Everything you need to
launch and run your fund.
What we do, and what it costs:
Fund Formation $50,000 ($35,000 for funds raising less than $10M)
Updated 5/1/2026: A uniquely comprehensive and collaborative fund formation service, designed to support you through final close with a single, predictable, flat-fee invoice.
Marketing support: Reviewing and advising on decks, portfolio construction models, due diligence questionnaires, and other marketing materials. Responding to questions and requests from prospective LPs.
Fund documents: Drafting LPA, Subscription Agreement, PPM, and ancillary fund documents. Negotiating fund documents with prospective LPs, if necessary. No limitations on bespoke terms or structuring.
Side letters: Drafting and negotiating up to three side letters with prospective LPs. Additional side letters billed at $1000, or $2,500 if complex or negotiated.
Entities: Forming all fund-related entities (including management company, if necessary), drafting operating agreements, obtaining EINs, and admitting members/partners.
Infrastructure: Making introductions to, and advising on choice of, fund administrators, banks, accountants, fractional CFOs/COOs, AML/KYC services, digital subscription platforms, and any other required resources.
Closings: Unlimited closings and subscription agreement reviews/approvals through any major digital subscription platform or fund administrator portal. Coordination with admin and subscription platform.
Post-closing compliance: Establishing SEC and FINRA accounts, preparing and submitting securities filings (Form D and “blue sky”) and investment adviser compliance filings (Form ADV or amendment).
Post-closing support:
Supporting fundraising through final close, including any post-closing document amendments
Forming LPAC
Preparing template SAFE and SAFE side letter
Advising on cash-flow planning and fund administration, or supporting fractional CFO/COO
Assisting with initial audit
Optional add-ons:
+ $3,500 multi-member GP operating agreement (includes scout programs, venture partner admissions, and other carry sharing arrangements)
+ $10,000 3(c)(7) parallel fund or feeder fund
+ $1,500 transfer of warehoused investment into the fund
Pass-through expenses: Delaware (or alternative) entity formation expenses, FINRA and NASAA filing fees, blue sky filing fees. Pass through expenses generally range from $1,500 - $4,000, depending primarily on number of states in which the fund raises money.
SPVs / Co-Investment Funds $10,000 ($12,500 if negotiated)
For existing fund formation clients only. We ensure compliance with the parent fund’s LPA and side letters, draft SPV documents, form the SPV entity (with EIN), review subscription agreements, ensure Investment Company Act compliance, and handle post-closing securities filings. We also submit any required amendments to your investment adviser compliance filings, and review the transaction to ensure that it will not negatively affect your investment adviser registration exemptions.
Optional add-ons:
+ $2,500 multi-member GP operating agreement (includes advisory carry sharing agreements)
+ $10,000 3(c)(7) parallel fund or feeder fund
Deal Counsel
SAFEs $500
We draft or review the SAFE document and coordinate the closing.
SAFE Term Sheets $500 ($1,500 if negotiated)
We draft or review a term sheet for SAFE round, and negotiate with company counsel if necessary.
SAFE Side Letters $1,000 ($2,500 if negotiated)
We draft a custom SAFE side letter including your preferred terms: pro rata rights, MFNs, information rights, major investor rights, protective provisions, board seats, and anything else you need. Side letters can be drafted in connection with a specific deal, or we can create your standard template side letter. We negotiate with company counsel if necessary.
SAFE Round Corporate Diligence $3,500
We send the company a diligence request list, review the documents and disclosures that the company produces, and confirm that the company is properly formed and in good standing. We also take steps to confirm that the SAFE offering is exempt from registration and not disqualified under the SEC’s Reg D “bad actor” rule.
Priced Round - Document Review $2,500
We review NVCA standard documents and disclosure schedules, confirm ownership, flag off-market terms, and identify how your rights will defer from those of other investors in the round.
Priced Round - IRA Side Letter $1,000 ($2,500 if negotiated)
We draft or review a side letter providing you with the rights granted to Major Investors in the standard NVCA Investor Rights Agreement.
Priced Seed Round - Lead Counsel $25,000
We draft or review, and negotiate, all deal documents on the Series Seed or NVCA standard documents, perform basic corporate diligence, review disclosure schedules and data rooms, and manage closings.
Post-Closing Compliance
Annual Investment Adviser Compliance $2,000 / ManCo / Year
Only for state or federal exempt reporting advisers (ERAs). We review your registration exemption and file your annual Form ADV amendment.
Annual Entity Maintenance $300 / Entity / Year
We make sure that your Delaware entities remain in good standing. Includes registered agent service, DE annual report filing, and DE franchise tax payment (amount of tax not included).
Anti-Money Laundering Compliance $6,500 / ManCo / Year
We maintain and manage your AML policy and controls, regularly monitor your LP base for AML red flags, file FinCEN Suspicious Activity Reports, perform annual independent testing, and provide a fractional AML officer. (As of July 2025, FinCEN has delayed this compliance requirement for investment advisers until January 2028 31 CFR 1010)
Don’t see what you need on this page? We provide comprehensive legal support for venture fund managers. Contact us for additional services and pricing.