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?

https://www.decilehub.com/users/WnwWLln4/profile how about algéria 

Hi @Oladapo Bakare

Start Funds are Venture Capital funds making equity-based investments - direct purchase of stock or agreements for future equity (SAFE or convertible note) in private startup companies. These investments focus on building ownership stakes in promising early-stage ventures.
As a professional venture capital investor with LPs, you factor in the brutal reality: failure rates, dilution and TVM; the question for each investment is "will this investment return the entire fund". You're looking for companies targeting large market success with large exit potential.

Share buybacks are likely distributed to LPs. Consider if this plan results in the substantial multiples you need for a performing venture fund.

cc @Ryan Moyes

 

@Oladapo Bakare

 LPs from Algeria are acceptable.