Procedure Changes

Deal Launch

We sometimes publish deals for which we do not already have $80k in non-binding commits. These deals often have time sensitivity or other factors. It is often not workable to wait and see if the community has >$80k in interest without prompting for commits.

For these deals, we will no longer form the SPV in parallel to the memo. We will instead complete the memo first and then publish it to the members with a non-binding commit form. If we then receive at least $80k in soft commits, we will form the SPV

This should reduce the percentage of cancelled SPVs relative to launched. Doing this helps us maintain good relations with our SPV admin partners. This will also help make the deal process more predictable for founders.

Pro Rata

Our previous policy was to not ask for pro rata rights and to decline it if offered. I am changing this policy to accept pro rata if offered, and to ask for it if it is not offered.