Fund setup checklist
Congratulations on starting a fund with Avestor. We are excited to partner with you on creating your own customizable fund. One of the first questions we get is "What are the next steps". Starting a private fund is a complex process but we have made it simple by working closely with you at every step.
Below is a simple checklist on what we will be doing along the way.
- Initiation, Fund Setup & monthly membership fees.
- Avestor will first set you up on our billing system. We will use the credit card you provided in the agreement for the initial fees. That will be the credit card on file for all future invoices unless you change it.
- If you want to change the credit card on file, please email accounting@avestorinc.com.
- Legal Questionnaire - click on the initial link provided to fill out our online legal questionnaire. Please fill out that questionnaire as best as you can. After you complete the questionnaire, please setup time with Sanjay Vora to review the document and finalize the details around your fund.
- Bad Actor Questionairre - please fill out the online bad actor questionnaire. Avestor will provide the link to this form. It is an SEC requirement.
- Background Checks - Avestor will also perform a comprehensive background check on each fund manager. This is an SEC requirement for all fund managers and executives. We will use the names in the legal questionnaire as the key executives.
- Attorney Authorization Form - please fill out the online form. It allows us to have a 3-way engagement with your attorney to help set up your fund.
- Attorney Engagement - after the review of the legal questionnaire, we will set up a 3-way call with one of our partner attorneys. We'll work with the attorney to pull together all your fund documents.
- While the attorneys take care of most of the process, we will ask you to get your IRS EIN letters directly from the IRS website. We have instructions on how to do that. We find it much faster for sponsors to get the letters themselves and download them.
- Portal Graphics - to set up your investor portal, we will provide you with a list of graphics including a fund logo, page banner and other graphics to enable you to customize the portal. If you need time to create your graphics, please let us know and we can put in placeholder graphics for your fund.
- Fund Overview - we will also request information on you & your fund that we can display on the public marketplace on the Avestor website (506c funds only) and the available opportunities page inside the investor portal.
- Slack Access - we will provide you access into our Slack group designed for fund managers with customizable funds. In this group, you will find lots of additional information about customizable funds as well as be able to ask questions & have conversations with other fund managers.
- Bank Accounts - once your entities are formed and we have a draft of your legal documents, we will work with you to setup bank accounts for your fund and management entity with one of our banking partners.
- Weekly Training - every Thursday, we hold a training session for fund managers with a rotating set of topics. It's important to start attending these sessions so that you can learn how to use the platform in parallel as your fund is getting set up.
- Sponsor Portal Access - we will need to work with you to identify each person that needs access into your fund management portal and their role. We will then setup their roles in our system and give them access credentials.
- Portal Walkthrough - once your investor portal is setup, we will do a walkthrough and show you the investor experience.
- Sponsor Portal Training - we will do a walkthrough with you on the sponsor portal so you see how it works.
- First Deal setup - after your portals are setup, the next step is to setup your first deal. This includes the following steps:
- Setting up the deal on our system
- Uploading all the images and documents for investors
- Setting up the summaries of the deal for your investors
- Setting up your deal disclosure that your investors will need to electronically sign
- Investor onboarding - we will work with you as you invite and onboard your first set of investors on to the platform so if there are any questions, we can answer them along the way.
- Investment allocation - we'll show you when/how to allocate investors into your first deal.
While this process may seem a little complex, don't worry! We are there at every step to make it easy for you. Reach out if you have any questions.
Thanks & we look forward to partnering with you!
