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The Constitution for Your New Fund: Strategy, Culture, Decision-Making, Budget, and Data
- Launching an investment management firm should include designing a "constitution" covering goals, legal obligations, and principles for handling disagreement.
- Key documents for a new firm include agreements governing the general partner entity and management company entity.
- Important decisions for a new fund involve strategy, culture, decision-making processes, budgeting, data ownership, and more.
- Negotiating the initial design of the firm, even if subject to change, is valuable for future operations.
- Partnerships benefit from having diverse skillsets and upfront work to structure a valuable team.
- Considerations for the 'constitution' include strategy alignment, cultural norms, decision-making mechanisms, budgeting, data ownership, and peaceful resolution agreements.
- Emphasis is placed on consensus decision-making, budget planning, expense policies, social media guidelines, data ownership, and peaceful resolution protocols.
- Future fund discussions, books, and resources are recommended for those launching an investment fund.
- Dolph Hellman, an experienced fund formation lawyer, provides valuable insights for fund sponsors.
- Input from industry professionals like Jon Weber, Erik Brue, and Shane Ray Martin enhances the framework for launching a fund.
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