Getting to know your fund and target launch window

• Tell me, in one sentence, what your fund will invest in and why now.
• What is your target launch date or window? Options: Within 3 months, 3-6 months, 6-9 months, 9-12 months, No firm date yet
• Walk me through your investment strategy, typical holding period, and the instruments you plan to trade.
• Who on your team will be financially and operationally committed to the fund day-to-day? Options: Only me (PM), PM + business partner, PM + COO/operations hire, Existing firm COO/CFO, TBD
• How many distinct strategies or sleeves do you expect to run at launch? Options: Single strategy, 2-3 sleeves, 4+ sleeves, Undecided
• Do you currently run a formal P&L, NAV, or audited track record for this strategy? Options: Yes, audited track record, Yes, internal P&L only, Partial records available, No formal track record yet

Deal breakers and non-negotiables

• What single operational or legal reality would make you walk away from this launch?
• When you imagine that scenario, which type of counterparty, clause, or timing issue usually causes the problem? Options: Prime broker terms, Fund administrator requirements, Investor/legal demands, Regulatory approval timing, Other
• How quickly would that issue need to be resolved for you to continue with the planned timeline? Options: Within 1 week, Within 2-4 weeks, Within 1-2 months, Longer than 2 months
• What budget threshold for legal, operational setup, or professional fees would force you to pause or redesign the launch? Options: Under $50k, $50k–$100k, $100k–$250k, Over $250k, Depends on deliverables
• Who in your group has final authority to pause or cancel the launch if a deal breaker appears? Options: Sole PM authority, PM + partner consensus, Board or investors, Designated COO/CFO, Other

The people who must sign, fight, and cheer

• List your internal and external stakeholders who must approve the launch.
• For each stakeholder, what is the non-negotiable they will expect (for example, custody, track record, fee or governance terms)?
• How do these stakeholders typically evaluate operational readiness before they commit? Options: Service provider roster, Audited track record, Compliance program, Seed capital committed, All of the above
• Which stakeholder is your likely internal champion, and who is most likely to be a blocker?
• If a stakeholder requests a slower rollout, what is the minimum milestone they would require before giving conditional approval? Options: Service provider signed, Seed capital committed, Regulatory filing accepted, Successful connectivity test, Other

How you'll judge success, early and often

• Name the objective metric at three months that would convince you this launch succeeded. Options: First trade executed, AUM threshold reached, Investor reporting issued, Operational stability (no major breaks), Other
• What fundraising milestone (AUM or number of anchor investors) must be reached in the first 90 days for you to feel the launch is viable? Options: No minimum, >$1M, >$5M, >$10M, Other
• How will you evaluate compliance readiness before accepting live capital from investors? Options: Policies in place, Key personnel hired, Service provider approvals, Mock due diligence completed, Other
• Tell me the investor due diligence question that keeps coming up in meetings. Options: Counterparty selection, Track record verification, Operational controls, Fee/terms, Other
• If operational milestones are met but fundraising lags, what contingency would you accept to keep the project alive? Options: Phased launch, Lower running costs, Temporary capital support, Push launch date, Other

Operational and regulatory potholes that stop launch

• Identify the regulatory approval, counterparty agreement, or vendor integration that would delay the launch past your target date.
• Do you currently have firm commitments from a fund administrator, prime broker, custodian, or auditor? Options: All committed, Some committed, No commitments yet, Evaluating options
• If you lack commitments, which of those service relationships is hardest for you to secure and why?
• Describe how your legal counsel relationship is managed, and whether counsel is comfortable with a standard limited partner agreement. Options: Counsel in-house, External counsel engaged, Counsel not yet engaged, Comfortable with standard LP agreement, Needs negotiation
• How clean and accessible is your trading and P&L data that we would need to migrate or connect? Options: Clean and ready, Mostly structured but needs work, Fragmented, needs reconciliation, Not available
• State the counterparty minimums that matter to your prime or administrator, for example seed capital, AUM, or investor qualifications.

Alternatives you're weighing and what would keep you with them

• If you stayed with your current setup or another provider, what would have to be true for you to not change?
• Which other launch platforms, incubators, or in-house build options are you actively evaluating? Options: Another launch provider, In-house build, Law firm-led launch, Administrator-only solution, Incubator/accelerator, Other
• For each alternative, what is the one advantage they claim that matters most to you?
• Has anyone internally proposed delaying launch to build operations in-house? If so, who raised that and why? Options: Yes, leadership, Yes, operations, No one has proposed it, Undecided
• What would have to go wrong with our approach for you to prefer the incumbent or the in-house option instead?

Clear checks: systems, data, and approvals we must have

• What missing system, approval, or data source would force a delay beyond your target launch date?
• Which third-party systems must your team integrate with at go-live (for example OMS, prime broker API, fund admin portal, investor portal)? Options: Order management system (OMS), Execution venue / broker, Prime broker API, Fund administrator portal, Custodian portal, Investor reporting portal, Market data feeds, Other
• Identify the owners in your organization for each required integration and whether API credentials are already available.
• How many dedicated operational or technical staff will you allocate to the launch full-time? Options: 0 (outsourced), 1-2, 3-5, 6+ (internal team)
• Is your historical trading, reconciled P&L, and investor reporting data available to hand to an administrator within one month? Options: Yes, ready within 1 week, Yes, within 1 month, Needs 1-3 months of reconciliation, Not available
• Which regulatory filings or approvals could require extended review, and who in your organization signs them?

What would make this an easy yes

• If we can guarantee first trade within your target window and keep legal costs within your budget, what would stop you from signing this week?
• Which single document, data package, or commitment from us would most accelerate your internal signoff? Options: Service provider roster, Costed implementation plan, Seed capital introductions, Standard legal terms, Technical connectivity proof
• List the people in your organization who must review final commercial terms before signing.
• What milestone timeline for legal, operational, and fundraising items would make your partners or board comfortable to proceed? Options: 3 months to first trade, 4-6 months to first trade, 6+ months, Flexible depending on progress
• Are there specific legal clauses or operational service levels you cannot accept? Options: Yes, investor-facing terms, Yes, custody/segregation terms, Yes, audit or reporting cadence, No absolute blockers, Undecided
• Would you be open to a phased launch that reduces upfront cost and risk, for example starting with a soft launch for a subset of investors? Options: Yes, open to phased launch, Maybe, want details, No, need full launch

• Launch Experience, Solution Walkthrough

• Confirm the current state and its cost
• You confirm the restated current state and the quantified consequences accurately reflect your situation.
• Deliver a tailored implementation outline that lists the recommended entity election, a 2-3 provider shortlist for administration and prime brokerage, and an expected timeline for each track.
• Provide your target launch date, preferred vehicle type (onshore or offshore), and the list of decision stakeholders to finalize the scope assumptions.
• Entity structure walkthrough using your scenarios
• You agree that the proposed entity structure and service-provider approach eliminate the key structural and operational gaps you described.
• Service provider integration proof with your trade and reporting flows
• You confirm that the proposed compliance mapping addresses the allocator due diligence questions you expect and that the seed pathway provides a credible runway to first trade.
• Agree on a go/no-go decision date and schedule the Fund Launch Scope kickoff meeting.
• You agree the remaining evidence and decisions necessary to proceed into Fund Launch Scope, with a known owner and timeline for each item.
• Compliance program mapping to allocator due diligence
• Seed capital pathway and runway analysis
• Validate this matches what you described
• Decision points and next steps to reach Fund Launch Scope

• Launch Experience, Solution Walkthrough
• Launch Experience Deck
• Launch Experience Solution Brief

• meeting
• slides
• document

• Entity Formation and Fund Structuring
• Legal Documentation Drafting and Execution (LPA, PPM, Side Letters)
• Regulatory Registration and Filing Submissions
• Fund Administrator Selection and Onboarding
• Prime Broker Introduction and Onboarding
• Trading Connectivity and Execution Setup
• Portfolio Accounting and NAV Configuration
• Investor Reporting Templates and Delivery Setup
• Investor Onboarding, KYC/AML and Transfer Agency Setup
• Seed Capital Introductions and Commitment Support
• Compliance Program Build and Policy Implementation
• COO-as-a-Service Post-Launch Operations Support

Entity Formation and Fund Structuring

• Which legal entity structure do you plan to use for the fund and in which jurisdiction (for example US onshore limited partnership, US LLC, master-feeder with Cayman offshore feeder)? Options: US onshore limited partnership, US LLC, Master-feeder with offshore feeder, Other (describe)
• Do you require a minimum committed seed capital threshold before we proceed with entity formation; if yes, state the USD threshold and the evidence you will accept (signed subscription agreements, escrow/wire confirmations)? Options: No minimum required, Yes — provide amount and evidence in the next field
• Who will be the primary authorized signer for formation and bank account documents and where will you provide proof of identity and beneficial ownership (passport, company registry extract)? Options: You (founder), Your legal counsel, Appointed COO/agent, Other
• How will you structure carried interest and hurdle provisions in the partnership waterfall (describe the hurdle rate, carry percentage, catch-up mechanics and valuation point for performance calculations)?
• When do you need the entity to be legally formed relative to your target first close date (for example 30 days before first close, same day as first close)? Options: At least 30 days before first close, Same day as first close, After first close, TBD

Legal Documentation Drafting and Execution (LPA, PPM, Side Letters)

• Which template do you prefer as the starting point for the limited partnership agreement (LPA) and private placement memorandum (PPM) — a market standard institutional template, a modified template from your counsel, or a bespoke draft? Options: Market standard institutional template, Modified template from your counsel, Bespoke draft
• Do you anticipate investor-specific side letters that require nonstandard terms (for example fee breaks, liquidity carve-outs, information rights)? Options: No side letters expected, Yes — fee-related, Yes — liquidity or gating, Yes — information or reporting rights, Other
• Who will lead legal negotiations with incoming allocators and sign insurance or custodian agreements (your counsel, an appointed COO, or we coordinate with your counsel)? Options: You coordinate with your counsel, We coordinate and your counsel reviews, You appoint a COO to lead
• How will management and expense allocations be documented in the PPM (management fee basis, expense caps, operational expense allocation examples)?
• When do you need final executed LPA and PPM in hand relative to first capital call or first trade? Options: At least 7 business days before first capital call, At least 3 business days before first trade, Same day as first close, TBD

Regulatory Registration and Filing Submissions

• Which regulatory registrations will be required for your fund and manager (for example SEC Form D notice, state Blue Sky filings, Form ADV notice filing or local regulator filings for offshore feeder)? Options: Form D / US SEC notice filings, State securities filings (Blue Sky), Form ADV/Adviser registration, Offshore regulator filings, Multiple of the above
• Do you have existing broker-dealer or adviser registrations that will need amendment as part of the launch? Options: No, Yes — broker-dealer, Yes — adviser registration, Yes — both
• Who will serve as your primary compliance contact for regulator questionnaires and responses during the filing process? Options: You (founder/PM), Designated compliance counsel, Appointed COO, We coordinate with your counsel
• How will you define successful regulatory registration for the fund and manager and what filing confirmations will you require as evidence (for example regulator acknowledgment letters, Form D file number, state clearance)? Options: Acknowledgment letters or courier receipts, Regulator portal confirmation numbers, Signed filing confirmations from counsel, Other
• When do you plan to submit initial filings relative to your target first close (for example 45 days prior, 15 days prior)? Options: 45+ days prior, 30 days prior, 15 days prior, Within 7 days of first close

Fund Administrator Selection and Onboarding

• Which administrator capabilities are mandatory at launch (for example daily NAV capability, prime broker connectivity, investor portal, audit support)? Options: Daily NAV, Prime broker connectivity, Investor portal, Audit support, All of the above
• Do you have an existing administrator relationship to migrate or should we source candidates from the market for RFP and selection? Options: Migrate existing administrator, Run RFP to select administrator, Open to recommendation
• Who will own day-to-day administrator communications and deliverable sign-offs once onboarding begins (founder, appointed COO, outside counsel)? Options: You (founder), Appointed COO, Outside counsel, We will coordinate with your designee
• How will you accept administrator onboarding as complete (for example successful first NAV run with reconciled position and cash, connectivity established to prime broker, signed service agreement)? Options: First NAV run reconciled, Connectivity to prime broker confirmed, Signed service agreement and access to investor portal, Combination of the above
• When do you expect administrator to be fully onboarded relative to first trade and first investor reporting period? Options: At least 30 days before first trade, Within 14 days of first trade, By first investor report, TBD

Prime Broker Introduction and Onboarding

• Which prime brokerage services do you require at launch (clearing, custody, margin facility, financing, OMS connectivity)? Options: Clearing & custody, Margin/financing, Direct market access / execution, OMS integration, Other
• Do you have pre-existing brokers with which you want to maintain relationships for transition or will you engage new introductions? Options: Maintain existing brokers, Engage new introductions, Hybrid — keep some, add new
• Who will provide the prime broker onboarding paperwork and banking KYC documents (you, your counsel, transfer agent)? Options: You provide, Your counsel provides, Transfer agent provides, We assist in collection
• How will you prioritize prime broker selection (pricing, execution algos, clearing capacity, custody services, financing terms)? Options: Pricing first, Execution quality first, Financing terms first, Custody and operational fit first, Balanced criteria
• When do you need prime broker accounts funded and operational relative to first trade? Options: Funded and operational 10+ business days before first trade, 3-10 business days before first trade, Same day as first trade, TBD

Trading Connectivity and Execution Setup

• Which execution venues and order routing workflows do you plan to use at launch (listed exchanges, ATS venues, direct market access via prime broker, OMS)? Options: Listed exchanges, Alternative trading systems (ATS), Direct market access via prime, OMS managed routing
• Do you require FIX protocol connectivity, API execution endpoints, or both for order routing to the prime broker and execution venues? Options: FIX only, API only, Both FIX and API, Manual/CSV at launch
• Who will own trade blotter reconciliation and trade break resolution between your OMS and the administrator (you, appointed COO, third-party operations)? Options: You (founder), Appointed COO, Third-party operations, We support reconciliation
• How will you validate execution connectivity prior to go-live (for example test FIX session with sample orders, end-to-end simulated trades, test NAV impact)? Options: Test FIX sessions, Simulated trades, End-to-end NAV test, Combination
• When should initial connectivity tests be scheduled relative to the planned first trade date? Options: At least 10 business days prior, 5-10 business days prior, Within 5 business days, On launch day

Portfolio Accounting and NAV Configuration

• Which NAV frequency do you require at launch (daily, T+1, monthly) and which instruments require mark-to-market or model-based valuation? Options: Daily NAV, T+1 NAV, Monthly NAV, Hybrid (daily for some instruments)
• Do you have custom valuation rules or models (for example illiquid private positions, structured products) that must be encoded in the administrator's NAV engine? Options: No custom rules, Yes — illiquid/private positions, Yes — structured products, Yes — currency hedging rules
• Who will approve the NAV model inputs and valuation overrides during the initial 90-day run-in period? Options: You (founder/PM), Appointed COO, External valuation specialist, Administrator with sign-off by you
• How will portfolio accounting exceptions be handled at month-end (for example exception ticket workflow, SLA for reconciliation closure, escalation to COO)?
• When do you require the NAV and trial balance to be available after month-end for investor reporting and audit purposes? Options: Within 5 business days, Within 10 business days, Within 15 business days, Custom

Investor Reporting Templates and Delivery Setup

• Which investor report types do you want at launch (monthly performance pack, quarterly factsheet, capital account statements, audited annual statements)? Options: Monthly performance pack, Quarterly factsheet, Capital account statements, Audited annual statements, All of the above
• Do you require templated PDF reports, an investor portal with secure document delivery, or both for report distribution? Options: PDF reports only, Investor portal only, Both PDF and investor portal
• Who will approve the investor report content and governance (performance commentary, risk metrics, attribution) prior to distribution? Options: You (founder/PM), Appointed COO, Marketing/IR support, We coordinate approval workflow
• How will you define acceptance for investor reporting at go-live (for example accurate audited-ready NAV, approved templates, secure distribution list validated)? Options: Audited-ready NAV, Approved templates and sign-off, Secure distribution validated, Combination of the above
• When do you want the first investor report delivered relative to first close or first trade? Options: Within 15 days of first close, Within 30 days of first trade, Quarterly after first trade, TBD

Investor Onboarding, KYC/AML and Transfer Agency Setup

• Which investor types will you onboard at launch (US taxable individuals, US tax-exempt institutions, non-US institutional investors) and are there special documentation needs per type? Options: US taxable individuals, US tax-exempt institutions, Non-US institutional investors, Family offices, Other
• Do you require transfer agency services for subscription management, redemption processing, and investor ledger maintenance at launch? Options: Yes — full transfer agency, Yes — subscription and redemptions only, No — light onboarding only
• Who will supply investor KYC/AML documents (W-9/W-8BEN, entity formation docs, proof of address) and who will perform enhanced due diligence for PEPs or high-risk jurisdictions? Options: Investors supply and we review, Investors supply and transfer agent reviews, We support collection and screening
• How will wire instructions and subscription payment flows be communicated to investors and what settlement verification do you require (bank trace, confirmed wire)? Options: Bank wire with confirmation, Escrow arrangement, Automated ACH where available, Other
• When should investor onboarding workflows (KYC checks, transfer agent records, investor portal access) be completed relative to first capital call? Options: Completed before capital call, Completed at capital call, Completed within X days after capital call

Seed Capital Introductions and Commitment Support

• Which seed capital paths are you pursuing at launch (strategic seed investor, family office commitments, anchor allocation from allocator network, friends and family)? Options: Strategic seed investor, Family offices, Anchor allocator introductions, Friends and family, Multiple paths
• Do you have target minimum seed commitments and a timeline for closing those commitments before first trade? Options: No minimum target, Yes — provide amount and timeline in comments
• Who will lead investor meetings and diligence requests with prospective seed allocators and who will provide operational due diligence materials (PPM, compliance manual, sample investor report)? Options: You lead meetings, We coordinate introductions and materials, Your counsel leads diligence
• How will committed seed capital be evidenced and released (signed subscription agreements, escrowed funds, bank wire confirmations) and which mechanism do you prefer at first close? Options: Signed subscription agreements, Escrowed funds, Direct wire with confirmation, Combination
• When do you want seed introductions to begin relative to entity formation and regulatory filings? Options: Before entity formation, After entity formation but before filings, After regulatory filings, TBD

Compliance Program Build and Policy Implementation

• Which compliance policies are required at launch (written AML/anti-money laundering program, Code of Ethics, trade surveillance, insider trading policy)? Options: AML program, Code of Ethics, Trade surveillance policy, Insider trading policy, All of the above
• Do you have an existing compliance officer or do you require interim/outsourced Chief Compliance Officer support to implement policies and regulatory filings? Options: You have a CCO, You need interim/outsourced CCO, You will appoint a CCO before launch
• Who will approve the compliance manual and attestations provided to allocators during operational due diligence (you, counsel, the appointed compliance officer)? Options: You (founder), Counsel, Appointed compliance officer, We assist with approval workflow
• How will you evidence compliance readiness for prospective allocators (for example completed AML checks for initial LPs, signed Code of Ethics for investment team, trade surveillance reports)? Options: Signed policies and attestations, Evidence of AML checks, Demo trade surveillance reports, Combination of the above
• When do you want policy training and attestations completed for the investment and operations team relative to first trade? Options: Completed 7 days before first trade, Completed 30 days before first trade, Completed within 30 days after first trade

COO-as-a-Service Post-Launch Operations Support

• Which operational responsibilities do you expect covered by COO-as-a-service at launch (daily NAV oversight, cash management, investor communications, trade reconciliation)? Options: Daily NAV oversight, Cash management, Investor communications, Trade reconciliation, All of the above
• Do you require an on-site or remote COO model for the first 90 days, and which weekly cadence of operational review meetings do you prefer? Options: Remote COO, On-site COO, Hybrid, Weekly cadence options: weekly/biweekly/monthly
• Who will be the escalation contact for operational incidents (wire failures, NAV breaks, prime connectivity outages) and what contact method should be used? Options: You (founder) primary, Appointed COO primary, Emergency contact via phone + email, We assist with escalation roster
• How will you measure successful COO-as-a-service handoff to permanent operations (for example reduction in open reconciliation tickets to under X, on-time investor reporting for two consecutive periods)?
• When do you plan to transition from interim COO-as-a-service to an internal operations hire, if at all? Options: Within 3 months, 3-6 months, 6-12 months, No planned transition

• Master Services Agreement (MSA)
• Statement of Work (SOW)
• Order Form & Fee Schedule
• Readiness Acceptance Form
• Data Security Addendum (conditional)
• Service Level Agreement (SLA)
• Change Order Agreement

• Go-live Health Check (week 1-4)
• First Outcomes Review (weeks 4-10)
• Acceptance Gate Review (day ~90)
• Quarterly Operational Review (ongoing)

• Schedule any required working sessions to implement prioritized operational enhancements before the next quarterly review.
• Update the Acceptance Gate readiness checklist and circulate for confirmation ahead of the day-90 review.
• Restate acceptance criteria and numeric targets
• Record a documented acceptance decision with a named buyer signatory for the launch outcomes against Fund Launch Scope criteria.
• For any failed criteria, capture a remediation plan with deadlines and a re-test date to close the loop.
• Agree the operational handoff items and the initial cadence for ongoing support.
• Publish the formal acceptance record with evidence and the named buyer signatory's decision.
• For failed criteria, publish the remediation plan with tasks, target dates, and verification method.
• Deliver the operational handoff package including runbooks, contact lists, reporting templates, and scheduled support cadence.
• Operational metrics and trend review
• Confirm key operational metrics are within acceptable ranges or have a remediation plan with dates for improvement.
• Reduce open operational incidents and agree ownership and deadlines for remaining items.
• Prioritize operational enhancements that materially affect reporting, compliance, or trade processing for the next quarter.
• Publish the quarterly operations report including reconciliations on-time %, reporting timeliness, incident status, and remediation commitments.
• Close or reassign outstanding operational incidents and update the incident tracker with new target resolution dates.
• Re-confirm success criteria and named owners
• Confirm each launch success criterion from Fund Launch Scope has a named owner and a next-step within 72 hours.
• Validate that core operational connections (fund admin, prime broker, custody) are live or have documented remediation plans.
• Produce a prioritized list of critical blockers and published remediation commitments.
• Publish the go-live remediation tracker with each blocker, severity, named owner, and target resolution date.
• Deliver a short status update on remediation progress at a defined cadence until all critical blockers are closed.
• Confirm and distribute the contact list for day-one operational owners and escalation contacts.
• Present first outcome data vs targets
• Determine whether seed capital committed and investor onboarding completion rate are tracking to targets recorded in Fund Launch Scope, or require remediation.
• Document root causes for any metric gaps and agree specific corrective actions with resolution windows.
• Confirm a clear timeline and criteria for readiness to move to the Acceptance Gate meeting.
• Deliver an updated metric dashboard showing seed capital committed (% of target), investor onboarding completion rate (%), and evidence sources.
• Create a corrective action plan for each gap identified with target dates for resolution and method of verification.
• Present evidence for each criterion
• Open incidents and ticket burn-down
• Deployment validation checklist
• Operational performance and exceptions
• Pass/fail determination and formal acceptance
• Early operational signals and adoption
• Compliance and regulatory status
• Root-cause diagnosis for gaps
• Blockers and open issues triage
• Agree corrective actions and timeline to acceptance
• Operational enhancements and prioritization
• Remediation plan for any failed criteria and re-test date
• Agree immediate remediation actions
• Agree transition to ongoing operational support
• Agree next quarter actions and reporting cadence