How do venture and real estate investors use AI agents?
Investment firms use AI agents to apply the partners' own judgment to every deal. Delphi reads everything that reaches Linkin Capital and puts a cited memo in front of a partner. Keystone runs the house view of Galapagos Capital's US real estate desk on each sponsor package the day it arrives. People still sign.
Why the judgment matters more than the documents
Keystone started as a project to read sponsor packages. The hard part was capturing the house view, the instinct that tells an analyst a number is wrong. Delphi had the same shape: the fund's instinct for a deal sat inside more than 180,000 emails in four partners' inboxes.
Delphi, Linkin Capital
Delphi reads every deal that reaches Linkin Capital by email, WhatsApp and Slack, sets it against the deals the partners took and passed on, and puts a cited memo in front of a partner. No decline leaves without two independent AIs and a verified citation agreeing. The deal history lived in four partners' inboxes: more than 180,000 emails going back years, the fund's instinct for a deal buried inside them. The agent threaded that whole memory in under eight minutes. Silence is not a decline, and more than half of inbound gets no reply at all, so the agent never learns from silence. A decline needs two independent AIs to land on the same reason, each quoting the line from the deck. A partner approves every decline draft. Judges with personas the partners choose score each deal. The scoring runs on two independent AIs, and a third breaks a tie.
Keystone, Galapagos Capital
Keystone captures the house view of Galapagos Capital's US real estate desk, the judgment that lived in a few analysts' heads, and runs it against every sponsor package the day it arrives. The desk's own way of underwriting was rebuilt alongside the desk. The agent names the cell, the direction and the reason an analyst would give; exact calculation does the math, never the AI. Every figure it shows is checked on its own, or held back as unknown. The desk's own research found that asking an AI to grade its own numbers caught fewer than one bad answer in four, and confident writing raised the score on wrong math. So the AI never decides a figure. It carries the reasoning and the source behind every input; the desk signs.
Questions
Can AI decline a deal on its own?
No. In Delphi a decline needs two independent AIs to land on the same reason, each quoting the line from the deck, and a partner approves every decline draft.
How do you trust AI with a financial model?
Keystone never lets the AI decide a figure. Exact calculation does the math, every figure is checked on its own or held back as unknown, and the desk signs. The desk's research found that asking an AI to grade its own numbers caught fewer than one bad answer in four.
Does fund data leave during research?
In Delphi only the company name, website and sector leave for a web search. The fund's mail never does.