A PPM drafted for fund vehicles and discretionary portfolios

The fund framework covers discretionary investment vehicles — real estate funds, private-credit funds, venture funds, farmland funds — where the sponsor is raising a pool of committed capital to deploy across multiple investments over a defined period, rather than raising equity for a specific identified asset.

Fund PPMs share the core skeleton of a syndication PPM — cover, suitability, executive summary, use of proceeds, projections, risk factors, entity and security terms, subscription — but add fund-specific sections: the commitment period, the drawdown mechanics, the portfolio-construction rules, the fund life and extensions, the successor-fund language, and the key-person provisions that institutional LPs expect.

The fund framework is the right fit when the sponsor is raising discretionary capital without a specific identified asset, when the investment thesis is defined by an asset class and strategy rather than a property address, when the fund life is multi-year with a defined commitment period, or when the expected LP base is sophisticated enough to underwrite a blind-pool commitment rather than a single-asset equity raise.

It is not the right fit when the raise is for a single, identified deal — in that case a syndication-shaped PPM (506(b) or 506(c)) is shorter, cheaper to draft, and closer to LP expectations for a one-off.

When you pick a fund vehicle at the start of the wizard, the draft renders the extended fund skeleton: commitment-period and drawdown sections, portfolio-construction rules (concentration limits, industry caps, position-size caps), fund-life and extension provisions, key-person and successor-GP language, advisory-committee references, most-favored-nation carve-outs, and a waterfall tuned for European or deal-by-deal distribution.

The underlying exemption is still typically 506(c) or 506(b), layered under the fund shape. The wizard keeps both axes coherent — the fund structure and the exemption — in one document that reads consistently from cover to signature.