In this 3-part series on venture fund formation and legal strategies, we will share an overview of the legal documents required for fund formation and discuss which elements are standard or open for negotiation and customization with answers from the knowledgeable minds at Wilson Sonsini Goodrich & Rosati.

In this second segment, we will 1) highlight which sections of  Limited Partner Agreement (“LPA”) are often negotiated, 2) outline the key terms covered in the LPA, and 3) share sample LPA documentation for reference. Please note that this information is specifically for emerging managers in venture capital, most lawyers prefer to use their own forms, Growth Vista Ventures is a fictional entity for purposes of this post, and the following information assumes venture capital fund formation of a Delaware fund and Delaware General Partner...

In this 3-part series on venture fund formation and legal strategies, we will share an overview of the legal documents required for fund formation and discuss which elements are standard or open for negotiation and customization with input from the knowledgeable minds at Wilson Sonsini Goodrich & Rosati. Among the highlights of crafting The Venture Fund Blueprint is the privilege of engaging with each one of you, receiving inbound queries, reactions, and perspectives about establishing a premier venture firm grounded in operational excellence. A considerable portion of the discussions we foster centers on nuances of fund formation and legal intricacies, elements that form the critical and foundational cornerstones of building and growing a successful fund, such as this series with all the documents required for venture capital fund formation.

In this first segment, we will 1) outline all of the basic legal documents required for fund formation, 2) mention which documents are often negotiated (to be covered in greater detail in subsequent posts), and 3) share a selection of sample documentation for reference. Please note that this information is specifically for emerging managers in venture capital, most lawyers prefer to use their own forms, Growth Vista Ventures is a fictional entity for purposes of this post, and the following list assumes venture capital fund formation of a Delaware limited partnership as the fund and Delaware limited liability company as the general partner.

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