Tell Me About Your Move

• What's prompting you to launch a fund now? Options: Spinning out of a larger firm, Launching first independent fund, Investor interest / anchor opportunity, Regulatory or strategic timing, Other
• Briefly describe your investment strategy, edge, and the track record that will support this launch.
• Who is on your core launch team and what roles will each person play (PM, COO, legal counsel, investor relations, etc.)?
• Have you previously launched or supported the launch of a fund? Options: Yes — I led a launch, Yes — I supported a launch, No — this is my first time
• Which parts of the launch process feel most unfamiliar or worrying to you right now? Options: Legal documentation, Entity formation & tax, Regulatory registration, Fund administrator selection, Prime brokerage/onboarding, Compliance program, Seed capital raising, Technology/connectivity, Other

If Everything Stayed the Same, What Would You Lose?

• If you did nothing different in the next 12 months, what's the biggest personal or business cost you'd face?
• What specific fear about the launch keeps you up at night?
• Has anything in your past roles given you a particular reason to worry about operational or legal pitfalls today? Options: Yes — regulatory experience, Yes — operational failures witnessed, No — mostly procedural concerns, Unsure
• How would unplanned legal or operational cost overruns impact your ability to execute the strategy? Options: Severely limit the launch, Force smaller AUM at start, Require seeking additional capital, Manageable within risk tolerance, Unsure
• Have you built any contingency plan or reserve for unexpected launch costs? Options: Yes — defined contingency, Partial — some cushion, No — nothing set aside, Unsure

Who’s Holding the Key?

• Who will have the final say on choosing the fund administrator, prime broker, and outside counsel? Options: Founder / PM, COO / operations partner, Outside legal counsel, Anchor investor / seed provider, Consensus among partners, Other
• List the primary decision-makers, their roles, and the one thing each cares about most for this launch.
• Are there investors, allocators, or potential seed partners who must be consulted before making vendor choices? Options: Yes — anchor seed, Yes — advisory allocators, No, Unsure
• How do you prefer to make major operational decisions—lead PM authority, partner consensus, or external stakeholder approval? Options: Lead PM authority, Partner consensus, Majority vote among partners, Depends on topic
• Do any decision-makers already have preferred or existing relationships with service providers we should know about? Options: Yes, No, Unsure
• If yes, name the provider(s) and describe the nature of each relationship.

What Does 'Institutional-Grade' Mean to You?

• Name one specific institutional due diligence question you’d struggle to answer confidently today.
• Which of the following institutional requirements are highest priority for your launch? Options: Robust compliance program, Third‑party fund administrator, Prime brokerage access, Independent, audit‑ready reporting, Enterprise trading and risk systems, Segregated accounts / custody, Cybersecurity and IT controls, Clear regulatory registration
• What investor reporting cadence and level of detail do you expect to provide at launch? Options: Monthly NAV + P&L, Quarterly comprehensive reporting, Real-time or near‑real‑time dashboard, Custom reporting on demand, Unsure / need advice
• How comfortable are you documenting valuations, fee calculations, and conflict-of-interest policies for institutional due diligence? Options: Very comfortable, Somewhat comfortable, Need help drafting and defending, Prefer provider to own this
• Are there specific allocators or standards (e.g., public pension, FoF, family offices) whose requirements we should target?

Timeline or Tyranny?

• If your launch slipped three months, how materially would fundraising or market opportunity be affected? Options: Significant impact, Moderate impact, Minor impact, No impact, Unsure
• What is your target first-trade date or launch window? Options: Within 3 months, 3–6 months, 6–9 months, 9–12 months, No set date yet
• Which dates or events are immovable (investor commitments, regulatory windows, personal constraints)?
• How flexible is your go/no‑go decision if seed commitments fall short of expectations? Options: Flexible — can delay, Seek bridge / short-term financing, Proceed with smaller AUM, Cancel launch, Unsure
• Which dependencies worry you most as potential causes of delay? Options: Legal documentation, Entity formation & tax, Administrator onboarding, Prime broker approval, Regulatory registration, Seed capital, Technology/connectivity

How Will You Know You’ve Won?

• If you could pick one no-excuses metric that defines success for this launch, what would it be?
• Which early outcomes would you consider decisive wins? Options: First institutional allocator commitment, First trade executed, X MM AUM within 3 months, Administrator live and reporting, Prime broker cleared and connected, Compliance program passes ODD
• What minimum seed capital do you need before you can operate comfortably? Options: Under $1M, $1–2M, $2–5M, $5–10M, Over $10M, Unsure
• How will you verify day‑one operational readiness (examples: reconciled NAV, trade approvals, connectivity tests)?
• What investor communications or proof points would reassure your anchor allocators in the first 90 days?

Budget, Boundaries, and Dealbreakers

• If a recommended provider required higher fees but guaranteed a materially faster and safer launch, would you accept that trade? Options: Yes, Maybe with a cost cap, No, Depends on provider and guarantees
• What total budget range have you allocated for launch third-party costs (legal, admin, tech, prime onboarding)? Options: < $100k, $100k–$250k, $250k–$500k, $500k–$1M, > $1M, Unsure
• What are non-negotiables you must have at launch (e.g., specific custody arrangements, auditor, segregation terms)?
• Which services are you comfortable sourcing yourself versus asking us to lead? Options: Legal counsel, Fund administrator, Prime broker, Compliance consultant, Seed introductions, Technology stack and connectivity, Audit firm, Ongoing COO support
• Are there contractual terms or regulatory conditions that would be automatic deal-breakers for you?

Hidden Risks You’ve Been Avoiding

• What’s one regulatory or operational risk you’ve been quietly worried about but haven’t addressed yet?
• Have you or any core team members faced regulatory inquiries, AML findings, or other compliance events in past roles? Options: Yes — regulatory inquiry, Yes — AML/PII issue, No, Prefer not to say
• Will your fund include cross‑border investors or structures that could introduce tax or registration complexity? Options: Yes — non‑US investors, Yes — multi‑jurisdictional structure, No, Unsure
• Do you have existing contracts, side letters, or legacy agreements that might conflict with new provider terms? Options: Yes, No, Unsure
• How confident are you in your current cybersecurity, data protection, and vendor access controls? Options: Very confident, Somewhat confident, Not confident, Need provider to implement controls

Early Introductions: Where Do You Want Us to Lead?

• If we could introduce one provider tomorrow that would most reduce your launch risk, which would it be? Options: Fund administrator, Prime broker, Seed allocator / anchor, Compliance consultant, Outside counsel, Technology provider, Audit firm
• Which introductions should we prioritize — pick your top three areas to move first. Options: Fund administrator, Prime brokerage/clearing, Seed / allocator network, Outside legal counsel, Compliance consultant, Custodian, Audit firm, Portfolio accounting / CTA, Trading connectivity / OMS
• Would you prefer warm introductions from our network, a neutral RFP process, or a mix of both? Options: Warm introductions, Neutral RFP, Combination, No preference
• How involved do you want us to be in negotiating provider contracts and SLAs? Options: Lead negotiations, Collaborate closely with you, Provide recommendations only, No involvement — you handle it
• Which documents would you like us to prepare or review first to accelerate introductions (pitch book, track record, legal term sheet, pro forma budgets)? Options: Pitch book / investor deck, Track record and PM statement, Legal term sheet / operating agreement, Financial pro forma / run rate, Due diligence questionnaire (DDQ), Other

Commitment, Communication, and Next Steps

• Assuming alignment on the plan, what is the soonest meaningful action you're ready to take with us? Options: Kickoff call, Share track record and documents, Sign engagement / retainer, Introduce key stakeholders, Not ready yet
• What would you want included in our first 30‑day plan to feel confident we’re moving the launch forward?
• Who should be on recurring status calls and how often would you like updates? Options: Founder / PM, COO / operations partner, Outside counsel, Investor relations / marketing, Weekly, Biweekly, Monthly
• What are your preferred communication channels and secure document formats for sensitive materials? Options: Email, Secure client portal, Phone / Zoom calls, Encrypted file transfer (SFTP), Slack / Teams channel
• Do we need an NDA or confidentiality agreement signed before exchanging track records or provider proposals? Options: Yes — NDA required, No, Already signed, Prefer to sign after initial call
• What timing works for a follow-up meeting to review a proposed launch plan and recommended providers? Options: Within 48 hours, Within 1 week, Within 2 weeks, In a month, Unsure

• Solution Experience — Current State & Consequence
• Future-State Launch Blueprint
• Provider Alignment & Operational Flow Workshop
• Execution Readiness & Go/No-Go Criteria

• Document explicit go/no-go criteria and the evidence pack required for each decision gate.
• Assign preliminary owners for each functional workstream (legal lead, admin lead, compliance lead, tech lead, seed lead).
• Share timeline with proposed milestone dates and request manager confirmation of feasibility.
• List required documents/inputs per workstream (e.g., KYC materials for admin, Form ADV inputs) with owners and due dates.
• Chosen Provider Shortlist & Rationale
• Obtain clear sign-off (or explicit objections) on the recommended provider shortlist and their responsibilities.
• Confirm the operational hand-off flow and the manager's ability to supply required inputs on schedule.
• Agree the compliance/ODD checklist that will be presented to allocators.
• Finalize provider shortlist and request formal fee/term proposals from each selected provider.
• Draft the operational handoff runbook and circulate for manager confirmation of inputs and timelines.
• Supply compliance templates and the ODD checklist to the manager for review and signature.
• Set up intro calls with each selected provider and provide manager-specific prep notes.
• Detailed Task Breakdown & Ownership
• Approve a prioritized project plan with owners and dates for the next 90 days.
• Define and accept the pass/fail criteria for key milestones and the go/no-go decision gates.
• Agree seed introduction timing and the minimum funding runway required to proceed to launch.
• Populate the project plan in the platform with owners, dates, and dependencies and share to all stakeholders.
• Schedule the dress-rehearsal window and assign test owners for each acceptance test.
• Coordinator to request formal confirmation from selected providers of milestone SLAs and delivery dates.
• Seed lead to produce a prioritized allocator outreach plan with target intro dates and materials needed.
• Introductions & Objectives
• Obtain an agreed, one-sentence current-state statement signed off by the manager.
• Document and quantify the consequences (time, money, risk) of the current state to create urgency.
• Confirm stakeholders, constraints, and 3–5 success signals that will be used to evaluate solutions.
• Circulate the finalized one-sentence current-state and summary of quantified consequences to all attendees.
• Manager to share supporting docs (timeline, budget/run-rate, existing counsel notes) required for the blueprint meeting.
• Capture and distribute stakeholder RACI (who decides, who signs) for provider selection.
• Proposed One-Sentence Future-State
• Achieve signed agreement on the one-sentence future-state and its acceptance criteria.
• Agree the function-to-outcome mapping that proves how each provider delivers the future-state.
• Approve the high-level timeline and identify the critical-path milestones and long-lead items.
• Produce a one-page Launch Blueprint summarizing future-state, KPIs, function mappings, and critical path.
• Facilitator's One-Sentence Current-State Statement
• Acceptance Tests & Validation Criteria
• Provider Responsibilities & SLAs
• Acceptance Criteria & KPIs
• Evidence Review — Facts that Prove the Current State
• Function-to-Outcome Mapping
• Mock Dress Rehearsal Plan
• Operational Hand-off Walkthrough (Mock Flow)
• Compliance & ODD Readiness Review
• Consequence Quantification
• High-Level Timeline & Critical Path
• Seed Introduction & Funding Runway
• Risk Tradeoffs & Contingencies
• Stakeholders, Constraints & Decision Rights
• Budget Assumptions & Fee Confirmation
• Go/No-Go Gates & Escalation Path
• Validation & Decision Points
• Next Steps & Immediate 7-Day Plan
• Confirm Success Signals
• Customer Scenario Validation

• Form Fund Entity and File Formation Documents
• Draft and Execute LP/LLC Governing Agreement
• Prepare Private Placement Memorandum and Subscription Docs
• File Form ADV and Regulatory Registrations
• Onboard Fund Administrator and Configure NAV Processes
• Negotiate Prime Brokerage Agreement and Onboard Prime
• Configure OMS/EMS and FIX Execution Connectivity
• Deploy Portfolio Accounting and Monthly NAV Production
• Deploy Investor Portal and Subscription Processing
• Draft and Implement Compliance Manual and Procedures
• Perform KYC/AML Investor Onboarding and Recordkeeping
• Introduce Seed Allocators and Coordinate Capital Commitments
• Provide Interim COO-as-a-Service (First 12 Months)

Form Fund Entity and File Formation Documents

• Which jurisdiction(s) do you intend to form entities in? Options: Delaware (US), Cayman Islands, Luxembourg, Ireland, Other
• Do you require onshore, offshore, or a combination structure (e.g., US feeder + offshore master)? Options: Onshore only, Offshore only, Combination (feeder/master), Unsure
• Which legal entity types do you expect (select all that apply)? Options: Limited Partnership (LP), LLC/Blocker structure, Corporation, Trust, Other
• Who will be the initial GP/Managing Member and will you set up a separate management company? Options: Single individual as GP, Corporate GP + management company, Will determine with counsel, Other
• What is your target formation and filing timeline (date or range)? Options: Within 2 weeks, 2-4 weeks, 1-2 months, 2-3+ months, Not sure
• Are there any specific tax, regulatory, or investor-driven constraints we should know (e.g., UBTI concerns, FATCA, local tax structuring)?

Draft and Execute LP/LLC Governing Agreement

• Which governing documents do you require drafted and executed? Options: Limited Partnership Agreement, LLC Operating Agreement, Management Agreement, Side Letter templates, Subscription Agreement (if separate)
• What are the high-level economic terms to capture (management fee, carry %, hurdle, GP commitment)? Please specify amounts or ranges.
• Which investor protections and governance rights are expected (e.g., advisory committee, removal provisions, voting thresholds)? Options: Advisory Committee, GP removal clause, Key-person events, Voting thresholds for major decisions, Redemption/withdrawal clauses
• Will you require bespoke side letter terms for anchor/seed investors? Options: Yes - anticipated, No - standard terms only, Unsure
• Who will lead negotiations with investors/legal counterparties (your counsel, our counsel, joint)? Options: Manager's counsel, Provider's counsel, Jointly coordinated, Undecided
• Desired execution timeline for governing agreements (signing and effective date)? Options: Immediate / within 2 weeks, 2-6 weeks, 6-12 weeks, Flexible

Prepare Private Placement Memorandum and Subscription Docs

• What level of offering document do you need? Options: Full Private Placement Memorandum (PPM), Short-form investor memo, Information memorandum only for institutional investors, Template-based PPM with customization
• Which investor types will you target (to reflect in PPM & subscriptions)? Options: Institutional allocators, Family offices, High-net-worth individuals, Funds-of-funds, Other
• What are the planned offering size, minimum commitment, and target close date?
• Do you require integrated subscription agreements with electronic signature and payments? Options: Yes - e-sign + payment rails, Yes - e-sign only, Paper signatures acceptable, Unsure
• Are there special disclosure items or strategy-specific risks that must be emphasized (e.g., use of leverage, derivatives, side letters)?
• Will translations or non-English documents be required for certain investors/jurisdictions? Options: Yes, No, Possibly - depends on allocators

File Form ADV and Regulatory Registrations

• Do you expect to register with the SEC, state regulators, or rely on exemptions? Options: SEC registered adviser, State-registered adviser only, Reliance on exempt reporting adviser (ERA), Unsure - need guidance
• Will the manager require registrations outside the US (EU, UK, APAC)? If so, which jurisdictions? Options: EU (AIFMD/MAIF), UK, Hong Kong, Singapore, Other, None
• Is Form ADV Part 2 / Brochure content prepared or do you need drafting support? Options: We have draft content, Need full drafting support, Need review only
• Are there commodity/Futures advisory activities that may trigger CFTC/NFA registration? Options: Yes, No, Unsure
• What is your expected timeline for regulatory filings and effective date for advisory services? Options: Within 2 weeks, 2-6 weeks, 6-12 weeks, Flexible
• Who will be the designated Chief Compliance Officer (CCO) and will you need us to provide CCO services? Options: Designated internally, Request interim CCO, Unsure

Onboard Fund Administrator and Configure NAV Processes

• What NAV frequency and reporting cadence do you require? Options: Monthly, Quarterly, Weekly, Daily, Other
• Which NAV deliverables are required (investor statements, manager reports, GL, audit package)? Options: Investor statements, Manager / internal reports, General ledger and trial balance, Audit support package, Performance calculations
• Do you have a preferred fund administrator or do you need introductions and selection support? Options: Preferred admin selected, Need introductions and RFP, Open to recommendations
• Will the fund hold complex NAV instruments (derivatives, illiquid assets) requiring bespoke valuation policies? Options: Yes - derivatives/structured, Yes - private/illiquid assets, No - liquid securities only, Unsure
• Who is responsible for fee calculations and how should fees be structured (fixed, percentage, hurdle-based)?
• What SLA do you expect for NAV delivery and adjustments (e.g., 5 business days after month-end)? Options: 3 business days, 5 business days, 10 business days, Custom

Negotiate Prime Brokerage Agreement and Onboard Prime

• Which prime brokerage services are required? Options: Clearing & custody, Financing/prime loans, Securities lending, Execution facilitation, Other
• Do you have preferred prime counterparties or should we source competitive proposals? Options: Pre-selected primes, Need us to source proposals, Open to provider recommendations
• Are there credit lines or margin facilities required at launch? If yes, approximate size? Options: No margin/credit required, Yes - small facility (<$1M), Yes - medium ($1M-$10M), Yes - large (>$10M), Unsure
• Will the strategy require special clearing (OTC derivatives, swaps) or cross-border custody arrangements? Options: Yes - swaps/OTC, Yes - cross-border custody, No
• Desired timeline to execute a prime agreement and go-live for trading? Options: 2-4 weeks, 4-8 weeks, 8-12 weeks, Flexible
• Any regulatory or documentation constraints (e.g., margin posting with related entities, capital contribution timing)?

Configure OMS/EMS and FIX Execution Connectivity

• Which OMS/EMS vendors are you evaluating or preferring? Options: Bloomberg, Eze/SS&C, Charles River, Portware/Fidessa, Custom/API, Other
• What execution connectivity is required at launch (FIX, API, direct exchange, broker gateways)? Options: FIX connectivity, REST/API, Direct exchange connectivity, Broker proprietary gateway, Other
• Which asset classes and markets will you trade (equities, futures, options, FX, crypto)? Options: Equities, Futures/Derivatives, Options, FX, Crypto, Fixed income
• Do you require pre-trade compliance, order allocation rules, or best-execution monitoring integrated into OMS/EMS? Options: Yes - full integration, Partial integration, No
• Will you need low-latency connectivity, colocated execution, or specialized FIX session management? Options: Yes - low-latency/colocation, Standard latency acceptable, Unsure
• Who will manage ongoing vendor relationships and license agreements for OMS/EMS? Options: Manager, Provider/COO service, Hybrid

Deploy Portfolio Accounting and Monthly NAV Production

• What accounting method and standards should be used (GAAP, IFRS, Manager-preferred)? Options: US GAAP, IFRS, Tax basis, Manager-preferred/custom
• How should tax lots be managed (FIFO, LIFO, HIFO, Specific ID)? Options: FIFO, LIFO, HIFO, Specific ID, Undecided
• What monthly NAV production SLA is required and who signs off on final NAV? Options: 3 business days, 5 business days, 10 business days, Other
• Will portfolio accounting handle multiple share classes or multiple legal entities consolidated reporting? Options: Single share class/entity, Multiple share classes, Multiple entities & consolidation required
• Who will perform reconciliations (bank, broker, position) and escalate breaks? Options: Administrator, Manager operations, Shared responsibility
• Are audit-ready books required from day one and will an external auditor be appointed? Options: Yes - audit-ready, Not initially, Unsure / will decide later

Deploy Investor Portal and Subscription Processing

• Which portal features are essential at launch? Options: Investor statements, Document vault (PPM, legal), E-sign/subscription, Capital call/redemption notices, Performance dashboards
• Do you require investor self-service for KYC/AML forms and e-signature? Options: Yes - full self-service, Partial (forms only), No - manual onboarding
• What payment rails will be used for subscriptions and capital calls (wire, ACH, escrow, others)? Options: Wire transfer, ACH, Escrow account, Third-party payment provider, Other
• What investor access controls and role types are needed (e.g., read-only, admin, adviser)? Options: Read-only, Admin, Advisor access, Custom roles
• Do you need white-label/branding on the portal and investor communications? Options: Yes - full white-label, Partial branding, No
• Expected investor volume at launch and projected growth in 12 months? Options: <25 investors, 25-100, 100-500, 500+

Draft and Implement Compliance Manual and Procedures

• Which compliance policies must be included in the manual at launch? Options: Code of Ethics, Insider Trading Policy, AML/CTF Policy, Business Continuity Plan, Information Security Policy, Trade Allocation Policy
• Do you have existing compliance documentation that requires review and alignment? Options: Yes - full documents available, Partial documents, No - need creation from scratch
• Will you require monitoring tools for trade surveillance, communications capture, and employee personal trading? Options: Yes - all three, Some (specify in comments), No
• Who will act as the CCO and compliance owner, and do you need interim support? Options: Internal CCO, Need interim CCO, Split responsibilities with provider
• What training cadence and documentation would satisfy investor ODD (operational due diligence)? Options: Initial training + annual refresh, Quarterly training, Ad-hoc as needed
• Do you have specific regulator-driven requirements to cover (e.g., Form PF reporting, AIFMD Annex IV)? Options: Form PF, AIFMD Annex IV, MiFIR/MiFID, None / Unsure

• Term Sheet / Commercial Summary
• Statement of Work (SOW)
• Master Services Agreement (MSA)
• Fund Formation Engagement Letter
• Limited Partnership / Operating Agreement
• Subscription Documents & Investor Onboarding
• Service Provider Engagement Confirmations
• Fee Schedule & Payment Authorization
• Seed Capital Commitments / Anchor LOIs
• Go/No-Go Readiness Sign-off
• Compliance & Regulatory Filing Engagement
• Technology & Connectivity Acceptance
• Data Processing Agreement (DPA) & Privacy Terms
• Insurance & Risk Coverage Confirmation
• Change Order & Amendment Process
• Termination & Exit Terms

• First-Trade Readiness Confirmation (All Providers)
• Acceptance Criteria Validation Workshop (Evidence Review)
• Operational Runbook & Shared Channel Handoff
• Investor Onboarding & Reporting Readiness
• Post-Launch Retrospective & Continuous Improvement Planning (T+1 to T+7)

• Ensure investor communications are prepared and owner-assigned for immediate distribution after first trade/NAV.
• Define owners and deadlines for closure of any open items needed before the confirmed trade window.
• Each provider to post SLA-quality evidence artifacts to the shared repository and tag validators.
• Create an exceptions register listing temporary controls, risk owner, and remediation date.
• Assign a single custodian for acceptance-tracking updates and daily status reports until first trade clears.
• Future State (Runbook Outcome)
• Finalize and publish the operational runbook with owner assignments and incident playbooks.
• Establish and provision the shared operational channel with governance and on-call coverage defined.
• Agree monitoring metrics and reporting cadence for first 30/90 days post-launch.
• Ops lead to publish the runbook in the shared workspace and circulate the canonical link to all stakeholders.
• IT/admin to provision channel access and verify external provider connectivity (invitations accepted) within 24 hours.
• Create and distribute the on-call roster and contact matrix for the first 90 days.
• Current State of Investor Onboarding
• Confirm that investor onboarding and capital movement processes are complete or have an approved temporary plan before first trade.
• Agree NAV timing, investor reporting templates, and distribution methods for the first report post-trade.
• One-sentence Current State
• Administrator to confirm receipt or expected timing of initial seed wires and post proof to shared channel.
• Comms owner to finalize investor notification templates and schedule distribution triggers tied to NAV posting.
• Ops to document contingency steps for failed capital movements and assign owners for execution.
• Snapshot of Launch Outcomes
• Capture key lessons and agree a prioritized remediation and improvement backlog with owners and delivery dates.
• Confirm which SLA or process changes are required to prevent recurrence and who will implement them.
• Agree the communication cadence to keep investors and internal stakeholders informed until stability is reached.
• Compile incident reports with timeline and root cause analysis; distribute to stakeholders and store in runbook.
• Owners to implement P0 fixes within agreed SLA windows and confirm completion in the shared channel.
• Product/ops to schedule a 30/60/90-day improvement review to track backlog progress.
• Achieve explicit go/no-go sign-off (or conditional sign-off with mitigations) from all critical providers.
• Identify and assign owners for any remaining high-impact blockers with clear SLAs.
• Validate that the dry-run demonstrates the defined future state (clean trade flow, reconciled NAV, investor reporting triggered).
• Document a short follow-up cadence (daily or as-needed) until first trade completes.
• Provider owners to upload evidence for each acceptance criterion (screenshots, confirmations, test reports) to shared channel within 24 hours.
• Ops lead to remediate any connectivity or mapping issues identified in the dry run and confirm completion prior to trade window.
• Legal to confirm final signature pages and investor onboarding docs are cleared for capital movement.
• Schedule a short pre-trade 15-minute check on trade day to reconfirm readiness.
• Clear Current State Statement
• Obtain evidence-backed validation for each high-impact acceptance criterion or an approved exception with mitigation plan.
• Ensure all validators understand the acceptance recording method and where artifacts will live.
• Consequence Summary
• Acceptance Matrix Review - Legal & Entity
• Incident Review & Root Cause Analysis
• Subscription & Capital Flow Mechanics
• Runbook Walk-through: Trade-to-Settlement
• Acceptance Matrix Review - Regulatory & Compliance
• Acceptance Criteria Walk-through
• NAV Timing & Investor Reporting Templates
• SLA Performance & Monitoring Signals
• Incident Management & Escalation Paths
• Prioritized Improvement Backlog
• Trade Lifecycle Dry Run
• Shared Channel Set-up & Governance
• Acceptance Matrix Review - Admin, NAV & Reporting
• Allocator & Seed Investor Communications
• Continuous Communication Plan
• Acceptance Matrix Review - Prime/Custody & Trading Connectivity
• Outstanding Blockers & Mitigations
• Escalations & Refund/Settlement Scenarios
• Access, Permissions & On-call Rosters
• Go/No-Go Decision and Conditions
• Monitoring, Alerts & Reporting Cadence
• Exceptions, Temporary Controls, and Mitigations