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Fund Setup

Checklist (210 Items)
1. Research
Investment strategy
Jurisdictions
Regulatory requirements
Tax liabilities
Fund structures
Target sectors
Target markets
Target stages
Academic support
Government co-investment / grants
Data and research vendors
Fund administrators
External advisors
Deal origination partners
Software providers
0/15
2. Strategy
Fund name
Currency
Fund size
Ticket size (min.)
Ticket size (max.)
Target # of investments
Closed/open ended
Fund life
Closing date
Execution plan / timeline
Competitive analysis
Negative exclusions (i.e. weapons, alcohol)
Positive inclusions (i.e. gender, sharia, location)
Investment approval process
Audit strategy
Office location
0/15
3. Business Plan
Management fee
Carry
Hurdle rate
Initial investment period
Minimum subscription
GP investment %
GP compensation structure
Carry distribution (staff/advisors)
Initial setup budget
Cashflow budget
0/10
4. Policies & Process
Reserve / follow-on / sell-down strategy
Recycle strategy
Deal velocity
Liquidation strategy
Co-investment strategy
Deal syndication strategy
Pro-rata rights strategy
Redemption provisions
Borrowing policy
Fund hedging policy
Clawback policy
Foreign exchange policy
Internal governance policy
Investment committee rules
Capital call frequency
Key man policies
Risk management policy
Tax structure
Regulatory requirements
PR and marketing vendors
0/20
5. Formation
Allocate seed capital (for GP)
Engage independent directors
Engage law firm
Engage company secretary
Incorporate general partnership
Draft articles / constitution
Hold first board meeting
Appoint directors
Approve initial expense budget
Authorize bank account (GP)
Draft fund DDQ
Draft partnership agreement
Draft private placement memorandum
Draft LP agreement
Draft subscription agreement
Draft business continuity policy
Draft compliance handbook
Draft ethics policy
Draft administrator agreement
Draft auditor engagement
Draft custodian agreement (if needed)
Draft external management agreement (if needed)
Draft external placement agreement (if needed)
Detail potential conflicts of interest
Convenent breaches / mitigation
Draft valuation policy
Environmental, social, and governance (ESG) policy
Initiate license / regulatory approval
Draft and review org chart
Approve business plan
0/30
6. Office & Staff
Setup payroll / HR systems
Hire recruitment agency (senior staff)
Draft employment agreements
Negotiate office lease
Fit-out office
Office furniture
Office equipment
Office security
Phone / data vendor
Office utilities
Health insurance
General insurance
Draft internal confidentiality agreements
Draft IP assignment / noncompete agreements
Recruit senior staff
Recruit portfolio managers
Portfolio analysts
Hire support staff
Virtual office / mtg platform
General accounting system setup
Document tax policy
Apply for tax filing number
Expense tracking system
Resource / facilities mgmt setup
Calendar / scheduling system
Advisory board / external deal scouts
Appoint investment committee
Staff training and promotion strategy
Employee stock option plan
Partner succession plan
0/30
7. Operations
Set up trading accounts
Set up data room
Fund accounting system setup
Draft business recovery plan
Agree drawdown strategy
Create capital call form
Create subscription confirmation note
Draft regulatory reporting template
Draft distribution notice
Pay regulatory fees
Open fund bank account - LP
Open fund bank account - Investment Holdco
Engage KYC vendor
Create KYC document repository
Create KYC identity verification process
Create KYC investor screening process
Create investor certification process
Draft capital account statement
Draft statement of operations
Create IRR calculation template
LP secure portal
Automate annual KYC review
Appoint international regulatory consultant
Appoint fund manager
Appoint administrator
Engage auditor
Engage bookkeeping firm
Engage branding / PR firm
Engage cybersecurity vendor
Appoint prime broker (if needed)
0/30
8. Marketing & PR
Marketing plan
PR strategy
Website domain
SSL certificate
Brand / logo
Website design
Partner / management team bios
Staff social profiles
Partner photo shoot
Business cards
GDPR policy
Privacy policy
Third party data sharing policy
Appoint website host (i.e. AWS)
Mailing list / mailout management system
Set up web visitor tracking software
Join local venture association
Create CB Insights profile
Create Crunchbase profile
Create LinkedIn profile
Create Pitchbook profile
Create Prequin profile
Create Twitter profile
Collate supporting data / research for strategy
Collate track record data (overview)
Create fund investor pitch deck
Create fund one page teaser
Create launch press release
Quarterly LP update
Co-investment demo days
Annual in-person LP meeting
0/30
9. Investment
Formalize co-investment partnerships
Procure cap table management software
Procure share certificate management software
Procure task management system
Formalize third party referral network
Formalize syndication partnerships
Create founder application process
Agree internal deal scoring metrics
Draft investment memo template
Draft rejection email template
Document signing software
Procure deal flow management software
Test deal flow screening
Due diligence process
Create term sheet template
Create first-stage investment documents (i.e. SAFE/KISS)
Create long-form documents for use with investees (shareholder agreement)
Portfolio company metric update template
Create data rooms for each investee
Set up asset warehousing
0/20
10. Portfolio Management
Fraud and corruption prevention policies
Portfolio company data repository
Portfolio company update request form
Portfolio company pro-rata funding request
Company performance metric tracking dashboard
Exit / bankruptcy / wind-down / acqui-hire policies
LP reporting dashboard
Auditor data room
Auditor dashboard
Automated valuation memos
0/10
Progress
Complete

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