Overview

There are an overwhelming number of options for fund service providers, especially in categories like CRM, pipeline/deal flow, and administration (as shown). Ultimately, fund managers need to build a tech stack and optimize operations to best serve their customers: founders and LPs.

Services, Tools, Data Room

What are the 10 tools & services that are often considered for fund launch?

1. Administration
   1. Fund
      1. Most common service providers: Carta, Aduro (acquired VMS), and AngelList
      2. Other Common Providers: Vector AIS, Standish Management, Ultimus (acquired LeverPoint), and Opus
   2. SPVs
      1. Most common service providers: Carta, Aduro, and AngelList
      2. Other Common Providers: Sydecar, Flow, and Allocations
2. Legal
   1. Most common service providers: Cooley, Gunderson Dettmer, AngelList, Wilson Sonsini, DLA Piper, Foley Hoag, and Goodwin
   2. Other Common Providers: Carney Badley Spellman, RPCK, Thompson Hine, Harvey Esquire, Blue Dot Advocates, and All Places
   3. The most notable law firms are not necessarily the best fit for your fund and they typically charge $50K+
3. Bank
   1. Most common service providers: First Republic Bank and Silicon Valley Bank
   2. Other Common Providers: Grasshopper Bank, AngelList, and local/regional banks
4. Deal Flow/Pipeline CRM
   1. Most common tools: Airtable, Affinity, Google Sheets, Hubspot, and Salesforce
5. Project Management
   1. Most common tools: Notion, Airtable, Trello, and Asana
6. Data Room
   1. Most common tools: Dropbox, Google Drive, Box, and Carta
   2. Other Common Providers: DocSend
7. Communication
   1. Calendar
      1. Most common tools: Google Calendar, Calendly, X.ai, and Vimcal
   2. Virtual Meetings
      1. Most common tools: Zoom, Google Hangouts, WhatsApp, and Microsoft Teams
   3. Email
      1. Most common tools: Gmail, Superhuman, and Spark
   4. Team
      1. Most common tools: Slack
   5. Investor Relations
      1. Most common tools: Mailchimp, DocSend, Anduin, DocuSign, Passthrough, and Visible
8. Accounting
   1. Most common tools for expenses management: Expensify, Dext, and Excel
9. Website
   1. Most common tools: WordPress, Medium, Squarespace, and Wix
10. Audit & Tax
    1. Most common service providers: Frank Rimerman, Andersen, AngelList, PwC, EY, and RSM
    2. Other Common Providers: Sensiba San Filippo and Withum

What are the five docs you need in your data room at launch?

1. Pitch Deck
2. Fund Model
3. Fund Budget
   1. Expenses usually fall into one of three categories: organizational, management company, and fund.
4. Track Record
   1. Spreadsheet with key financial metrics for attributable investments made at a previous fund and/or angel investment portfolio
5. Team Bios & Resumes

What are the additional docs you need in your data room by final close?

• Legal
  • Limited Partnership Agreement (LPA)
  • Organizational chart
  • Incorporation documents for LP, GP, and Management Co.
  • Subscription Agreement
• Fundraising
  • Due Diligence Questionnaire (DDQ)
• Team
  • Hiring plan
  • Advisors bios
  • References
  • Fund service providers
• Portfolio
  • One-pagers on portfolio companies
  • Fund performance
• Governance
  • Board & board observer seats
  • Policy statements—includes investment, ESG, DEI, valuation, privacy, and cyber security policies
  • SOC 1 Report
• Marketing
  • Fund news
  • Portfolio company news
  • Thought leadership

Resources

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