Sublime

Fund Structure

Traditional Fund

Traditional funds typically do a “big bang” fundraise and begin deploying capital after the First Close. Once the fund is officially closed, they’re unable to accept new LPs.

That said, it’s not uncommon for fund managers to leave their fund “open” for several months while deploying and raising additional capital.

Ro

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Follow-On Reserves: The percentage of the fund that will be reserved to make follow-on investments into the fund’s best-performing companies. Some funds have a two-for-one follow on ratio meaning that for every dollar they first invest into a company, two more dollars are reserved for follow-on, while other funds aim to take a larger ownership per

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