All Questions

Your costs will be higher because you will need local counsel and probably local tax advice (in addition to counsel for your fund). Legal agreements may be differently drafted, require different procedures, etc. Your LPs may also face si...

Your costs will be higher because you will need local counsel and probably local tax advice (in addition to counsel for your fund). Legal agreements may be differently drafted, require different procedures, etc. Your LPs may also face similar challenges. 

No. Send them a PACT after they have indicated interest.

No. Send them a PACT after they have indicated interest.

We don’t have a template affirmation agreement. Everyone does this differently, but in general most people start with a verbal agreement first.

We don’t have a template affirmation agreement. Everyone does this differently, but in general most people start with a verbal agreement first.

The link that you shared describes everything about For Progress. It provides startup and investment related metrics based on the 169 official SDG sub-goals. The full set of metrics is outlined here: https://govclab.com/2023/05/23/ventu...

The link that you shared describes everything about For Progress. It provides startup and investment related metrics based on the 169 official SDG sub-goals. The full set of metrics is outlined here: https://govclab.com/2023/05/23/venture-impact-metrics/

It’s just a no. I would not put too much weight on the reasoning for now. That being said, for your reference, VC is a good way for families to build inter-generational wealth.

It’s just a no. I would not put too much weight on the reasoning for now. That being said, for your reference, VC is a good way for families to build inter-generational wealth.

You can send them a teaser if you want. They are looking for a reason to say no the meeting.

You can send them a teaser if you want. They are looking for a reason to say no the meeting.

Generally speaking, fund managers will work with their attorneys to defer costs until the fund does a first close. Then, the fund manager can use some of the management fees and sometimes the fund itself to pay for expenses. With regard...

Generally speaking, fund managers will work with their attorneys to defer costs until the fund does a first close. Then, the fund manager can use some of the management fees and sometimes the fund itself to pay for expenses. With regards to fund formation attorneys, please read the following: https://govclab.com/2023/05/26/vc-fund-formation-attorneys/ Please read this for more information on managing fund expenses: https://govclab.com/2022/11/07/managing-fund-expenses-for-venture-capitalists/

The larger the fund, the bigger the reporting requirements. Yes, it’s not uncommon for LPs to require detailed info about each company. This is typically done monthly. In addition, there are also annual reporting requirements too. In...

The larger the fund, the bigger the reporting requirements. Yes, it’s not uncommon for LPs to require detailed info about each company. This is typically done monthly. In addition, there are also annual reporting requirements too. In summary, be prepared to do a lot of reporting for LPs.

Fund vehicles in Delaware are commonly set up as LLCs. Please do not think about set up until you have at least 10% of your fund Hard Circled. This is an absolute waste of time.

Fund vehicles in Delaware are commonly set up as LLCs. Please do not think about set up until you have at least 10% of your fund Hard Circled. This is an absolute waste of time.

We don’t recommend any of the above platforms. AngelList and Allocations are designed for part-time investors or amateurs and Carta has various operational issues. Please do not engage with any of them, and don’t spend any time on this r...

We don’t recommend any of the above platforms. AngelList and Allocations are designed for part-time investors or amateurs and Carta has various operational issues. Please do not engage with any of them, and don’t spend any time on this research until you have a minimum of 10% of your fund hard circled or $1m in PACTs whichever is greater. With regards to cost, this will be paid for by the fund (your LPs) as an organizational expense.

I recommend (1) call, (2) email follow up, (3) PACT, (4) deck and (5) meeting. This is a similar approach this is outlined in the Decile Hub stages layout.

I recommend (1) call, (2) email follow up, (3) PACT, (4) deck and (5) meeting. This is a similar approach this is outlined in the Decile Hub stages layout.

A fund manager taking out a loan for the GP commit is not commonly done. More commonly, the fund manager can sell a part of the GP entity for money to use for building the firm and for the GP commit. However this must be done correctly a...

A fund manager taking out a loan for the GP commit is not commonly done. More commonly, the fund manager can sell a part of the GP entity for money to use for building the firm and for the GP commit. However this must be done correctly and with the appropriate legal agreements. 

30 minutes are good 1st call. Setup a professional pitch studio with great lighting and camera if you can.

30 minutes are good 1st call. Setup a professional pitch studio with great lighting and camera if you can.

“The information herein is strictly confidential and is intended for authorized recipients only. The content of this presentation is shown for information purposes only and is not intended as investment advice, or an offer or solicitatio...

“The information herein is strictly confidential and is intended for authorized recipients only. The content of this presentation is shown for information purposes only and is not intended as investment advice, or an offer or solicitation with respect to the purchase or sale of any security. The strategy presented herein represents the strategy of the General Partner of the Fund as of the aforementioned date and may vary at the discretion of the General Partner. There is no guarantee that any investment objective will be achieved. Past performance is not indicative of future results. Actual results may differ materially from those expressed or implied. Recipients should not assume that any companies identified in this presentation, are or will be, investments held by the Fund. Any projected returns presented herein are shown for illustrative purposes only. There can be no guarantee the Fund will achieve these results. Venture investing is risky and you could lose some or all of your investment.”

Larger LPs generally do not invest in new managers, and donor-advised funds are a vehicle targeted at larger LPs.

Larger LPs generally do not invest in new managers, and donor-advised funds are a vehicle targeted at larger LPs.

The recommendations taking into account fund size. We’re assuming larger fund sizes at later stages. This is just a guide and it’s ok if you deviate from it. At the Series A, the # of investments will be greatly affected by your time....

The recommendations taking into account fund size. We’re assuming larger fund sizes at later stages. This is just a guide and it’s ok if you deviate from it. At the Series A, the # of investments will be greatly affected by your time. Each partner can only sit on a finite # of boards. With your example above, each partner will have to sit on 10+ boards, which is a lot.

yes, they are for the life of the fund

yes, they are for the life of the fund

For an individual deal, you always show the blended IRR, unless the invested capital came from different sources, such as different funds.

For an individual deal, you always show the blended IRR, unless the invested capital came from different sources, such as different funds.

Build a rebuttal by saying that startups are being launched everywhere now and, a lot of alpha will be generated in the future outside of SF. There are a lot of stats that show this.

Build a rebuttal by saying that startups are being launched everywhere now and, a lot of alpha will be generated in the future outside of SF. There are a lot of stats that show this.

It doesn’t matter that much for fundraising, and, more importantly NEVER disclose who your LPs are. That being said, you will likely have some conflicts of interests that you will need to work out with these design partners.

It doesn’t matter that much for fundraising, and, more importantly NEVER disclose who your LPs are. That being said, you will likely have some conflicts of interests that you will need to work out with these design partners.