Choosing a fund platform: what to compare alongside price

If you’re working out where to launch or run your fund, the shortlist tends to look the same on the first pass. Everyone lists fund administration, investor onboarding, capital raising, compliance and reporting. And every platform says they provide these so it’s easy to default to a price-based comparison.

While price is key, because it directly affects your margins as a fund manager, comparing only on price leaves out much of what determines whether a fund fails or successfully closes and deploys. In other words, the cheapest fees don’t mean much if your fund doesn’t get off the ground. 

Costs that don’t appear on a pricing page

A fund that takes 24 months to reach first close rather than 12 has cost you one year of management fees and half a year of deployment. A raise that stalls at soft commitments, where LPs are interested but never quite sign, costs considerably more than that. A compliance gap that an LP's adviser picks up in diligence costs credibility that’s difficult to earn back. And an LP’s platform onboarding query that goes unanswered for weeks costs a cheque that could’ve been deployed.

None of these things show up when you compare monthly fees. They’re all determined by how much genuine support sits behind a fund platform, and how accessible it is. 

Many first-time fund managers underestimate this and it’s not until you’re in the thick of waiting for a commitment to land, wondering if your structure will hold up to scrutiny or figuring out what to tell an LP with a difficult question a week before close that you realise how much a platform provider needs not just the fund admin and infrastructure, but fast customer service and expert guidance as well. 

What we mean by service

Every fund IM that goes out through Ventari is read properly by someone who has seen hundreds (if not thousands) of them. We’re looking at whether the thesis is clear, whether the risks are disclosed the way they need to be, and whether it can do what a good IM is meant to, which is convert interest into commitment. Approving a note without reading it properly might be quick and more cost-effective. But it’s also how fund managers end up with an IM that doesn’t convert or creates compliance problems later.

Beyond the fund IM, quality customer service means experienced people you can actually reach when you need them. Pick up the phone. Message us in your dedicated Slack channel and get an answer in hours rather than days, from someone with real experience in fund operations (not just a recently hired junior working through a script). 

Service also means specialised compliance screening at the speed that competitive deals demand. Be wary of compliance that is just fast because in this world, it needs to be fast and thorough as well. 

Practically, quality service from an experienced partner means things move instead of stalling. As a fund manager, timelines stretch when there’s nobody to ask or uncertainty amongst LPs, and ultimately, this is where raises can quietly die.   

“We’ve always felt right at home on Ventari. They’re always there for us at any hour of the day or night. They care about the success of the deals we bring to our investors.”

Alan Jones, Managing Partner, M8 Ventures

Why it matters where your fund sits

More than 3,000 verified wholesale investors use Ventari across Australia and New Zealand, alongside 60+ active funds and syndicates. More than 30% of early-stage deals in ANZ happen here, and over $75M has been deployed through the platform.

This isn’t a substitute for your own fundraising – your network is still the core of your raise – but our unique community does give you a verified investor audience that knows and trusts Ventari. 

For a first fund, being visible in a place that verified investors already trust is a meaningful part of your credibility, and credibility is essential to closing rounds.

“The Ventari team is a pleasure to work with, the product gives us control over the fund pro rata, a way to properly service our LPs, and a structure we can keep relying on round after round."

Adrian Petersen, General Partner, AfterWork Ventures

Pricing that fits the stage you’re at

We offer a fixed monthly fee for managers who want predictable operating costs and have confidence in their raise timeline, or a carry-share arrangement with a reduced or zero monthly fee in exchange for an agreed share of carry on success. Some managers prefer the certainty of a fixed cost. Others would rather protect cash flow early and share the upside later.

Either way you get the same thing: AFSL coverage, trust services, fund administration, capital raise pipeline tools, investor management, LP reporting, AML/CTF and DDO compliance, and the support and community that makes a real difference for funds. 

Questions worth asking any platform or partner

Whoever you end up choosing, consider questions to help you understand what you’re working with:

• Who reviews my fund IM before it reaches investors, and what are they checking for?
• If an LP gets stuck partway through onboarding, who do I contact, and how quickly do they respond? Will they take the time to ensure that LP’s cheque comes in?
• How long does compliance screening take, and what happens when material needs to move faster than that?
• What is included in the fee, and what gets billed separately or handed to a third party?
• What changes when I want to run a side-car with SPVs alongside my fund? Does anything need rebuilding? How seamless is it to manage both?
• Can the fee structure flex if my raise timeline shifts?
• When it’s time to do the boring stuff (capital calls, NAV calcs, tax statements, etc.) how much support will I get or will this end up taking up a huge chunk of my time?

At the end of the day, you are really asking yourself: Is this the platform and people behind it that I want to trust and work with for the next 10+ years?

Ask these of us too. We’d much rather you choose with the full picture in front of you.