Most fund managers operating under Reg D exemptions don't require SEC registration. However, depending on your strategy, assets under management, and number of clients, you may eventually need to register as an Investment Adviser. Our coaches include licensed professionals who can guide you through these requirements, and we'll connect you with compliance experts when needed.

You can absolutely leverage your existing Delaware LLC as part of your fund structure. Most of our successful fund managers use their current LLC as either the management company or general partner entity. We'll work with you during the legal formation process to determine the optimal structure based on your specific situation and ensure everything integrates seamlessly with your existing business operations.

No, you cannot legally accept investor capital before your fund documents are finalized and filed. However, you can absolutely build momentum during the legal process by securing soft commitments, conducting investor education meetings, and preparing your capital raise materials. Many of our members use this time to strengthen their pipeline so they're ready to close investors immediately upon legal completion.

We support both structures based on your capital raising strategy. Most private capital (99%) uses Reg D 506(b), which allows you to accept unlimited accredited investors plus up to 35 sophisticated non-accredited investors, but prohibits general solicitation. Reg D 506(c) allows general advertising and marketing but requires all investors to be accredited with third-party verification. We'll help you choose the optimal structure during your fund design process.

Your relationship with our preferred law firms extends beyond initial setup. While the complete legal formation is included in your membership, ongoing legal support is available on a fee-for-service basis at preferred rates. Our law firm partners want long-term relationships with successful fund managers, so you'll have established counsel as your fund grows and evolves.

Beyond your included legal formation, our coaches will help you with the structure so the bulk of the costs are paid for by the fund. This includes ongoing compliance, audit requirements, and regulatory filings. Additional costs may include fund administration, accounting/tax preparation, and compliance consulting. This is typically no more than 0.25-0.75% of your total assets under management spread out through over the course of the year.

Your fund documents can be structured to accommodate future general partners, though adding GPs after launch requires legal amendments and potentially LP approval depending on your operating agreement. It's more cost-effective to plan for potential partners during initial formation. Our coaches can help you think through partnership structures and vesting schedules upfront.

Most private funds have defined terms, typically 3-10 years depending on your strategy. Real estate and private equity funds often include 1-2 year extensions. Hedge funds may be open-ended with periodic redemption windows. We'll help you design the optimal structure based on your investment timeline and liquidity needs.

The legal formation is completely included—no hidden legal fees. However, successful funds require ongoing operational costs including fund administration, accounting, compliance, and potentially marketing expenses. We provide transparent cost projections during your planning phase so you can budget appropriately for sustainable operations.

Fund structures typically command higher investor confidence and larger check sizes because they demonstrate sophistication, regulatory compliance, and professional management. Syndicates are perceived as more transactional, while funds signal long-term portfolio scaling capability. Most investors prefer the governance and structure that formal funds provide.

While fund documents can be amended, structural changes often require LP approval and can be costly. It's critical to design your initial structure thoughtfully. However, as you scale, you can launch subsequent funds with different structures. Many of our members evolve from single-strategy funds to multi-fund platforms over time.

This depends entirely on how you structure your fund. Private equity and real estate funds typically have no early redemption rights—capital is locked for the fund term. Hedge funds often allow quarterly or annual redemptions with notice periods. We'll help you design redemption terms that match your investment strategy and liquidity profile.

Absolutely. Your fund operates under your brand and management company name. We provide the legal infrastructure and education, but the fund is entirely yours. Many members integrate their funds seamlessly with existing businesses, using the fund structure to scale their current investment activities.

Closed-ended funds have a fixed capital raising period and typically don't accept new investors after launch. Open-ended funds can continuously accept new capital. Closed-ended structures work well for illiquid strategies like real estate and private equity, while open-ended structures suit liquid trading strategies.

Standard structures include a preferred return to LPs (typically 6-10%), then a catch-up for the GP, followed by a profit split (usually 70-80% to LPs, 20-30% to GP). Real estate funds often use tiered promotes based on IRR performance. We'll model various waterfall structures to optimize investor appeal while ensuring fair GP compensation.

Minor operational changes can be made through management decisions, but significant modifications typically require LP approval. Material changes like fee adjustments or strategy modifications need formal amendments. Our coaches help you design initial documents with sufficient flexibility for expected growth and evolution.

Bridger and the team are actively involved throughout your journey. You'll have direct access to Bridger and 30+ coaches through our daily office hours, one-on-one coaching calls, and our private Slack community. Our coaches actively manage funds themselves, bringing real-world experience to your specific challenges.

We offer flexible payment options including one-time payment and structured payment plans. The investment covers your complete fund setup including legal formation, education, coaching, and lifetime community access. Contact our team for current pricing and payment options.

All events are optional but highly valuable. We host regular live events, monthly masterclasses, and daily office hours (50+ per month). The networking opportunities and deal flow from our events often justify the entire program investment. Many members attribute their success to connections made at our gatherings.

Our CRM system helps you manage your investor pipeline, track commitments, organize due diligence materials, and automate investor communications. It's specifically designed for fund managers and integrates with your capital raising process. This can save time compared to managing investor relations through spreadsheets.

Your Black Card membership includes ongoing platform access to Fund Launch 360 for just $1/month. However, some third-party integrations or premium features may have associated costs. We'll transparently outline any optional services during your onboarding process.

We provide pitch deck design through our in-house team, plus templates and frameworks for all investor materials. You'll receive professionally designed, boardroom-ready presentations customized to your fund strategy. Our materials have helped members grow to $4.8B in AUM.

Yes—this is one of our most valuable benefits. Our 1,000+ member community includes active fund managers across every asset class imaginable. Our private Slack channels facilitate deal sharing, partnership opportunities, and peer mentoring. Many members form strategic partnerships and co-investment opportunities through our network.

Absolutely. Having pre-existing investor interest significantly accelerates your timeline. We can prioritize your legal formation and help you convert soft commits into binding capital commitments. Many members launch and close their funds within 60-90 days when they start with strong investor momentum.

This is standard practice—you always pitch before you have capital. We'll teach you how to present your strategy, track record, and opportunity without existing AUM. Focus on your competitive advantages, market timing, and unique access to deals. Many successful funds start from zero and build momentum through compelling presentations and strong relationships.

We help you establish clear investment criteria and decision-making processes. Your capital committee structure depends on your fund size and complexity. Smaller funds often operate with GP-only decisions, while larger funds may include independent advisors or LP representatives. We'll design governance structures that ensure both speed and accountability.

Our in-house design team creates custom pitch decks tailored to your strategy, and our coaches provide extensive presentation training. We conduct mock pitches, refine messaging, and help you anticipate investor questions. Many members perfect their presentations through our office hours before presenting to actual investors.

This is manageable with proper planning. We help you set realistic fundraising targets and develop backup strategies. Many members start with smaller funds and scale through successful performance. Our coaching includes extensive capital raising training, and our community provides ongoing support throughout your fundraising process.

Sophisticated investors conduct thorough due diligence on your background, strategy, service providers, legal structure, and risk management processes. We prepare you for common investor questions and help you assemble comprehensive due diligence packages. Our coaches share real investor feedback to help you anticipate and address concerns proactively.

We provide frameworks for evaluating potential capital committee members based on their expertise, network, and alignment with your fund strategy. The screening process includes background checks, reference calls, and clear expectation setting. Our coaches help you balance independence with strategic value when building advisory structures.

Legal formation includes the structural framework, but ongoing fund administration is typically outsourced to specialized providers. We connect you with preferred fund administrators and help you understand service requirements and costs. Many smaller funds handle basic administration in-house initially and professionalize as they scale.

While fund administration isn't included in your membership, we maintain relationships with top-tier administrators and can facilitate introductions. Our coaches provide guidance on administrator selection, negotiation, and transition planning. We'll help you understand when to outsource versus keeping functions in-house.

Our coaching includes extensive deal evaluation frameworks, due diligence processes, and risk assessment methodologies. Our coaches actively source and evaluate deals in their own funds, bringing real-world expertise to your specific situations. You'll learn industry-standard practices for deal origination, evaluation, and presentation to ensure you only bring high-quality opportunities to your investors.

Yes, absolutely. Many of our members structure funds to invest across multiple asset classes. You can create investment criteria that span different sectors, or establish separate investment mandates within the same fund. For example, we've helped members create funds covering real estate and private equity, or technology and healthcare investments. The key is defining clear investment parameters in your fund documents that give you operational flexibility while maintaining investor clarity.

Converting a single asset fund to multi-asset requires significant legal amendments and LP approval, which can be costly and complex. It's more strategic to either launch subsequent funds with broader mandates or structure your initial fund with flexible investment criteria. Many of our successful members start focused and launch complementary funds as they scale, using the same management company infrastructure.

This is exactly how professional fund management scales. Your management company remains constant across all funds, creating operational efficiency and brand continuity. Fund I typically has a defined lifespan, after which you launch Fund II with updated strategies or larger capacity. Many of our members are now on their third or fourth funds, using the same foundational structure we help them build.

Minor strategic adjustments can usually be made through management discretion, but major pivots typically require LP approval. The key is building sufficient flexibility into your initial investment mandate. We help you craft investment criteria that allow for evolution while maintaining clear boundaries that protect both you and your investors.

Distressed asset strategies don't fundamentally change the fund structure, but they do require specific legal language around risk disclosure, investment processes, and potentially longer hold periods. We've successfully helped members launch funds focused on distressed real estate, business acquisitions, and debt instruments. The waterfall structures often include more sophisticated hurdle rates to match the risk profile.

This depends entirely on how you structure it. Most private funds have defined terms (closed-ended), typically 3-10 years with potential extensions. However, you can structure open-ended (evergreen) funds that continuously accept capital. Each approach has different regulatory requirements, operational considerations, and investor appeal. We'll help you choose the optimal structure based on your strategy.

LPs receive partnership interests (not equity shares) that entitle them to their proportional share of profits and distributions according to your waterfall structure. They don't get direct ownership in underlying assets—that stays with the fund entity. LPs receive quarterly/annual statements showing their partnership percentage and accumulated returns, plus periodic distributions based on realized gains.

Absolutely, and this is often the smartest approach. Friends and family rounds help you test your fundraising materials, gather testimonials, and build initial momentum. These early investors often become your strongest advocates for subsequent institutional rounds. Just ensure all investors meet accreditation requirements and understand the investment timeline.

You as the fund manager don't need to be personally accredited, but your investors typically do. Under Reg D 506(b), you can accept up to 35 non-accredited "sophisticated" investors plus unlimited accredited investors. Under 506(c), all investors must be accredited with third-party verification. Many successful fund managers started before they personally met accreditation thresholds.

This depends on your fund structure. 506(b) funds cannot use general solicitation, so no crowdfunding platforms. 506(c) funds can advertise on qualifying platforms, but most institutional investors prefer direct relationships. We generally recommend building your investor base through relationships and referrals rather than online portals for maximum credibility.

Yes, most funds raise capital through multiple closings over 12-24 months. You might have an initial closing at $5M, subsequent closings at $10M, $15M, and final closing at $25M. Each closing allows you to deploy capital immediately rather than waiting for your full target. This approach also creates urgency for later investors as they see early momentum.

Viability depends on your strategy and cost structure. We've seen successful funds start as low as $500K for focused strategies with efficient operations. However, most members target $3-10M minimum to cover operational costs and create meaningful scale. The key is matching your minimum raise to your deployment strategy and ensuring sufficient capital to execute your thesis effectively.

Yes, all LPs must complete Know Your Customer (KYC) documentation and accreditation verification. For 506(b) funds, investors self-certify their accredited status. For 506(c) funds, you must use third-party verification services. This includes identity verification, source of funds documentation, and ongoing compliance monitoring. We help you establish these processes with our preferred service providers.

With an urgent timeline and clear fund structure, our preferred law firms can complete legal formation in 4-8 weeks or more. However, you shouldn't wait for legal completion to secure soft commitments. Use this time to finalize your investor pipeline, complete due diligence materials, and prepare for immediate deployment once documents are executed.

You get dedicated human support throughout the entire process. This includes one-on-one coaching calls with our 30+ coaches, daily office hours (50+ per month), and direct access to our team through Slack. While we have educational portals and frameworks, the core value comes from personalized guidance from people actively managing funds themselves.

Significantly. Your second fund leverages the same management company infrastructure, established law firm relationships, and proven investor base. Many of our members launch subsequent funds in 30-60 days rather than the 3-6 months typically required for initial funds. You also benefit from established track record and operational systems.

The four-phase program includes: (1) Deal & Strategy validation, (2) Fund structure design, (3) Legal formation with preferred law firms, and (4) Capital raising and deployment. You get one-on-one coaching, 50+ monthly office hours, custom pitch deck design, Fund Launch 360 software platform, exclusive partnerships (like 20% Carta discount), private Slack community access, and upcoming Fund Launch AI beta access.

You have access to 30+ coaches specializing in different strategies and asset classes. While you're not assigned one exclusive coach, you can build relationships with coaches whose expertise matches your focus area. Many members work primarily with 2-3 coaches who understand their specific strategy and provide continuity throughout their journey.

We have extensive case studies and testimonials from members across every major asset class. Check out www.fundlaunch.com/testimonials During your consult call, we'll share specific examples relevant to your strategy. Our members have collectively launched 300 funds total and 138+ funds since 2024, raising hundreds of millions across real estate, private equity, hedge funds, and alternative investments with $4.8B AUM.

A Private Placement Memorandum (PPM) is one of the two core legal documents (along with the Limited Partnership Agreement) that govern your fund. The PPM serves as your "investment prospectus" for private investors, detailing your strategy, risks, fee structure, and legal terms. We help you create compelling PPMs that both satisfy regulatory requirements and effectively communicate your investment opportunity.

No, entity formation happens during the legal phase after you've validated your strategy. You'll typically need three LLCs: the General Partner (you manage the fund), Limited Partnership (where investor capital goes), and Management Company (receives fees and survives across multiple funds). Our legal formation process handles all entity creation, state registrations, and federal filings.

Foreign investors add complexity around tax withholding, reporting requirements, and potentially FIRPTA compliance for real estate funds. Most funds can accept foreign investors but require additional legal documentation and may need specialized tax counsel. We work with law firms experienced in international compliance to ensure proper structure.

Blue Sky compliance (state-level securities registrations) depends on where your investors reside and your fund structure. Most 506(b) and 506(c) offerings qualify for state exemptions, but some states require notice filings with nominal fees ($100-500 per state). Our legal formation includes analysis of required filings based on your expected investor geography.

You can absolutely launch solo. Many of our most successful members started as single-person operations and built teams as they scaled. Solo fund managers often have advantages in decision speed and cost efficiency. However, consider building an advisory board or capital committee to provide governance credibility, especially for larger funds or institutional investors.

Our Capital Committee members have deployed hundreds of thousands of dollars with our members across various deals. These are active fund managers and investors themselves who often co-invest alongside the strategies they're helping evaluate. The committee provides both validation and capital, creating a powerful combination for emerging fund managers.

We provide underwriting frameworks, templates, and coaching on deal evaluation, but we don't underwrite specific deals for you. Our coaches help you develop robust due diligence processes, financial modeling capabilities, and risk assessment frameworks. You maintain full autonomy over investment decisions while having access to proven evaluation methodologies.

Fund Launch 360 is your Capital Raising Command Center. Featuring your new CRM, Investor Pipelines, Website Builder, Investor Email/SMS Sequences, Calendar, and marketing automations. As you start engaging with investors, you'll need a way to track your fund raising efforts. From first capital call to final distribution – everything you need to operate professionally. Use Fund Launch 360 to host all of your intake forms, data rooms, deal management, limited partner portal (GP and LP Portals), and much more. For more information on Fund Launch 360, check out https://www.fundlaunch360.com

The set up included a Management Company, GP Entity, LP 1 Deal Entity, (First 50 get an extra SAF deal entity), Registered Agent Services, Operating Agreements, LPA Cap Table Setup, Non-Disclosure Agreements (NDA) and Letter of Intent (LOI) Templates.