Multi-part series
How to raise a VC fund
A multi-part, jurisdiction by jurisdiction guide to raising a first venture capital fund. Every regulatory claim is cited to the regulator or the statute, with printable checklists.
Short answer
What does it actually take to raise a first venture capital fund?
Four things, in order: a vehicle that suits your investor base and is recognised in your jurisdiction, clarity on whether managing it triggers a licence or fits an exemption, a limited partner base you can realistically reach, and an operating record clean enough that the first audit and the first LP report do not become a crisis. The regulatory answer to each of those changes by jurisdiction, which is why this series is written one country at a time.
How each jurisdiction guide is structured
- Part 1. Capital raising and regulatory. Vehicle choice, licensing triggers and exemptions, who your limited partners realistically are, and what foreign investors need to know.
- Part 2. Diligence and deal flow. Sourcing, triage against a written thesis, founder diligence and defensible investment committee decisions.
- Part 3. Post-close operations. Capital calls, valuations, LP reporting, audit readiness and the record keeping that has to survive a ten year fund life.
- The checklist. Every step from all three parts on one printable page, with the primary source next to each item.
Jurisdictions covered
APAC
How to raise a VC fund in Australia
Raising a venture fund in Australia usually means forming a limited partnership and deciding whether to seek registration as an Early Stage Venture Capital Limited Partnership or a Venture Capital Limited Partnership under the Venture Capital Act 2002. Offers are normally made to wholesale investors under the Corporations Act 2001, and the manager either holds an Australian financial services licence or operates as an authorised representative.
How to raise a VC fund in New Zealand
Raising a venture fund in New Zealand normally means forming a limited partnership under the Limited Partnerships Act 2008 and offering interests to wholesale investors under the Schedule 1 exclusions in the Financial Markets Conduct Act 2013. The FMA is the regulator, and limited partnerships are recorded on a public register.
More jurisdictions are in research. We publish a country only once every vehicle, licensing trigger and register reference in it can be cited to a primary source.
Common questions
- Is the How to Raise a VC Fund series free?
- Yes. Every part and every checklist is free to read, free to print and free to share.
- How current is the regulatory information in these guides?
- Each jurisdiction guide carries a review date and a changelog. Every regulatory claim links to the regulator's own page, the statute or an official register so you can confirm the current position yourself before relying on it.
- Can I quote or cite these guides?
- Yes. Each guide has a copy-ready citation block with the permalink, author and review date. Quoting with a link back is welcome.
- Is this legal or tax advice?
- No. The series is general information for fund managers. Fund structuring, licensing and marketing rules turn on your specific facts, so take advice from counsel qualified in the relevant jurisdiction.
Cite this guide
Free to quote and link. Please cite the permalink and the review date.
Katriona Lee. "How to Raise a VC Fund." Reuben AI, 2026. Last reviewed 2026-07-28. https://www.goreuben.com/guides/raise-a-vc-fund
- Publisher
- Reuben AI
- Author
- Katriona Lee
- Last reviewed
- 2026-07-28