The EU Fund Setup Checklist No One Tells You About (Copy)
You can launch a fund in 12 weeks. Or 12 months. It all depends on how ready you are — not just on paper, but in strategy, story, and structure. Here’s the only checklist you need to avoid “launch stall.”
Let’s Be Honest — Most Fund Setups Are Botched
GPs start structuring before they’ve defined LP type or domicile
They rely on legal teams who’ve never closed a cross-border fun
They underestimate how long approvals and banking setups take
They skip pre-mapping of marketing permissions and reverse solicitation risks
“A fund can be legally compliant and still commercially dead-on-arrival.”
The LP-Ready EU Fund Setup Checklist
1. Define Your LP Persona
Are they retail, professional, institutional, or quasi-sovereign?
What are their domiciles? (affects marketing regime)
What reporting do they expect (ESG, SFDR, etc.)?
2. Choose Jurisdiction Based on Exit Horizon + Passporting
Luxembourg, Ireland, France, Malta — pros and cons depend on fundraising zone
How fast do you need to market?
Will you need a marketing passport (AIFMD) or will NPPR suffice?
3. Pre-Validate Substance Requirements
Who are your directors, and where are they resident?
Where will portfolio management be exercised?
Do you have a compliant depositary and risk manager?
4. Align Legal Form with Strategy
SCSp, SLP, SICAV, RAIF — different levels of protection, cost, flexibility
Avoid unnecessary complexity unless LPs demand it
5. Map Marketing Permissions
Are you allowed to market to German LPs? (hint: BaFin will want advance notice)
France? You’ll need AMF signoff, even under NPPR
UK? Temporary permissions regime (TPR) doesn’t cover AIFs anymore
6. Build ESG and DEI Readiness
LPs now check for ESG integration, even pre-SFDR
DEI policies are no longer “nice to have” in many LP questionnaires
7. Simulate Timelines Realistically
Structuring docs: 3–5 weeks
Bank account opening: 6–10 weeks
ManCo onboarding: 4–6 weeks
CSSF or Central Bank approval: 6–14 weeks
“Add 30% buffer to every advisor’s ‘estimate.’ It’s not pessimism, it’s pattern recognition.”
What GPs Forget — But LPs Never Do
Not registering the fund for cross-border marketing
Assuming LPs are OK with delayed ESG disclosures
No pro forma reporting pack at pitch stage
Sloppy or unclear carry waterfall
The Dorhyan View — Setup ≠ Structure
At Dorhyan, we guide GPs through both:
- Setup: jurisdictions, legal form, timeline, compliance design
- Structure: investor readiness, LP narrative, risk articulation, reporting UX
