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By Pascal Hernalsteen and Margaux Hernalsteen-Leclercq*
As a board member of a Luxembourg fund, you are about to approve the investment memo. The AI read 3,000 pages across 40 categories. The deal team is happy. Risks have been flagged, the recommendation is soundly argued, and the financial tables look clean and cross-referenced. Someone on the team says the words that should worry you: "It looks like nothing was missed."
The GP has built AI into the deal workflow because it works. It reads faster, it indexes every claim back to a source. But the memo tells you what the AI read. It says nothing about what nobody put in front of it. And that gap has no direction you can predict. That's the part that should keep you up before signing. Let us...
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