Program Overview

We understand the unique challenges and opportunities that come with launching a first fund—particularly for mission-driven managers. As the premier legal counsel to the next generation of impact fund managers, we bring unmatched expertise in structuring and launching values-aligned investment platforms.

Our Emerging Fund Managers offering provides high-impact legal support to a curated group of managers poised to shape the future of impact investing. With deep experience representing over half of the ImpactAssets 50 Fund Managers and longstanding relationships across the impact ecosystem—built over 15 years of pioneering work in the space—we are uniquely positioned to guide you from concept to close with the right structure, documentation, and legal strategy, laying the foundation for long-term success and measurable impact.

Our team is recognized by Chambers & Partners as a leading law firm in the impact investment space, both globally and in the U.S., and is at the forefront of designing innovative blended finance structures that meet the complex needs of impact-focused funds. We combine legal precision with strategic insight to help managers unlock catalytic capital, align stakeholder incentives, and build scalable vehicles that drive measurable change.

What’s Included

• Fund Formation Strategy and Key Investor Materials

  • 2-Hour introductory meeting with RPCK’s Market Leading Funds Practice Team, covering strategic consultation on fund structure, jurisdiction, and legal entity setup
  • Formation of General Partner and Investment Manager entities in Delaware (exclusive of filing fees)
  • Regulatory and compliance review of Investor Deck
  • Fund Summary of terms (for prospective investment discussions)

• Fund Documents:

  • Limited Partnership Agreement (LPA) for a Delaware Limited Partnership
  • Subscription Booklet including typical risk factors and disclosures
  • Operating agreement for a 1-2 member General Partner
  • Operating agreement for a 1-2 member Management Company
  • Investment Management Agreement

• Fundraising:

  • Fundraising Compliance Checklist
  • First-close checklist

• Closing

  • Referral to preferred fund administrator, accounting, and placement agent relationship firms
  • Form D and Blue Sky Filings (filing fees excluded)

• Optional Add-Ons – Billed hourly at a 15% discount:

  • Private Placement Memorandum
  • Side Letters
  • Securities Guidance regarding the regulatory status of Management Company
  • Complex tax structuring
  • Guidance and support for international securities offerings (including referrals to preferred service providers where helpful)
  • Management Company and/or General Partner incentive award agreements and other employment matters
  • Review and/or Negotiation of Placement Agent Agreement and Fund Administration Agreement
  • Negotiations with prospective LPs and related revisions to the core fund documents

Who Should Apply

This package is best suited for:

• First-time or second-time impact fund managers with a strong investment thesis, clear strategy, and pipeline
• Spin-outs from established platforms or high-potential emerging teams
• Managers raising between $10M–$50M in the US
• Funds with a unique investment thesis and credible LP interest

Application Process

Due to the increased demand and high-touch nature of this offering, we accept a limited number of fund managers per quarter.

To be considered, applicants must submit a short intake which includes an overview of your proposed fund strategy and General Partner background/track record.

Applications are reviewed by our Funds team, and finalists may be invited for a brief introductory call.

Apply Now

Ready to apply? Complete our short intake form to be considered.