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Masterclass

Masterclass: Raising and Managing an Angel Syndicate or Micro VC Fund

The general partner's course. Built for experienced angels, syndicate leads and family office investors who want to move from investing their own money to managing a pooled vehicle: a platform syndicate, a SEBI-registered angel fund, or a Category I micro VC fund of ₹50 crore to ₹300 crore. Starts with the decision itself, what changes when you become a fiduciary, which vehicle fits which ambition, and the fund size math that decides whether the management fee can even pay a team. Walks through the SEBI AIF framework from the manager's chair: registration, sponsor and manager obligations, angel fund rules, and the GIFT City option. Then the economics and documents of the fund: fees, carry, hurdle, waterfalls, clawback, GP commitment, the PPM, contribution agreement and indenture of trust. A full chapter on raising from Indian LPs, from HNIs and family offices to SIDBI's Fund of Funds, including how to build an attributable track record before you have a fund. Closes with running the fund: portfolio pacing, investment committee, valuation and NAV, the compliance calendar, LP reporting, exits and distributions, Section 115UB pass-through taxation, winding down, and the DPI and TVPI numbers that decide whether Fund II gets raised.

GP Decision and Vehicle ChoiceFund Size EconomicsSEBI AIF RegistrationAngel Fund and Category I VCF RulesFees, Carry, Waterfalls and ClawbackPPM and Fund DocumentsRaising From Indian LPsFund Operations and ComplianceValuation and LP ReportingExits, Distributions and Fund II

MODULES

6

DURATION

~5.5 hrs

TRACK

Alternative Investing

What You'll Master

Decide whether a platform syndicate, a SEBI angel fund or a Category I VCF fits your ambition and LP base

Model fund size, fee income and team cost so the fund is a viable business, not just a portfolio

Navigate SEBI AIF registration: sponsor, manager, trustee, PPM filing and continuing obligations

Structure management fee, carry, hurdle, catch-up, waterfall and clawback terms LPs will accept

Read and negotiate the PPM, contribution agreement and indenture of trust from the GP's side

Raise from HNIs, family offices, corporates and fund of funds with a defensible track record

Run capital calls, investment committee, valuation policy, NAV reporting and the SEBI compliance calendar

Manage exits, distributions, Section 115UB taxation, fund wind-down and the metrics that raise Fund II

Access Level

LEARNER

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Everything included

Full Text Playbooks

Actionable Exercises

Mobile Reading Mode

Lifetime Updates

Curriculum Breakdown

Chapter 1: From Syndicate Lead to Fund Manager

4 Lessons

What Changes When You Manage Other People's Money11 min read

Platform Syndicate, Angel Fund or Micro VC Fund: Choosing the Vehicle13 min read

Writing a Fund Thesis That LPs Can Underwrite12 min read

Fund Size Math: Why a 50 Crore Fund and a 250 Crore Fund Are Different Businesses13 min read

Chapter 2: The SEBI AIF Framework From the Manager's Chair

4 Lessons

AIF Categories Explained: Where Angel Funds and Category I VCFs Sit12 min read

Registering an AIF: Sponsor, Manager, Trustee and the Application Process13 min read

Angel Fund Rules: Accredited Investors, Corpus, Per-Deal Limits and Scheme Filings13 min read

GIFT City and Offshore Feeders: When an IFSCA Structure Makes Sense11 min read

Chapter 3: Fund Economics and Documents

5 Lessons

Management Fee, Carry and Hurdle: The 2 and 20 Model at Micro Scale13 min read

Distribution Waterfalls: European vs Deal-by-Deal, Catch-Up and Clawback14 min read

The GP Commitment and Sponsor Continuing Interest10 min read

The PPM, Contribution Agreement and Indenture of Trust: Reading Your Own Fund Documents14 min read

Fund Expenses and Set-Up Costs: Budgeting a 100 Crore Fund12 min read

Chapter 4: Raising From Indian LPs

5 Lessons

Who the LPs Are: HNIs, Family Offices, Corporates, Fund of Funds and DFIs12 min read

Building an Attributable Track Record Before You Have a Fund12 min read

The Fundraising Process: Data Room, Pitch, First Close and Final Close13 min read

LP Diligence on the GP: The Questions You Will Be Asked12 min read

Capital Calls, Drawdown Schedules and Defaulting LPs11 min read

Chapter 5: Running the Fund

5 Lessons

Fund-Level Portfolio Construction: Cheque Size, Reserves and Pacing13 min read

The Investment Committee: Process, Conflicts of Interest and Co-Investment Rules12 min read

Valuation Policy, NAV and Audits Under SEBI Rules13 min read

The Compliance Calendar: SEBI Filings, PPM Audit, Tax and FEMA Reporting12 min read

LP Reporting: Quarterly Letters, Benchmarks and Keeping Trust11 min read

Chapter 6: Exits, Distributions and Fund II

5 Lessons

Managing Exits: Secondaries, Buybacks, IPOs and Distribution in Kind13 min read

Pass-Through Taxation: Section 115UB and How Your LPs Get Taxed13 min read

Fund Life, Extensions, Liquidation Schemes and Winding Down11 min read

Raising Fund II: DPI, TVPI, Loss Ratio and the Track Record That Matters13 min read

Building a Franchise: Team, Succession and the Platform Around the Fund11 min read