Formation and placement, together
One firm carries the vehicle and the raise.
The terms are set by people who will have to
defend them in an LP meeting three months later.
Fund Formation & Placement
Fund formation and placement
for managers raising their first
funds, and their next ones.
The vehicle established, the terms set, the commitments placed. One
firm from formation to final close, in confidence, across jurisdictions.
By introduction. In confidence.
The billion-dollar platforms have agents planting flags for them.
The first-time manager with a real edge walks alone,
and this mandate exists for exactly that manager.
We assemble the track record into a proposition, form the vehicle with counsel in the right jurisdiction, set terms the market will sign, and place the commitments in sequence: anchors first, momentum after.
The mandate suits managers spinning out with attributable records, families and principals institutionalising a strategy that already works, and established managers raising a successor or a single-deal vehicle.
The raise takes several forms.
The first fund
The spin-out, the emerging manager, the strategy proven on someone else's letterhead. The hardest raise in the market, and the one this mandate was built around.
The successor fund
Fund II or III, raised on the record of the last one, with the terms and the LP base upgraded to match.
The single-deal vehicle
One asset, one structure, one syndicate. Formed and placed faster than a blind pool, priced for its concentration.
The anchor-first raise
The cornerstone secured before the wider market is approached. One right anchor changes every conversation that follows.
The continuation or follow-on
Existing exposure restructured into a new vehicle, with existing and new investors treated fairly and seen to be.
What the market expects to sign.
Terms are a language, and speaking it fluently is half of credibility. Indicative market conventions; every fund prices its own.
Term
The convention
What it signals
Management fee
The convention
Around 2 percent, stepping down after the investment period
What it signals
Discipline about the cost of the platform
Carried interest
The convention
20 percent above the hurdle
What it signals
Alignment on outcome, not activity
Hurdle
The convention
Commonly 8 percent
What it signals
The floor beneath which the manager earns nothing extra
GP commitment
The convention
Meaningful, personally
What it signals
The manager's own capital beside the LPs'
The waterfall & clawback
The convention
Documented, tested, explained
What it signals
Whether the manager has actually read their own terms
Conventions, not advice, and they move with strategy, size, and market. The formation phase sets your terms with counsel, and the placement phase
defends them.
Vehicles commonly formed in: Cayman / Luxembourg / Delaware / Singapore / Jersey / the DIFC
The process.
Six phases from proposition to final close.
First closes typically land six to twelve months from mandate; the whole raise runs on momentum from there.
I
Screening
The conversation first, under NDA if you prefer. The strategy, the record, and whether the raise can succeed. First funds fail for knowable reasons, and we will tell you if we see them.
II
The proposition
The track record assembled and attributed, the edge written down,
the target LP defined. A fund is a product; this phase is where it
becomes one.
III
Formation
Jurisdiction, vehicle, and terms settled with counsel. The structure
LPs expect, in the domicile their own mandates permit.
IV
Preparation
The materials, the model, the data room, and the due diligence questionnaire answered before it is asked. Institutional LPs diligence the manager as hard as the strategy.
V
Placement
Anchors first, then the sequence: family offices, institutions, and principals from the firm's network, approached directly and in confidence.
VI
Closes
First close creates the fund; every close after compounds the story. Final close on the timetable the momentum earned.
The first close is the raise. Everything before it is persuasion; everything after it is confirmation. The sequence exists to
make the first close arrive as early as credibility allows.
From strategy to commitments.
Formation and placement
are one pipeline,
not two engagements.
The manager
the record, the edge
The vehicle
formed, termed, documented
Placement
in sequence
Anchors
Family offices
Institutions
Principals
Anchors first.
One right cornerstone changes every conversation that follows.
The pipeline runs left to right, but the placement runs top to bottom: the anchor signs first, and everyone after signs faster because of it.
Why Managers Engage Us
The proposition, built
Track record attributed, edge articulated, materials at institutional standard. LPs diligence the manager harder than the strategy.
The LP network
Family offices, institutions, and principals reached directly through nine offices, in sequence, in confidence.
The anchor strategy
The cornerstone pursued first and structured to be winnable. Momentum is manufactured, not hoped for.
Cross-border, natively
The manager in one jurisdiction, the vehicle
in a second, the LPs in six. The firm's home
ground.
Terms that survive
Set with counsel, priced to convention, defended in the room. A first fund's terms follow it for a decade.
What we act on.
The firm acts for managers with attributable records and strategies that survive diligence: spin-outs, emerging managers, families institutionalising what already works, and established managers raising the next vehicle.
Placement is a regulated activity; the firm operates within its own licensing in each jurisdiction, and says so plainly.
Terms are set out plainly in the Engagement Agreement before any work begins.
Asked before most mandates.
Can a first fund actually raise?
Yes, with an attributable record, terms at convention, and an anchor
strategy. First funds fail on unproven attribution and improvised
sequencing more than on strategy, and both are fixable before
launch.
What do anchors want?
Economics for conviction: a fee break, a co-investment right,
capacity, or a seat at the advisory table. The structure phase
decides what is offerable before any anchor asks.
Which jurisdiction?
The one your target LPs can sign into. Cayman, Luxembourg,
Delaware, Singapore, and the others each carry conventions and
costs; the formation phase settles it with counsel against the
actual LP list, not fashion.
How long will the raise take?
First close typically six to twelve months from mandate, final close
on the momentum from there. Slower is survivable; stalled is not,
which is what the sequence exists to prevent.
What kills first funds?
Attribution that does not hold up, terms off convention without a
reason, and a raise launched before the materials were ready. All
three are diagnosed in screening, before you are exposed.
What does it cost?
The commercial terms are set out plainly in the Engagement
Agreement before any work begins, structured around the raise,
with the substance settled as commitments close. There are no
surprises in our paperwork. You should expect none in your LPA
either.
No public references.
The firm does not name clients, counterparties, or terms.
Not in marketing, not in conversation, not after the fact. The managers best placed to vouch for the work are the reason we will not ask them to. If discretion matters while you raise your
fund, it should matter to the firm that introduces your LPs.
Adjacent to this mandate.
The first close is the hard one.
Every mandate begins with a conversation. Outline the strategy and
the record in confidence. If the raise can succeed, we will say how
we would sequence it. If it cannot yet, we will say what has to be
true first. Request an Introduction, in confidence. No obligation. An
NDA is available before any detail is shared.