VC fund workflow checklist

Prepare the investment story

Gather strategy, mandate, fund term, capital commitments, portfolio construction, investment committee, reserves, and manager responsibilities. Identify who owns or controls the asset and which material agreements are still being negotiated. Keep evidence separate from forecasts and state unresolved facts plainly.

Build the economics

Reconcile capital calls, fund expenses, fees, reserves, investment pacing, distributions, and carried interest. Make clear which values are actual, assumed, or contingent. Check that the raise, uses, fees, and distribution terms describe the same plan. Supporting exports vary by workflow; do not assume every asset class has a real-estate-style Excel model.

Review the disclosures

Consider early-stage losses, illiquidity, manager dependence, conflicts, valuation, and long holding periods. The suggested risk library is a starting point and needs deal-specific edits. Confirm issuer, security, exemption, investor process, and tax or regulatory statements with the appropriate advisers.

Prepare the review package

Use Review to find missing information, then export a working Word draft for counsel. Provide the underlying agreements, diligence, and model. Replace every fictional sample fact before sharing. A completed workflow is not an approved offering.

Separate strategy promises from decision authority

Collect the investment mandate, stage and sector focus, geographic scope, expected number and size of investments, reserves approach, fund term, commitment and call mechanics, and decision process. Make clear which policies are binding and which are targets or expectations.

Review the investment committee, allocation policy, related-party arrangements, fee offsets, reporting, and distribution provisions as one set. A fund-of-funds section applies when the strategy actually includes fund investments. Do not retain such a section solely because it appears in a public example.