PR Newswire
Built by industry veterans, Covenant is redefining the legal industry by building the first AI-powered law firm targeting private market investors
Covenant, an AI law firm built for private market investors, announced a $4 million Seed funding led by Flybridge Capital Partners, with participation from Neil Barsky, a former hedge fund manager.
By integrating advanced AI and legal advice, Covenant is able to increase deal velocity and unlock data insights with the same high-quality results as traditional law firms at a fraction of the cost. Since its pioneering launch in January 2024, top-tier endowments, foundations, fund of funds, sovereign wealth funds and other allocators have trusted Covenant as the only AI solution that can meet all of a client’s demanding accuracy, timing and security standards.
Covenant uses multiple foundational models to eliminate dependence on a single model and provide clients with the benefits of the latest AI developments quickly and effortlessly. AI-powered results undergo human verification, allowing clients the ability to harness the power of this technology with full confidence. Covenant upholds the highest standards of privacy and security with its SOC 2 Type II certification, ensuring responsible AI use through strict data protections – no training on client data, zero data retention, and anonymization of sensitive information.
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“At Covenant, our goal is to empower private market investors to be radically smarter,” said Jen Berrent, CEO and co-founder of Covenant and former WeWork COO and Chief Legal Officer. “We built a legal solution from the ground up. We have combined the capabilities of AI – moving faster, saving costs and simplifying complexity – with the skill of lawyers – deep industry knowledge, unparalleled attention to detail and clear judgment. This funding will enable us to deliver on our vision to modernize legal systems for the private markets.”
Covenant’s limited partnership agreement (LPA) review tool delivers a robust summary within two business days, outpacing any other alternative. Today, Covenant is also announcing the launch of the first AI-powered Most Favored Nation (MFN) election tool designed for limited partners. With Covenant, the time it takes for clients to analyze hundreds of pages is reduced from hours to minutes. Over the past several months, Covenant has launched several other tools that are purpose-built for private market investors, including fund manager due diligence and NDA first-draft mark-ups.
“Covenant is redefining legal infrastructure for institutional capital,” said Jesse Middleton, General Partner at Flybridge Capital Partners. “As LPs face increasing complexity and compliance burden across their portfolios, the legal tech company is offering a unique AI solution that will fundamentally reshape how private market investors operate. I had the chance to work with Jen Berrent during the early days of WeWork Labs, where her legal expertise and commitment to founders stood out. That same clarity of vision is what makes Covenant such a powerful force for change in this industry.”
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