Venture SPV workflow checklist

Prepare the investment story

Gather the portfolio company, security acquired, term sheet, capitalization, rights, manager, and expected investment timing. 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 ownership, conversion terms, future dilution, expenses, and hypothetical exit scenarios. 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 single-company concentration, financing dependence, dilution, illiquidity, valuation, and limited control. 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.

Describe the actual investment instrument

Gather company information, the financing term sheet, the specific security to be acquired, valuation or conversion terms, fees, and the capitalization information you can substantiate. Distinguish investor interests in the SPV from the company security the SPV expects to hold.

Use dilution and exit scenarios to explore the stated assumptions, not to present a guaranteed outcome. Conversion discounts, caps, preferences, future financing, and exit order can affect the result. Reconcile the scenarios and narrative with the final company documents and SPV governing terms.