GP · Fund · Per round
Follow-on and pro-rata decision
When a portfolio company raises, your IC gets a cited follow-on memo, and an approved follow-on is recorded on the fund at the IC’s amount.
PlanFollow-on and pro-rata decision
Read your position
HeldReads what the fund holds in the company, its latest mark, and the cap table pro forma at the new round.
API actionDraft the follow-on memo
HeldOperator lays out your pro-rata, your ownership with and without the follow-on, your dry powder and what your LPA allows, citing every record, and recommends an amount.
OperatorGet each IC member’s approval
HeldEach IC member reviews the memo and approves the recommended amount. A member who declines says so in a comment, and nothing is recorded.
Personper IC memberIC member approvesRecord the follow-on
HeldOnce every IC member has approved and you confirm, records the follow-on on the fund as a draft investment at the IC’s amount.
API actionGP confirmsHand off the unused pro-rata
HeldOperator writes a brief with the company, the terms and the pro-rata the fund passes on, ready for an SPV if you want one.
Operator
The plan as it runs: each step waits for the one before it, and stops at its gate until the owner approves.
At a glance
Who runs it, and when
- Who runs it
- GP
- What starts it
- A portfolio company announces a new round, and you give Operator its terms.
- How often
- Per round
- Vehicle
- Fund
Ask Operator
Start it in a sentence
Ask Operator in chat. It drafts the plan for your fund, and nothing runs until you release it.
- You
This company is raising its Series A. Should we take our pro-rata? Prep it for IC.
- You
What would our ownership be with and without the follow-on?
- You
Draft the follow-on memo for this round.
The outcome
Your IC decided on a cited memo, and an approved follow-on is on the fund’s books at the IC’s amount, with any pro-rata you pass on in a brief.
What it proves
- Builds the memo from the fund’s own records and LPA, and cites each one.
- Waits for every IC member’s approval before anything is recorded.
- Records nothing on the fund until you confirm the amount.
- Stops cleanly when the IC declines, leaving the portfolio untouched.
- Shows analysts the memo’s status and approval count, and partners the figures.