What We Built in Q1 2026

I spent years as a middle market buyside associate rebuilding context from scratch on every deal. Different sellside data rooms, comprising thousands of disparate unstructured data sets, manually stitched together into the same standardized IC memo & databook, before a single number could be defended at IC. That workflow defined my early career. It still defines the industry.

When we launched F2 seven months ago, we set out to replace that fragmentation with a single system that could take a deal team from first question to final deliverable. Q1 was the quarter where that vision came together.

We shipped six major releases and a set of meaningful UX improvements in 90 days. Each solves a specific bottleneck we hear about constantly from deal teams. Together, they form a connected workflow that covers the full arc of analysis: plan the work, execute, model, audit, and export. All traceable. All in one place. With persistent context compounding into a proprietary data asset for each of our customers.

Here is what we built and why it matters.

Agent

Your omnipresent investment professional

Until now, F2 worked one deal at a time. Agent changes that. It sits above all your deals, connecting market data, portfolio insights, and your own files in one place so you can analyze, compare, and move faster across your entire workflow.

Research markets, companies, or opportunities and get synthesized, source-backed answers from your internal files and external data. Conduct one-off analysis by uploading files or datasets to run deep, task-specific work. Unlock cross-deal intelligence to compare companies, benchmark performance, and uncover patterns across your portfolio. The shift is simple. Instead of working one deal at a time, you can now work across everything at once.

Deal Intelligence

Your firm's deal context, organized

Most firms lose context between deals. Deal Intelligence makes sure nothing gets left behind. Every company your firm evaluates is now tagged, searchable, and enriched with external data. Filter by status, industry, vintage, or capital structure. Add a company name and website and F2 pulls in relevant market context automatically. Because Agent understands your deal metadata, it can benchmark new opportunities against your pipeline history. Your firm's proprietary intelligence now compounds with every deal.

Sheets

Real analysis, not just extraction

F2 has always been industry leading at interpreting data. With the launch of Sheets, it can now do the modeling too. Pull data from PDFs, images, and messy VDR materials directly into live, structured spreadsheets. Build institutional-grade financial models with formulas and source links built in. Run sensitivities and scenario analysis on the fly. Every output exports to Excel with full formula integrity intact. If the model changes, the memo can be regenerated automatically.

Powering all of it is a dedicated spreadsheet engine that scores 95.25% on SpreadsheetBench Verified. For the PE associates still toggling between Excel and Word at 2 a.m., this is the feature I wish I had built years ago.

Audit Mode

Defensibility at scale

Speed means nothing in private markets if you can’t defend the numbers. Every report in F2 is now powered by a centralized, source-linked Excel-native Databook, built directly from data room files, containing the calculations that drive the analysis. Inline citations reveal exactly where each number comes from. Click into any number to audit the underlying formulas, trace dependencies, and jump to the exact source file and cell. Export the underlying Excel with formulas and full traceability preserved. Audit Mode makes it easy to trust, verify, and defend every output you generate.

Plan Mode

See the plan before the AI runs

The best outputs start with the right plan. Before F2 executes any complex task, you can now ask it to generate a step-by-step plan and show it to you first: the assumptions, the data sources, the gaps, the sequence. Review it, push back, refine it in chat. Only when you are satisfied does the analysis run. For complex diligence workflows, this is the difference between a black box and a system you can actually trust.

Fast Mode

The right mode for every task

Not every question needs a full diligence run. Fast Mode delivers immediate answers for quick lookups, sanity checks, and follow-up questions. F2 now adapts to the complexity of your question: Fast Mode for quick answers, Deep Analysis for comprehensive audit-ready work, and Plan Mode for structured multi-step execution. Match the mode to the task.

Four UX Improvements Worth Noting

Alongside the major launches, four smaller updates that reduce friction in daily usage:

• PDF Source Highlighting. Cited passages are now highlighted directly in the source PDF.
• Smarter Add Context. Finding and attaching the right files or deals to a conversation is now significantly easier.
• Image Upload. Drop a screenshot or chart into a conversation. F2 reads and interprets it.
• Outlook Email Support. Upload .msg files alongside VDR materials. No conversion needed.

The Bigger Picture

Q1 was about replacing a fragmented, manual process with one connected workflow:

Plan → Execute → Model → Audit → Export

An all-in-one system with full traceability from the first question to the final deliverable.

All these features are live in F2 today. We’re already building on them for Q2.

We’re just getting started.

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Don