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What is the most common free structure for a fund of funds?

I know the 2 and 20 wouldn't apply here, since you are investing in directly in funds.

If 30% of the portfolio goes into Funds, and 70% is direct into companies (mostly coinvests), are you still considered a Fund of Funds?
1 See in Base
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Fund of Funds fees are typically 1 and 10. 

On the strategy you mentioned above, ti sounds like a classic VC Fund. You will not be able to do 70/30 though due to the VC exemption and the complexity with reporting. But it could be 80/20.
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To add, 70/30 FOF strategy would make it such that the FOF won't be a qualifying venture capital fund. To the extent you are relying on the VC adviser exemption, you'd then no longer be managing solely VC funds and you'd blow your exemption.
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Ok but it sounds that If I go 20% into funds and 80% direct, It qualifies as a VC fund.
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On a high level, yes. But, the devil is in the details...

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