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Raising Institutional Capital

A Practical Readiness Guide for Venture Firms

Raising from institutional LPs changes everything—demanding stronger infrastructure, tighter compliance, and elevated reporting. This tactical guide shares firsthand insights from experienced GPs, along with perspectives from ILPs, fractional CFOs, and legal experts to help you prepare your fund for institutional capital.

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Raising Institutional Capital: A Practical Readiness Guide for Venture Firms

Inside the Report

What Institutional LPs Really Want
The trust signals and operational maturity ILPs look for before committing capital.
How to Prepare for Diligence
Everything you’ll need in your Due Diligence Questionnaire (DDQ), audit prep, and reporting cadence.
Necessary Fund Documents
Get smart on LPAs, side letters, LPACs, and the governance terms ILPs scrutinize.
Extensions of Your Team
How to build your bench with the right legal, fund admin, and CFO support for your firm.

A glimpse into what experienced GPs are saying about raising from ILPs.

The closing process with institutional LPs is much more rigorous and the process itself comes with strict requirements. The truth is, institutional fundraising wasn’t the reason I brought in fractional COO/CFO support, but it ended up being a lifesaver. I couldn’t have closed the LPs I did without mine and the AngelList team.
Carmen Alfonso Rico
Cocoa Ventures
As our firm grew, we realized that operator capital alone wouldn’t scale. If we wanted to increase ownership and mature as a fund, we’d need to bring in capital from institutions, family offices, and fund-of-funds. It was time to build that new muscle.
Scott Barker
GTMFund
Many emerging managers automatically assume they’re not ready for institutional investors, but I realized that’s often not true. Yes, they take longer and are harder to convince, but when there’s a strategic fit, it’s usually mutual — if it’s good for them, it’s probably good for you too.
Ross Robinson
Velocity Fund
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