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Running a VC Fund

  • Running a VC Fund15
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Running a VC Fund

What is a Fund Administrator?

Role, Responsibilities, and Why GPs Need One

Running a VC Fund

What is a Venture Capital Fund?

Venture capital funds are pooled investment vehicles that provide capital to startups in exchange for equity.

Running a VC Fund

What Does a General Partner Do?

The general partner of a venture fund raises and allocates investor capital and supports the founders of the companies they invest in.

Running a VC Fund

Venture Capital Equity Financing Documents

The venture capital equity financing documents dictate the economics and control offered to investors and founders of a startup.

Running a VC Fund

Preferred Shares vs. Common Shares

Venture investors typically negotiate for preferred shares because preferred shares grant certain rights, privileges, and preferences that common shareholders do not receive.

Running a VC Fund

What is a Liquidity Event?

Liquidity events can be viewed as the “end game” for venture investors, giving them the opportunity to convert their illiquid stake in a startup into liquid assets.

Running a VC Fund

The Basics of Venture Capital Management Companies

Management company structure has an important impact on a venture capital fund’s activities.

Running a VC Fund

What is an Exempt Reporting Advisor?

Qualifying venture capital fund advisers are exempt from registering with the SEC and from many provisions of the Advisers Act via Exempt Reporting Adviser (ERA) status.

Running a VC Fund

What is a Fund of Funds?

A venture fund of funds is a fund that invests in other venture funds. Investing in a fund of funds offers portfolio diversification.

Running a VC Fund

Venture Capital Fund Recycling

Venture capital fund recycling—when GPs reinvest returns from early exits back into the portfolio—increases investable capital and can potentially increase fund returns.

Running a VC Fund

What is a Bridge Round?

Bridge rounds help startups “bridge” the gap between larger funding rounds. While not always ideal, they can be necessary to keep the company afloat.

Running a VC Fund

What Are Blue Sky Laws?

Blue sky laws protect investors against securities fraud. Most venture fund offerings are exempt from blue sky law registration requirements, but fund managers often need to make notice filings with the state.

Running a VC Fund

506(b) vs. 506(c) Funds

Rule 506 under Regulation D allows fund managers to offer fund interests (i.e., raise capital for their fund) without registering the offering with the SEC.

Running a VC Fund

The Basics of Venture Capital Portfolio Construction and Management

Portfolio construction is the process of designing a quantitative investing strategy for your fund, while portfolio management refers to tracking how your actual investments are pacing against that strategy.

Running a VC Fund

What is Form ADV?

Form ADV is the standard disclosure document investment advisers must file with the SEC and state regulators. But for venture capital fund advisers—which generally qualify as Exempt Reporting Advisers—the requirements can differ.

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