We have run funds.
Not just advised them.
The vehicle, the LPs, and every deal that goes through it. We have been general partners — raising, deploying, reporting and realising — so we build the things we know you will actually need at the third close and the fifth exit, not just the first.
A fund is three businesses wearing one name.
There is the vehicle — jurisdiction, regulator, documents, economics. There is the operation — capital calls, valuations, LP reporting, carry, tax documentation in every investor's country. And there is the actual job, which is finding, structuring and exiting investments.
Most managers assemble three different providers for these and spend the next decade translating between them. We do all three, and we have done all three from the inside.
Three mandates.
Where the fund sits, and what it can do once it is there.
Jurisdiction and vehicle selection across Singapore VCC, Mauritius, India AIF, US LP and GIFT City. Formation, licensing, manager and GP entities, feeder and parallel structures, and the economics drafted so they compute the way you intend.
- VCC
- AIF
- GIFT City
- Delaware LP
- Carry design
The decade of reporting you signed up for at first close.
LP onboarding and KYC, capital calls and equalisation, NAV and valuation, MOIC and IRR reporting, carry waterfalls computed at every distribution, FATCA and CRS, and the regulatory filing calendar.
- LP onboarding
- Capital calls
- NAV & MOIC
- Waterfalls
- FATCA / CRS
The deals themselves — and what happens after you wire.
Deal structuring and diligence, term sheet and definitive documentation, cross-border investment routing, portfolio company support through follow-ons and restructurings, and exit execution including listings.
- Deal execution
- Diligence
- Portfolio support
- Follow-ons
- Exits
One rule.
We advise founders and we advise funds — but never both sides of the same transaction. Conflicts are checked before we take a mandate, and if we are already acting for one party we say so immediately. That discipline is what makes both practices credible.
We know what the founder can actually deliver.
Deals die in the gap between what an investment committee wants and what a company can realistically agree to. Having sat on both sides, we can tell you early which conditions a founder will accept, which will stall for three months, and which will kill the deal outright.
That is worth more than a redline. It is the difference between a term sheet that converts and one that consumes a quarter before collapsing.
Where the fund should sit.
Driven by where your LPs are, where you will invest, and what investors will accept in diligence. We model the options against your actual investor base rather than recommending a default.
| Jurisdiction | Commonly used for | What matters in practice |
|---|---|---|
| Singapore VCC | Pan-Asia funds with regional or global LPs; umbrella structures with segregated sub-funds | Sub-fund segregation in one entity and a credible reputation with institutional LPs. Substance and licensed manager requirements are real and must be planned for. |
| Mauritius | India-focused funds and long-standing investor relationships; Africa allocations | Established treaty network, familiar to many LPs. Substance and beneficial ownership scrutiny has tightened — the structure needs genuine governance, not a registered address. |
| India AIF | Domestic rupee capital, domestic investment mandates | SEBI-registered across Categories I, II and III, each with its own restrictions and tax treatment. Onshore capital is increasingly the deciding factor for India-only strategies. |
| US LP (Delaware) | US institutional and endowment capital | The structure American investors expect. Requires careful handling of blockers, UBTI and ECI for tax-exempt and foreign investors, plus manager-side regulatory positioning. |
| GIFT City (IFSC) | Offshore capital into India through a domestic international financial centre | A defined tax regime and a lighter path for foreign capital investing into India. The rules continue to evolve, so structures are designed with headroom for change. |
Summary only. Treatment differs by strategy, investor base and vintage, and changes often — nothing here is advice on a specific fund.
Raising a fund, or running one?
Tell us the strategy, where your anchor LPs sit and what stage you are at. We will map the realistic structures, what each costs to run annually, and what LPs will ask in diligence.