First-fund operations checklist
What must be in place before first close, and what can wait.
What operations does a first-time fund need before first close?
Formed entities and bank accounts; a decision on administration; a system of record for investors, commitments and capital activity; subscription and KYC workflows; capital call and wire controls; an investor portal; and a reporting calendar agreed with auditors.
Before first close
Entities, bank accounts, administrator or in-house plan, subscription documents and onboarding flow, investor portal and data room.
Before the first call
Capital call template, wire instructions in the portal, verification procedures, and a reconciliation process.
Before the first quarter end
Chart of accounts, valuation policy, reporting templates, and auditor engagement.
Questions
What's the most common first-fund mistake?
Running capital activity on spreadsheets that later have to be reconstructed.
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