Pricing
Flat-Fee Venture
Fund Formation
Five fund types. Fixed pricing. Documents, formation, and Delaware registered agent — all in. Add a Regulation D-compliant PPM for a flat additional fee whenever a private placement memorandum is appropriate.
Each package below is a complete documentation, formation, and first-year registered-agent engagement. PPM drafting is available as a flat-fee add-on to any package when a private placement memorandum is required by your offering structure or investor base.
Fund agreement— Limited partnership (LP) agreement or LLC operating agreement, drafted on our default terms (see fund-by-fund detail below)
Master series structure where applicable— For master/series products (Syndicate, Multi-Security Master / Series Fund, Rolling Fund), one master agreement plus one initial series supplement
Delaware formation— Certificate of Limited Partnership or Certificate of Formation filed with the Delaware Secretary of State, including state filing fees
Registered agent — first year — Delaware registered agent service paid for the first twelve (12) months
Subscription agreement— Drafted for Rule 506(b) or Rule 506(c), accredited investor representations included
Term sheet— Investor-facing summary of the fund's key economic and governance terms
Engagement and intake call— Initial scoping call to confirm fund type and any default-term variations
A Regulation D-compliant Private Placement Memorandum is available as a flat-fee add-on to any package for $5,000. We recommend a PPM whenever (a) you are using general solicitation under Rule 506(c); (b) you are raising from investors outside a friends-and-family group; or (c) your investor base or offering size warrants a full disclosure document for securities-law defense purposes. The PPM is built from our PPM template and customized to your business, offering structure, investor base, and risk profile based on intake information you provide; it includes risk factors, use-of-proceeds, securities description, conflicts disclosures, and subscription procedures.
Learn more about our PPM service →
To keep pricing predictable, the following are scoped separately:
Custom variations to the default fund terms (each package is priced for the documented defaults; bespoke economics, governance, or transfer provisions are quoted on a fixed-fee or hourly basis)
Form D filing with the SEC and state blue sky notice filings (typically handled by your fund administrator as part of their administration engagement; we can include for an additional fee)
Investment adviser registration analysis or filings (Section 203(l) / 203(m) / state ERA analysis)
Side letters and MFN administration
Audit, tax preparation, and fund administration (handled by third-party providers under separate engagement)
Ongoing investor relations counsel, capital call documentation, and amendments after Initial Closing
Ready to launch?
Tell us which package fits and we'll schedule a free intake call to confirm scope.
A summary of terms for each package
Traditional SPV
Best for: a single investment, one allocation, one closing
$
3,000
A standalone single-deal vehicle — typically a Delaware LLC — formed to acquire and hold one underlying portfolio investment. No fixed term, no annual management fee, and no fund-wide complexity. Ideal for one-off allocations, syndicated deals run outside a master platform, and pro-rata vehicles.
Entity & term: Delaware LLC; standalone single-deal vehicle; no fixed term — continues until disposition of the underlying investment
Management fee: Rate variable in Schedule A of the LLC agreement
Carry: 20% by default (rate variable in Schedule A)
Preferred return: Optional
Waterfall: Return of contributed capital, then 80/20
Sponsor clawback: Yes — at termination event for excess profit share, reduced by tax paid
Minimum commitment: $25,000 default (variable in Schedule A; sponsor may waive)
Offering: Rule 506(b) by default; Rule 506(c) optional
Closing structure: Initial closing plus optional subsequent closings during a twelve (12) month offering period; subsequent-close investors pay a 7% simple-interest catch-up to existing investors
Governance & reporting: Manager sole discretion (no advisory committee, no key person); unaudited annual statement within 120 days; K-1 within 90 days
Syndicate
Best for: deal-by-deal sponsors running multiple SPVs from a single platform
$
4,000
A single-deal series of a Delaware master series limited liability company under 6 Del. C. § 18-215. Investors subscribe to a specific series for a specific deal; the master can be reused for additional deals without forming a new entity.
Entity: Delaware master LLC with protected series under § 18-215; one initial series included
Series mechanism: Each series has its own assets, debts, partners, and accounting; segregated liability
Purpose & term: Single investment per series
Management fee: Rate variable in Schedule A of the LLC agreement
Carry: Rate variable in Schedule A (20% common)
Preferred return: Optional
Waterfall: Return of contributed capital then 80/20, with optional preferred return and Manager catch-up
Offering: Rule 506(b) or Rule 506(c) per series election
Closing: Single-deal series with vintage subscription
Governance & Reporting: Manager sole discretion (no advisory committee, no key person); unaudited annual statement within 120 days; K-1 within 90 days
Multi-Security Master / Series Fund
Best for: sponsors raising a series-by-series commitment to be deployed across a portfolio of multiple investments
$
4,000
A Delaware master series limited liability company under 6 Del. C. § 18-215 in which each series operates as a multi-security mini-fund rather than a single-deal vehicle. Investors subscribe to a series for a defined investment program; the series GP then deploys the series' capital across multiple portfolio investments under one administrative, tax, and reporting framework. Subsequent series can be launched on the same master without forming a new entity.
Entity: Delaware master LLC with series under § 18-215; one initial multi-security series included
Each series: a portfolio of investments, segregated assets and liabilities, distinct partners and economics
Management fee: Per series, set in series Class Schedule
Carry: Per series, set in series Class Schedule
Preferred return: Optional
Waterfall: Deal-by-deal American per series
Offering: Rule 506(b) or Rule 506(c) per series election
Administrator: One third-party administrator engagement covers all series
Governance: Manager sole authority; structural changes consented at series level
Adviser: Section 203(l) VC fund adviser exemption typical
Rolling Fund
Best for: continuous capital raises with quarterly subscriptions
$
4,000
A Delaware master series LP structured for auto-renewing quarterly subscriptions. Investors commit to one or more future quarters of investing; subscriptions auto-renew unless cancelled. Continuous capital, no formal final close. Typically structured to permit Rule 506(c) general solicitation.
Entity: Delaware master LP with quarterly series under § 17-215; one initial quarter series included
Subscription mechanic: Investors subscribe for N future quarters; auto-renews until cancelled
Management fee: Per quarter (commonly 2% annualized), drawn against quarterly commitment
Carry: Per quarter / per vintage (commonly 20%)
Preferred return: None by default
Waterfall: Deal-by-deal American
Offering: Rule 506(c) typical (general solicitation enabled)
Adviser registration: Section 203(l) VC fund adviser exemption (each quarter's series structured as a qualifying VC fund)
Investor eligibility: Accredited; verification required for 506(c)
Governance: Manager sole authority; quarterly cohorts treated as separate series for tax and liability purposes
Traditional VC Fund
Best for: institutional-style closed-end venture funds
$
4,000
Our Process
01
Free Intake Call
A 30-minute scoping call: which package fits, any non-default terms you want, your offering structure and target investor base.
02
Engagement & Retainer
Flat-fee engagement letter signed and retainer paid. Intake form sent for entity and fund-specific information.
03
Document Drafting
Fund agreement, subscription agreement, and term sheet drafted; PPM drafted in parallel if elected. Typical turnaround: 1 to 3 weeks.
04
Delaware Filing
Certificate filed with the Delaware Secretary of State; registered agent appointed; EIN coordinated with your tax preparer.
05
Subscriptions Open
Final document set released to investors; subscription tracking guidance provided; we coordinate handoff to your fund administrator who handles Form D and state blue sky filings.
