The Fund One Handbook

Craft an LP-ready Fund I investment thesis that’s specific, defensible, and aligned with your edge, so you can tell a clear “why us, why now” story that drives conviction, allocations, and disciplined deal selection.

Discover how emerging managers can build a true sourcing edge, designing repeatable deal flow, leveraging data and relationships, and turning Fund I into a magnet for proprietary, high-quality opportunities.

Learn how to design a Fund I structure that aligns incentives, balances GP economics with LP protections, and sets you up for scalable, compliant growth from first close through to Fund II.

Navigate U.S. fund marketing rules with confidence, understand the SEC’s Marketing Rule, avoid common pitfalls in performance advertising, and build LP-facing materials that are compelling and compliant.

Map your options for raising in Europe, understand AIFMD, NPPR, and key country nuances so you can choose a compliant, capital-efficient route to EU LPs for Fund I.

Get your Fund I data room LP-ready, what to include, how to structure it, and practical checklists so you signal professionalism, reduce friction, and speed up due diligence.

Build a precise LP target list for Fund I, segment the universe, match LP types to your strategy, and prioritize relationships where your story, check size, and fund terms actually fit.

Turn your Fund I raise into a structured, repeatable process, map each stage, build and manage an LP pipeline, keep momentum through closes, and avoid the time-sinks and dead-ends that derail first-time managers.

Define the metrics that really matter for first close, capital raised, pipeline depth, LP quality, and proof points, so you can signal momentum and de-risk the rest of the raise.

Lock in a strong final close, manage allocations and overage, land remaining anchor checks, tidy documentation, and use the announcement to re-position your fund, your story, and your pipeline for Fund II.

Build an LP reporting machine, not just PDFs, with clear metrics, narrative, and cadence that keep investors informed, aligned, and confident to re-up in future funds.

Understand your options for early liquidity in Fund I, from GP- and LP-led secondaries to strip sales, so you can manage duration, align stakeholders, and avoid reputational landmines.