Fund Formation and Timelines

Plan formation and closing milestones, and identify the decisions that need qualified advisers.

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21 pages

Deciding the vehicle and the size

Should I raise a committed fund, an SPV, an SMA, or invest deal by deal?Compare the capital, discretion, economics and operating work behind each vehicle before choosing the structure for your strategy.
How big should my first VC fund be?Work from the portfolio you intend to build, then check the operating budget and realistic LP demand. The example below makes each assumption visible.
How much runway does a GP need to fundraise?Build two budgets: one for your life and one for the firm. Then test what happens if the first close arrives later than planned.
Should I use SPVs for venture investments?An SPV can serve a specific investment. Understand its economics, administration and relationship to any main fund before adding another vehicle.
What fund size can my VC track record credibly support?Check the capital the strategy needs, the firm’s operating floor and the evidence behind the proposed scale. These are different kinds of constraints.

Structure, entities, and domicile

Economics, terms, and investor rights

Raising, offering, and closing

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