For emerging managers
Your first fund, run properly from the start
A first fund does not need a lawyer, an administrator and a software vendor on three separate contracts. Caproom is the same infrastructure the established managers run, sized for a fund that has not closed yet.
What makes the first fund hard
The work is not smaller because the fund is. The formation bill arrives before the first management fee does, and your LPs benchmark you against managers ten times your size.
Setup costs eat into the first year of fee income
Legal fees, administration and software licences can absorb twelve to eighteen months of management fee before a single euro is deployed.
Spreadsheets stop scaling sooner than expected
Capital calls, distributions, NAV and compliance reporting hold up on Excel for about a year. Then a term changes, and every file has to be found again.
LPs judge you by institutional standards
Professional reporting, secure document access and an auditable trail are expected at €20m as much as at €500m. Fund size is not accepted as a reason.
What we do about it
One engagement across formation, operations, administration and portfolio company oversight, on one term sheet.
Formation handled end to end
Structuring, drafting, notary coordination and regulatory filings, done by the same people who then run the fund with you.
The platform established managers use
Investor portal, capital call automation, KYC and compliance screening, available at fund one rather than fund three.
Fund terms entered once
Set the term sheet, and every document, calculation and compliance check reads from it. Change a term and the change carries through. Nothing is retyped.
Pricing that starts where you are
It grows with AUM instead of opening at an enterprise rate that a first fund cannot justify.
Talk it through before you commit to a structure
Thirty minutes on your strategy, your LP base and the vehicle that fits. Founding Partner rates apply to first funds launching with us.
Frequently asked questions
Is Caproom affordable for a first fund?
Pricing scales with fund size rather than headcount, so a first fund of EUR 10m to 50m pays a fraction of what a traditional administrator charges. Formation and operations are billed on the same basis, with no hourly billing and no hidden fees.
I have no operations team. Who runs the platform?
The workflows are built for a manager without a back office: capital calls, distributions, capital accounts and reporting run from guided screens with the calculations already wired to the term sheet. Where legal judgment is required, that work sits with us as fund formation counsel rather than with you.
Will LPs take my operations seriously?
That is precisely what the platform is for. A first-time manager arrives at operational due diligence with an audit trail, role-based access, isolated tenant data and seven-year retention already in place, instead of a spreadsheet and a shared inbox.
What happens when I raise Fund II?
Funds run side by side in the same environment, with cross-fund allocations, GP economics and carry tracked per vintage. Nothing needs to be migrated when the second fund arrives.