This will not work for the vast majority of people in this channel. If you’re reading this, please do not waste too much time with Vauban or Luxembourg.

Mike, Can you please provide more context as to why this won't work for most of us? Would you say the same for similar offerings like the Delaware-based Allocations funds? Thank you.

I guess this Vauban offering doesn't provide a a three layered approach LP GP ManCo, but rather a single entity, so provided thats actually what Vauban does, it doesn't fit to the enduring VC firm structure VC Lab is helping us envision

I may be wrong though about vauban's service, it's not detailed on their website and you need to request a call with em

Joshua What Raphael Grieco said is right. VC Lab is here to help participants launch enduring VC Firms, not funds. Building an enduring firm requires a very different strategy, tool set and partners then a one-off fund. We will go into a lot of details over the coming weeks and months on this topic. For now, please don’t waste too much mental energy on this. PLEASE

Vauban and Allocations are products that are optimized for folks that want to launch one-off vehicles with no customization. It’s true that in the UK (and not the EU), Vauban is becoming somewhat more flexible, but it’s not a super viable option for enduring Firms. Allocations is one step above AngelList, but still a product for angels who don’t require customization like you will need to setup a Firm. To launch an enduring firm, you need to work with specialist Law Firms, use enterprise grade tools and other service providers to setup a robust 3 entity structure that allows for scale.

With respect to Lux - It’s just not a viable domicile for small Fund 1s. It can cost €100k+ just in legal to set things up and 6 months to get the approvals.

where Vauban's offering is cool is for the setup of a (one single entity) where you pool all your smaller tickets into "one LP" in your fund. setup costs are 14'900eur paid by the commitments to the spv and you call 100pct upfront. if you want to do 2 calls the spv is charged 4'900eur more (on top of 14'900) and if you want to do 4 calls the spv is charged 6'900eur (on top of 14'900)

positives are
• you can onboard smaller tickets no minimum ticket
• you can have all the commitments upfront (drawback for these LPs : it négatively impact their IRR)

negatives
• there is an additional cost for these smaller LPs
• you have to spend slightly more time on the setup and manage mismatching capital calls if you go for 2 or 4 cc for this spv (but the positive trade-off is that it enables you to get more funds)
• it is limited to 25 small tickets per spv (you can then setup more than one)
• depending on your main fund jurisdiction, each smaller LP may count in the 99 LP count
all-in : positives out weight negatives in my view if your strategy is to accept smaller tix
it also gives you a leverage in your discussion with the prospective LP (Allright you want a smaller tix? OK but slightly more costly for you and one call upfront only) -> they may then opt for your normal ticket size