Fund Administration Checklist

Choose fund domicile (Delaware LP recommended for most funds)

Engage experienced fund formation counsel (not a generalist corporate attorney)

Form Management Company LLC with operating agreement

Form Fund LP entity with certificate of limited partnership

Evaluate whether a separate GP entity is needed (multi-GP structures)

Obtain EIN (Employer Identification Number) for each entity from the IRS

Appoint registered agent in Delaware (or state of formation)

Draft and finalize Limited Partnership Agreement (LPA)

Draft Private Placement Memorandum (PPM) with comprehensive risk factors

Prepare Subscription Agreement and investor questionnaire

Prepare side letter template for LP-specific terms

Establish GP commitment amount and funding mechanism

Document investment strategy, portfolio construction, and reserve policy

File Form D with the SEC within 15 days of first close

Complete blue sky filings in every state where you have LPs

Determine adviser registration status (ERA, state registration, or full SEC registration)

File Form ADV as exempt reporting adviser if applicable

Develop written compliance manual and compliance policies

Establish AML/KYC procedures and screen all LPs against OFAC sanctions lists

Verify accredited investor or qualified purchaser status for every LP

Create and maintain a compliance calendar with all filing deadlines

Develop personal trading policy and code of ethics

Document conflicts of interest policy and disclosure procedures

Establish information barrier procedures if managing multiple funds

Review and understand pay-to-play regulations if accepting public pension LP capital

Select and onboard fund administrator (specializing in emerging managers)

Engage independent audit firm with VC fund experience

Hire or engage tax preparer for fund and management company returns

Engage compliance consultant for ongoing regulatory monitoring

Set up fund management platform for LP portal, data room, and portfolio tracking

Establish LP onboarding process (subscription docs, KYC, wire instructions)

Create capital call workflow with pro rata calculations and notice templates

Document distribution waterfall calculations and distribution process

Establish valuation policy per ASC 820 / IPEV guidelines

Create portfolio company reporting cadence and data collection process

Set up deal pipeline tracking and investment committee process

Open dedicated bank account for the Fund LP (never commingle with management company)

Open dedicated bank account for the Management Company

Set up wire transfer capabilities with dual-signature controls for large wires

Establish treasury management policy for uninvested fund capital

Evaluate capital call credit line (subscription line of credit) if appropriate

Obtain Directors & Officers (D&O) liability insurance

Obtain Errors & Omissions (E&O) / professional liability insurance

Obtain cyber liability insurance

Review insurance requirements in LPA and ensure coverage meets LP expectations

Design quarterly report template (GP letter, portfolio updates, financials, capital accounts)

Establish quarterly reporting calendar with internal deadlines (data collection, drafting, review, distribution)

Set up LP portal for secure document delivery and self-service access

Create data room structure with appropriate folders for LP diligence

Build founder metric collection system (automated forms, follow-up cadence)

Prepare annual meeting format and logistics (in-person or virtual)

Establish LPAC formation process and meeting cadence

Create communication policy for material events between quarterly reports

Determine fund and management company fiscal year-end

Set up fund accounting system (chart of accounts, GL structure) with fund admin

Establish management fee calculation methodology per LPA terms

Document organizational expense cap and tracking

Prepare for K-1 distribution timeline (March 15 deadline or file for extension)

Understand UBTI implications for tax-exempt LPs and plan accordingly

Establish expense allocation policy between fund and management company

Set up quarterly management fee calculation and draw process

Plan for carried interest tax treatment and three-year holding requirement

Select fund management platform (data room, LP portal, portfolio tracking, compliance)

Set up professional email domain and email accounts

Implement multi-factor authentication on all financial and fund management accounts

Set up document management system with version control

Establish data backup and disaster recovery procedures

Create cybersecurity policy (password requirements, device security, incident response)

Set up CRM or deal tracking system for fundraising pipeline

Configure LP communication tools (email, portal, document sharing)