Decide at board or under delegation
- Communicate declines
Fund AI.OS items
- You run it
- Decision log and reason listChange the decision test for a grant program before useStarting point
- Decline feedback draftingComing
Stage 7
Award and Grant Agreement
Agreements carry clear milestones and reporting terms.
The work your team does
- Issue the award letter and agreement
- Verify payment details
- Onboard the grantee
Fund AI.OS items
- You run it
- Grant agreement summaryComing
Stage 8
Disbursement
Tranches are released on evidence.
The work your team does
- Schedule payments
- Process and record
- Handle cross-border compliance
Fund AI.OS items
- A tool to buy
- Grants management platformsComing
Stage 9
Monitoring and Grantee Reporting
Grantees report once, and milestones are tracked against the agreement.
The work your team does
- Collect progress reports
- Hold check-ins and visits
- Verify milestones before tranches
- Process modifications
- Support the grantee
Fund AI.OS items
- You run it
- Value creation prompt, cost-per-outcome view
- Milestone exception reportChange the decision test for a grant program before useStarting point
- Quarter-context mergeChange the decision test for a grant program before useStarting point
Stage 10
Evaluation and Closeout
Outcomes are evaluated against the results framework.
The work your team does
- Collect final reports
- Reconcile the money
- Evaluate outcomes
- Close the grant
Fund AI.OS items
- You run it
- Evaluation against the results frameworkComing
Stage 11
Learning and Compliance
Lessons feed the next strategy, and filings go on time.
The work your team does
- Run learning reviews
- File and audit
- Decide on renewals
Fund AI.OS items
- You run it
- Reporting ladder, board and funder reportsChange the decision test for a grant program before useStarting point
- Learning review promptComing
Titles are public. Selecting an item asks AI Circle members to sign in, then opens it in the member area.
Coverage today
What Each Fund Type Can Use Today, by Stage
- 1 Formation5 ready
- 2 Origination4 ready
- 3 Screening6 ready
- 4 Preliminary IC3 ready, 1 coming
- 5 Diligence5 ready
- 6 Final IC1 ready, 2 coming
- 7 Closing1 ready, 2 coming
- 8 Value Creation6 ready
- 9 Reporting5 ready, 1 coming
- 10 Exit1 coming
- 11 Wind-Down1 coming
- 1 Formation3 ready, 1 starting point
- 2 Origination3 starting points
- 3 Credit Screen4 ready, 2 starting points
- 4 Underwriting2 ready, 1 starting point, 3 coming
- 5 Credit Committee1 ready, 2 coming
- 6 Closing1 starting point, 2 coming
- 7 Servicing1 coming
- 8 Monitoring3 starting points, 1 coming
- 9 Waivers1 ready, 2 coming
- 10 Repayment1 coming
- 11 Reporting2 ready, 1 starting point, 1 coming
- 1 Strategy2 ready
- 2 Program Design1 coming
- 3 Sourcing1 ready, 1 starting point
- 4 Eligibility1 ready, 2 starting points
- 5 Review1 ready, 1 starting point, 1 coming
- 6 Approval1 starting point, 1 coming
- 7 Award1 coming
- 8 Disbursement1 coming
- 9 Monitoring1 ready, 1 starting point
- 10 Evaluation1 coming
- 11 Learning1 starting point, 1 coming
Backing several fund managers? AI Circle places can be sponsored for the funds you back. Talk to Accendo.
What members leave with
Four Things Each Member Fund Takes Away
- 01
Its Fund AI.OS
The lifecycle map with the fund's own position marked, stage by stage.
- 02
An AI use policy
The template for an equity fund, a debt provider or a foundation, adapted by the fund.
- 03
Prompts and skills
Set up in the AI tools the fund already licenses, with a named owner for each.
- 04
One concrete deliverable
Built on the fund's own material, such as a screening skill or an LP report.
Members keep their AI.OS current through the AI Circle membership.
Getting started
Four Steps From a First Call to a Working AI.OS
- 01
Book a 30-minute call
Tell us how your fund runs today and where AI already sits in the work.
- 02
Set your baseline
Answer the AI readiness questionnaire. It scores seven dimensions of how the fund operates.
- 03
Join the AI Circle
Take an AI Circle Intensive or a place in the AI Circle Cohort. Fees are set per fund by fund size.
- 04
Build your Fund AI.OS
Set up the items for your stages in your own tools, and leave with one checked deliverable.
Ground rules
Three Rules for Every Item
Use the tools you already license. Every item runs in your fund's own AI assistant. Nothing runs on this site.
Keep fund and portfolio data in approved tools. Three data tiers decide which tool may see which data.
A person checks every output. Source check, cross-check, field check, in that order, before anyone relies on the result.
No fund or portfolio data reaches Accendo through this page.
Join the AI Circle
See Where Your Fund Stands on the Lifecycle
In a 30-minute call we walk through the map for your fund type and mark where your team stands today. The full items open to AI Circle members.
The AI Circle is a practitioner community for impact private equity and private credit teams building AI into how their funds run, governed and secure.
The items are provided as they are, for each fund to adapt. They are not legal, regulatory, investment or financial advice. Unless otherwise stated, Accendo does not endorse any specific vendor.