New Managers need to develop a Thesis, form a team, complete initial fundraising, finish a first close, finalize fundraising, and deploy the capital. These activities are completed in a series of fund lifecycle phases, which are outlined below.

Inception Phase
The inception phase is when the Thesis and team are developed.

Initial Fundraising Phase
The initial fundraising phase is when the initial LPs are secured, normally 1st and 2nd degree connections

First Close Phase
The first close phase is when there is enough commitments to start a first closing, which is normally at least 10% hard circled and 10% soft circled, totaling at least $2 MM

Final Fundraising Phase
The close fundraising phase is when the managers are simultaneously closing the fund while also running hte fund

Deploying Phase
The deploying phase is when a fund is fully closed, calling capital from limited partners to make investments into Thesis aligned startups