Case study: $150M VC FUND

How To Onboard 400 Investors on Autopilot

Background

When Chris Harvey, an LA-based VC attorney for emerging fund managers reached out to us, his team had been working on a deal for many months.

Initially, things were going to be simple with a small $50 M Delaware-based fund but quickly grew to a $150+ M fund with 400 limited partners and had to be moved to the Cayman Islands.

However, for legal reasons, the new structure required to be 3 separate entities for Accredited Investors, Qualified Purchasers, and non-US citizens.

This meant that all limited partners would have to fill out all documents they’d just signed a few weeks before during the Delaware-based fund subscription process.

Chris’s team was asked to handle this process, so he was trying to figure out the best way to bulk send 400+ prefilled subscription agreements with the data investors had already provided for the Delaware subscription.

Chris didn’t want to do things manually and reached out to Sofian at Solusign to help set things up in the most efficient way for investors and his team.

The Results

Chris’ team loved the process because it didn’t involve manual work: all documents were automatically generated and distributed to investors using the data they already had on file.

From within their database, Chris’s team was able to see which LP signed the documents and who needed a reminder.

Once the documents were signed, the signature date would be added to the name of the PDF file and flow to Google Drive, automatically of course!

The feedback from limited partners was also very positive: they were able to sign through DocuSign smoothly in a few clicks.

The Process

1️⃣ Built 6 DocuSign templates in total (one template for Individuals and one for Entities for the 3 funds.

2️⃣ Integrated Chris’s database with DocuSign so that documents could be prefilled and sent to investors automatically.

3️⃣ If investors made a change in the fields contained in the documents, the database would also get automatically updated.

4️⃣ Added a signature tracking capability to the database so that Chris’s team could easily see the signature status of each LP and decide what action to take if a follow-up was needed.

5️⃣ Finally, we automated the filing of completed PDFs in the firm’s Google Drive.

To send agreements to LPs, Chris's team only had to click on 'Send' and the automation would do the rest, as per the below process flow.

AUTOMATED INVESTOR ONBOARDING PROCESS FLOW