When creating a fresh fund use this guide. If you want to instead add partnerships to an existing fund, go to create a partnership.
What is a Fund?
In Fundwave, a fund is an abstract entity which invests in several assets. The actual legal entities in which your investors have invested are called partnerships. A fund may contain one or more partnerships.
You can work with as many funds as you have in your FundWave instance, though you always work with a single fund at a time to avoid unintended changes. Follow these simple steps to create a fund.
- Confirm that fund does not already exist. Click on the ‘Funds’ Dropdown menu on the header bar at the top of the screen to check if the fund already exists. If not, click the ‘Create’ button and select 'Fund'.
- You will see the following screen.
Fill out the information on your screen as described below and click ‘Add Fund’:
- Name: The name your fund is known as. This could be different from the name of the legal entities within the fund.
- Currency: The base currency of your fund. All amounts will be of this currency by default.
- First Close Date: The date of your first close. This value is used for certain operations such as handling of further closes ("investor equalizations")
- Closing Date: The final closing date of the fund. If you don't know this date yet, put an estimate. You can change this later.
- Commitment End Date: This date marks the end of investment period. If you don't know this date yet, put an estimate. You can change this later.
- Determination Date: The expected end of life for this fund. If you don't know this date yet, put an estimate. You can change this later.
- Investor Accounts: If your investors invest in the fund using multiple instruments, specify them here.
- Fund Manager: Create a fund manager here or select an existing manager for this fund.
- Chart of Accounts: Create a chart of accounts from the provided templates or use an chart of accounts that you're already using with another fund.
- A message box will appear with a confirmation that your new fund has been created. If you click 'View Fund', your fund dashboard will be loaded. Alternatively, click on the ‘Funds’ dropdown menu and select the new fund you had just created.
All done? Now let's create a partnership for this fund.