Tax
PFICs in International Venture Funds of Funds: A Guide for US Taxable Investors
What US taxable investors in international venture funds of funds need to know about PFIC exposure, reporting and their options.
US Fund Insights
Land of the LP, home of the 3(c)(1). The US is the largest alternative investment market in the world, and the regulatory complexity reflects that. SEC registration, state-level requirements, Regulation D exemptions, the eternal question of Delaware vs. everywhere else. These articles cover US fund formation, SEC and state compliance, LP tax considerations, and the mechanics of getting a fund off the ground stateside.
Tax
Delaware tax treatment for foreign LPs: what fund managers need to get right
Foreign investors in US venture funds face a multi-part tax regime. Getting the withholding and structuring wrong costs your LPs real money.
Regulatory
Building a compliance program for your first fund: what the SEC actually expects
The SEC examines newly formed fund advisers with increased frequency. Here is how to build a compliance program that holds up under scrutiny.
Tax
Carried interest taxation under Section 1061: what fund managers need to plan for
The three-year holding period for carried interest catches many first-time managers off guard. Here is how Section 1061 works, where the structuring traps are, and what to get right before your first close.
Regulatory
ERISA plan assets: when accepting pension money changes everything about your fund
Taking capital from US pension plans and IRAs can trigger ERISA's fiduciary rules across your entire fund. Here is how the 25% test works, what the VCOC exception requires, and how to structure around the exposure.
Regulatory
Form PF after the 2024 overhaul: what private fund advisers actually need to file
The SEC rewrote Form PF in 2024 and extended the compliance deadline to October 2026. Here is who has to file, what changed, and how to avoid the enforcement actions that hit seven advisers last year.
Fund structuring
Your LPA is your fund's operating system: getting private fund documentation right
The Limited Partnership Agreement is not a formality. It governs every dollar that flows through your fund for 10+ years. Here is what to get right the first time.
Fundraising
Accredited investor verification: what emerging fund managers actually need to do
Getting investor accreditation wrong can blow up your fund offering. Here is how the verification framework works and where first-time managers trip up.
Fund structuring
Delaware LP formation: why it is the default for US venture funds
Over 70% of US venture funds form in Delaware. Here is what that actually means for your fund structure, tax treatment, and ongoing obligations.
Regulatory
SEC registration for emerging fund managers: exemptions you need to know
Most first-time fund managers do not need full SEC registration. The exemption framework exists for a reason — here is how to use it properly.
VC fund pricing in United States
Delaware fund regimeInstitutional LP standardTax-transparentSetup: 2–4 weeks
Fund formation and administration
Priced separately per fund
10 bpsof committed capital per year
$30,000 combined annual minimum
Terms
- Formation included
- Price excludes feeders and VAT. Feeder terms and any discounts are separately negotiated.
- Availability
- Available
Formation included in the published fee tiers. Price excludes feeders and VAT. Feeder terms and any discounts are separately negotiated. The fund size signed in the agreement determines the pricing tier and service eligibility. Changes require an amendment. Existing agreements keep their signed terms. These offers do not reprice an existing fund.