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I need to open a brokerage account for a portco that exited. Will be holding the public stock before distributing to LPs. Should I open the account for the LP or the Manco? I am leaning toward using Fidelity but any recs on best brokerage account for VCs would also be appreciated.
Typically this is done at the LP entity level because it's the fund's portfolio company. If you were to do it at the ManCo level you would have an audit trail that showed that the stock was transferred to the manager and you would need to explain the reason even if it was temporary.