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Fund Formation, Explained
Plain-language answers to the structural decisions that come before a first close. For strategy-specific launch guides, see the Fund Guides.
506(b) vs 506(c): Which Raise Fits Your Fund
506(b) vs 506(c) for fund managers: what each rule permits, the verification burden in practice, switching rules, and how the choice shows up in your documents.
Syndication vs Fund: Which Structure Fits Your Next Raise
Syndication or fund? Single-asset SPV vs blind-pool fund compared: investor psychology, economics, operational load, and when to graduate from one to the other.
How Much Does It Cost to Start a Fund?
Real numbers for starting a private fund: traditional formation runs $50k–$100k+ in legal alone. Line-by-line costs, what recurs annually, and what changes the math.
How a Private Fund Is Structured: GP, LP, and Management Company
The three-entity private fund structure explained: what the fund LP, GP LLC, and management company each do, why they're separate, and how money flows.
The Documents Every Private Fund Needs
Every private fund document explained in plain language: the PPM, LPA, subscription agreement, accredited investor certification, formation documents, and IMA.
Management Fee and Carry: Typical Terms by Fund Type
Typical management fees, carry, and preferred returns by fund type — real estate, PE, VC, hedge fund, private credit, crypto — and why the structures differ.
The First-Time Fund Manager's Guide to Launching
How first-time fund managers actually launch: proving the strategy, sizing the fund to your LP base, terms that close, the document step, and honest raise math.