Hi Daps, yes, Start Fund can accept most African LPs. There are some country restrictions however including Nigeria. 

Thank you Ryan. Plan on doing a venture studio model with start fund.  The portfolio companies will be offering dividends (for some). Can the fund invest in a HoldCo that we control? Or Can we structure as an evergreen fund to reinvest dividends? What’s your policy on dividend distributions?”
∙ Must distribute immediately?
∙ Can retain for reinvestment?

@Neal Strickberger

 Please advise Daps on allowable investment structures and terms for Start Fund.  

Hi Daps, could you let us know which countries the LPs will come from?

Also, where is the HoldCo located?

Hello Long, LPs from US, South Africa, Ghana, and Canada. HoldCo located in US. Thank you both for your assistance

Hey Daps, following up on your questions:
1) Start Fund investments can't be  into the HoldCo. The investments must strictly  be into portfolio companies. 
- you'll receive management fees and maybe you can use those to fund studio/hold co operations
2) Start Fund is a product so the terms and legal setup don't provide flexibility for an evergreen model. You have 3 years to raise and Start Funds are 10 year vehicles. 
3) Start Fund doesn't support dividends from portfolio companies because of the accounting and distribution requirements. It's best to think minority, equity investments with distributions to LPs available at the time of exit. 

Thank you. Following up on your feedback about no dividend distributions - we have a clarifying question:

@Long Pham

  @Neal Strickberger

 Would one of you mind providing insight if the above is permissible with Start Fund?