Hear firsthand stories about how four managers launched a venture capital firm in 2022. Some key questions answered by the panelists during the interactive online session include:
Why did you start in VC?
What advice would you give yourself?
How to overcome fundraising challenges?
What does diversity look like in VC?
What are useful tools?
Connect with the four managing partners below:
Mamokete Ramathe
Nardo Manaloto
Anitha Vadavatha
Walied Albasheer
To experience a live event, explore our upcoming offerings at Events.…
Category: Resources
Free content, documents, curricula and other resources to help you get started in venture capital.
Updated August 6th, 2025
VC Lab has a set of benchmarks and incentives to change the face of venture capital.
The Female Venture 50 (FV 50) was started in May of 2022 to ensure that there is an equal number of women working as peers to men in the global venture capital market. The initiative seeks to have women in all roles, from support staff to partners and managing partners.
Before the initiative, less than 5% of leadership positions at venture capital firms worldwide were held by women. Great progress has been made, including a VC Lab program in 2024 where 42% of all graduating firms had at least one woman on the leadership team.
There is more to be done.…
Even quantitatively-minded first-time GPs can find modeling a challenge because venture capital models are often quite different from the models you may be familiar with. There are also some similarities and basic differences that we can leverage to get a running start.
Build Overall Forecast
Start with a simple budget including total capital, expenses, investments, proceeds and distributions. At the same time, factor in assumptions for management fees and carry that most closely relate to your situation. Once you have this framework in place, you can apply an assumption of gross return multiple on your invested capital to estimate returns.
Building this model may seem simplistic, but it’s essential for closing your first round of capital. Not only does it give you a basic understanding of your business and the size of investments you can make from your fund, but a well-designed forecast shows prospective LPs that you know what you’re doing.…
Specialized pitch decks are required for venture capital funds that are in process of raising and closing on capital from limited partners.
The pitch decks have certain requirements, like proper legal disclaimers, and they also must comply with standards that limited partners have come to expect. Today, limited partners look at slides for less than a minute on average, so the purpose of each slide needs to be clear and the main points per slide need to tell a narrative.
Here are five hacks to help your venture capital fund presentation stand out with limited partners.
1. Reinforce Your Thesis
Write a one sentence Thesis, and then ensure that every point and every graphic on every slide reinforces that Thesis.
The point of the presentation is to explain how the fund is uniquely qualified to execute your fund Thesis.…
Overview
Venture Share is a template agreement for venture capital firms to quickly engage top Venture Partners worldwide. The following is an outline of the topics covered:
Venture Partners
Venture Partners are part-time members of a venture capital team.
Model
Venture Partners are compensated with carried interest in a fund.
Activities
Venture Partners help with 5 types of activities at a fund: executive functions, fundraising, strategic, operating and portfolio assistance.
Compensation
Venture Partner compensation ranges based on the type of activity and the seniority of the individual.
Venture Partner Compensation Ranges
Negotiation
There are 4 steps to negotiate a Venture Partner engagement using Venture Share.
Agreement
Download the Venture Share Agreement to engage and compensate Venture Partners.
Thousands of new Venture Partners are needed to fill the ranks of emerging venture capital firms worldwide.…
This document is a version behind current. Please reference Cornerstone LPA v2.0
CORNERSTONE LPA V2
The Updated Cornerstone LPA further improves on key terms to give fund managers more flexibility. VC Lab has additionally consolidated essential sections while enhancing the overall readability of the document.
Key Updates:
KEY ECONOMIC TERMS
No major updates have been made to previous key definitions in this section.
Newly added definitions are:
Fund Thesis
Sector
Stage
Geography
Management Fee
As requested by fund managers, we’ve added a flexible ‘cascading management fee structure’ while improving readability
ARTICLE 2 – CAPITAL ACCOUNTS AND PARTNERS
2.2.2a – Capital Contributions
Removed post investment capital contribution limitations giving fund managers the option and flexibility to call capital post-investment period
2.3 – Default
Updated to enable GPs to take more actions regarding defaulting LPs
2.5 – Additional Limited Partners
Updated to enable GPs to bring in additional LPs after the close
Requiring said LPs to be on the same capital call schedules as other LPs and partners
ARTICLE 4 – OPERATIONS
4.1 – Investment Objectives
Improved follow-on investment language
4.3 – Authority of GP; Key Individuals; Conflicts of Interest; Advisory Committee
Tightened up conflicts of interest language
Flexibility to follow on investments with Special Purpose Vehicles (SPV)
4.92 – Management Fee
Update to payable management fees
ARTICLE 7 – SUBSCRIPTION
Added new Cornerstone subscription section
Conjoined from multiple sections to clearly define here
ARTICLE 8 – MISCELLANEOUS
Consolidated key terms:
8.2 Power of Attorney
8.3 Side Letters
8.4 AML and Combating the Financing of Terrorism
VC-Lab-Cornerstone-LPA [.PDF]Download…
The time has come for change in venture capitalAdeo Ressi
“The insane levels of complexity in the venture capital legal stack are excluding talent and wealth from entering the asset class,” says Adeo Ressi, CEO of VC Lab and the Founder Institute, who is also the Founding Member of TheFunded. “The documents are unreadable. Unless you are a high-paid lawyer, few understand what they are signing.”
VC Lab has re-written the main agreement used in fund formation, the Limited Partner Agreement (LPA). The new template, called Cornerstone, is a lightweight and easy-to-use template that can get fund managers started negotiating terms with Limited Partners, ahead of engaging high-priced fund formation attorneys. In a matter of minutes, fund managers can customize the Agreement and then immediately start negotiating terms with Limited Partners. …
Cornerstone by VC Lab is a lightweight and easy-to-use Limited Partnership Agreement (LPA) designed to simplify investing in the venture capital asset class by reducing the use of high-priced fund formation attorneys. Venture capitalists starting a new fund can customize and negotiate investment terms without engaging a law firm.
The Cornerstone Agreement is short, easy to read and easy to customize. The economic terms of the fund are clearly laid out in the beginning of the Cornerstone Agreement, and General Partners can customize certain terms to fit their fund’s needs. On a high level the process is as follows:
A General Partner takes the Cornerstone Agreement and customizes plug variables in the Key Economic Terms for a new fund offering.The General Partner shares the customized Cornerstone Agreement with potential Limited Partners for feedback on the terms.Once…
Cornerstone is a lightweight and easy-to-use Limited Partnership Agreement for next-generation venture capital funds. It was released by VC Lab in October of 2021. Cornerstone is designed to reduce mundane and expensive fund formation activities, removing barriers of entry for new managers and new limited partners to enter and grow the venture capital asset class.
A Limited Partnership Agreement (LPA) is the document that forms and governs a venture capital fund. It specifies the rules between the general partners, who make portfolio investments, and their investors, the limited partners. It serves as the operating manual for the venture business.
Traditionally, the LPA is accompanied by a Term Sheet and a Subscription Agreement, and this set of documents normally runs over a couple hundred pages in length.…
The following information is provided for illustrative purposes only and is based on publicly available information as of September 2021. The complexity and evolving nature of securities regulations and global tax law may change the analysis below. There may be other factors to consider when choosing where to domicile your fund, so you should consult legal counsel or a tax advisor when determining where and how to structure your fund.
Overview
Launching a venture capital fund can be challenging due to the complexity of the factors to consider, which often creates a high barrier to entry for emerging fund managers. In particular, fund structuring and determining where to domicile the fund can be confusing, costly, and time consuming due to the lack of forthcoming information available.…
Cayman Islands Summary
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Fund Structure Exempted Limited PartnershipCostUS$1220 to form the ELPAnnual registration feesAudited financial statements to file with CIMASince ongoing compliance is onerous, most funds engage a service provider to fulfill the fund’s compliance requirements. Costs for these services can be high. TimingConfirmation of registration can take ~2-4 weeks to receiveFund Marketing Marketing documents are not required, however if the fund has marketing materials then they must be registered with CIMA to ensure compliance with Rule on Contents of Marketing MaterialTax TreatmentTax neutral – neither an ELP nor any partner is subject to any form of direct taxation in the Cayman Islands
Cayman Islands Overview
For decades, the Cayman Islands have been one of the leading domiciles for investment funds due to the political and economic stability of the area, the existing solid legal infrastructure, tax neutrality, and copious amounts of expertise in the investment fund space.…
Ontario, Canada Summary
Fund Structure Limited PartnershipCost$210 for the initial registration fee and renewal fee$360 late renewal feeFormation can become costly depending on the law firm or tax advisor engagedTimingImmediate turn-around if filed in person~20 business days if filed by mailFund Marketing Funds offering securities to the public in Ontario are required to file a prospectus with the OSC. Once the fund becomes a reporting issuer, there are ongoing reporting obligations. In some instances a fund may not be required to file a prospectus with the OSC. Tax TreatmentLimited Partnerships are tax transparent so capital gains flow through to the underlying investors. Residents are subject to tax. Non-residents are not subject to withholding tax on profits. Individual Accredited Investor RequirementsAccording to NI 45-106, an individual is an accredited investor if the individual satisfies one of the following tests:– Owns at least C$1,000,000 in financial assets (e.g.,…
Hong Kong Summary
Fund Structure Limited Partnership FundCostRegistration with the Companies Registry: approx. US$390Business registration fee and levy: approx. US$32 (1-year certificate) or approx. US$508 (3-year certificate)Formation can become costly depending on the law firm and other advisors engagedTimingEntity registration can be completed in one week, but it can take up to two months in unusual circumstances if the application requires additional governmental reviewFund Marketing There is no requirement for a LPF to have a private placement memorandum or an offering documentTax TreatmentThe unified fund tax exemption provides a jurisdictionally neutral tax treatment for private funds in Hong KongNo stamp duty is payable when an interest in a LPF is contributed, transferred, or withdrawnHong Kong Venture Capital and Private Equity Association https://www.hkvca.com.hk/en/index.aspx
Hong Kong Overview
With its proximity to Mainland China and its membership in the Greater Bay Area, Hong Kong is regarded as a fertile ground for venture capital investment opportunities in rapidly growing sectors ranging from technology to healthcare.…
Singapore Summary
Fund Structure Singapore Limited PartnershipCostS$115 for 1-year registrationS$175 for 3-year registrationS$30 for a renewal feeS$60 for amendmentsFormation can become costly depending on the law firm or tax advisor engagedThere is a S$1,000 non-refundable application fee and S$4,000 annual corporate fee for a Venture Capital Fund Manager licenseTimingEntity registration can be completed in 1 day, but it can take up to 2 months in unusual circumstances if the application requires additional governmental reviewFund Marketing Register the fund offering with MAS Tax TreatmentOne-tier corporate tax system so once corporate income tax is paid by a Singaporean tax-resident company, shareholders are not taxed on dividendsNo capital gains tax devised the disposal of capital investmentsGains from the disposal of ordinary share are tax exempt if certain standards are metIndividual Accredited Investor RequirementsAccording to the SFA 2001, an individual will qualify as an Accredited Investor if they meet at least one of the following criteria:– Annual income in the preceding 12 months of S$300,000 or more (or equivalent in foreign currency)– Net personal assets exceeding S$2 million (or equivalent), provided that the net value of their primary place of residence counts up to a maximum of S$1 million– Net financial assets exceeding S$1 million (or equivalent in foreign currency) Singapore Venture Capital & Private Equity Association https://www.svca.org.sg/…
Mauritius Summary
Fund Structure Limited Partnership (most common)CostPayable to FSC:USD$1,000 registration feeUSD$3,000 annual fee Payable to Registrar of Companies:USD$107 incorporation fee USD$64 annual fee Additional costs may be incurred depending on the service providers engagedTiming~60 business daysFund Marketing Fund managers may not solicit investments from persons in Mauritius, unless the fund manager is licensed in Mauritius. Fund managers may be required to register the offering with the FSC before marketing the fund to investors.Tax TreatmentCompanies are tax opaque, LPs are tax transparentAn investor who is not tax resident in Mauritius and who does not otherwise derive any income from Mauritius is not required to pay any tax in MauritiusThere is no withholding tax on the following payments by a fund established as a company or a limited partnership: distribution by the fund to its resident and non-resident investors; in respect of a fund holding a GBL, interest paid to non-residents out of the foreign source income of the fund; or interest paid to a company resident in Mauritius.African…
Luxembourg Summary
Fund Structure Funds can be structured as:Specialized Investment Fund (SIFSociété d’Investissement en Capital à Risque (SICAR)Reserved Alternative Investment Fund (RAIF)Luxembourg European Venture Capital Fund (EUVECA)Société de Participations Financiéres (SOPARFI)Société en Commandite Spéciale (SCSp)Limited Partnership (CLP/SLP)CostVaries based on fund structure, but generally known for being costly due to the engagement of local service providersTimingVaries depending on the fund structure but can be as fast as a couple of days if the entity is not regulatedFund Marketing Fund Managers are subject to AIFMD and NPPRs of LuxembourgAIFM required to notify regulator via informal letter within 2 weeks of commencing pre-marketing activitiesTax TreatmentVaries based on fund structureLuxembourg Private Equity and Venture Capital Association https://lpea.lu/
Luxembourg Overview
A leading global domicile for funds, Luxembourg offers strong financial stability, access to the European Union, and a track record of fund excellence.…
UK Summary
Fund Structure English Limited Partnership, specifically a Private Fund Limited Partnership (most common)Cost£20 to register the limited partnership £20 to apply for PFLP designation£100 for same day registration (currently suspended)Formation can become costly depending on the law firm or tax advisor engagedTimingVaries but can pay an expedited fee for same day turnaroundFund Marketing Subject to the UK AIFMD (equivalent to AIFMD)Tax TreatmentSeveral Tax Incentive Schemes British Private Equity & Venture Capital Association https://www.bvca.co.uk/
UK Overview
The United Kingdom is an attractive fund domicile due to the UK’s established and trusted legal system, relatively low corporate tax rates in the EU and tax allowances, specialist VC tax incentives; and highly skilled workforce and flourishing startup ecosystem. Based on the British Venture Capital Association’s 2019 VC Industry Report, key sectors in the UK include ICT (communications, computer, and electronics), consumer good and products, business products and services, financial and insurance services, and biotech and healthcare. …
Estonia Summary
Fund Structure Limited Partner FundCostFormation is generally cheaper than the UK and Luxembourg€13 to register the Limited Partner Fund€12.75 for a notary fee and an additional €18.20 if the notary prepares the draft application plus VAT Timing5-10 business days to register the fund manager60-120 days to register with the EFSA Fund Marketing Fund Managers are subject to AIFMD and NPPR of EstoniaAIFM required to notify regulator via informal letter within 2 weeks of commencing pre-marketing activitiesTax TreatmentLimited Partner Fund is tax transparent In most cases, non-resident investors are not taxed in Estonia and will only have to declare investment income earned from the fund if such income is taxed in EstoniaEstonian Private Equity and Venture Capital Associationhttps://www.estvca.ee/
Estonia Overview
In 2016, Estonia implemented legislation for closed-end PE and VC funds similar to investment schemes in the UK and Luxembourg.…
In addition to your fund Thesis, most of the decisions you will make as a new venture fund manager are directly affected by the size of your fund.
Fund size influences investment strategy, team size, and overall impact. There are very different decision criteria between new managers (Fund I) and emerging managers (Fund II or Fund II) when deciding a fund size. Emerging managers can do their next fund at 2x to 5x the size of their previous fund, depending on performance.
This article focuses on fund size criteria for new managers.
What are limitations faced by new managers?
New managers on Fund I have practical limits on investor access. Large institutional investors often bypass Fund I due to additional risk and an unproven track record, leaving new managers to rely on smaller investors.…
In addition to creating your Investment Thesis and venture capital fund size, one of the most important and difficult things for a new venture firm manager to do is to select the focus of the fund.
What is the focus of a venture capital fund?
A venture capital fund will normally focus on three areas: (1) stage, (2) geography, and (3) industry or market. Some examples include:
Seed stage SaaS startups in Vietnam
Angel AgriTech startups in East Africa
Pre-seed HealthTech companies in Germany
As a general rule, the goal is to be as specific as possible with each of the focus areas while also ensuring that there are enough startups and capital for the fund to succeed. So, “Seed” is better than either “Early Stage” or “Pre-seed and Seed”.…