Formation · offering documents · filings · administration
Launch your hedge fund for less than Repool.
The same launch stack the platforms sell, with independent fund counsel on your documents and a flat price that doesn't climb with your ambition. Entities, PPM and LPA, Form D and ERA filings, fund administration and investor onboarding, in about six weeks.
Get your launch plan See pricing
Repool's price is its Emerging Fund plan on repool.com, October 2026. A traditional law-firm launch runs $50,000 to $200,000 for the documents alone and $110,000 to $400,000 in year one.
Four ways in
Pick the fund. Every plan is a flat price.
No basis points, no surprise invoices at month three. Audit and tax are quoted up front at cost. We run lean on purpose, so the price stays under the platforms and far under a law firm.
Incubator Fund
Trade your own capital in a real fund entity and build an audited track record before you take outside money.
- Fund LP, GP and management company
- Converts to a full fund later
Emerging Fund
US investors, up to $5M AUM. The full launch: entities, documents, filings, administration and onboarding.
- PPM, LPA, subscription docs via counsel
- Form D, blue sky, ERA filing
- NAV, statements, KYC/AML, investor portal
Digital Asset Fund
Everything in Emerging Fund, plus qualified custody and exchange onboarding and a document set written for crypto.
- Coinbase Prime, Anchorage or BitGo custody setup
- Perps and futures: CFTC/NFA exemption handled
Cayman/BVI Mini-Master
US and offshore investors in one structure. Offshore feeder, master-feeder documents, onshore and offshore counsel.
- Unlimited share classes and brokerages
- Registered office and directors coordinated
What you get
The platform scope, line by line.
Checked against Repool's published plan page. Where they say no, we say no too, and tell you what it costs instead of hiding it.
| Item | Hedge Fund in a Box | Repool Emerging | Traditional law firm |
|---|---|---|---|
| Fund, GP and management company formation | Included | Included | $3,000 to $10,000 |
| PPM, LPA, subscription documents | Included, independent fund counsel | Included, partner counsel | $50,000 to $200,000 |
| Form D and state blue-sky filings | Included, state fees at cost | Included | $2,000 to $10,000 plus fees |
| Exempt reporting adviser (Form ADV) filing | Included | Included | $5,000 to $15,000 |
| Compliance manual and annual update | Included | Included | $5,000 to $20,000 |
| Fund administration: NAV, statements, KYC/AML | Included | Included | $36,000 to $120,000/yr |
| Investor onboarding portal, e-subscriptions | Included | Included | Separate vendor |
| Bank, brokerage and custody setup | Included | Included | You |
| Standing counsel | Optional, $3,000/mo | Counsel of record on Mini-Master only | Hourly |
| Annual audit | At cost, from $15,000 | Not included | $30,000 to $100,000 |
| Tax return and K-1s | At cost, from $6,000 | Not included | $10,000 to $40,000 |
| Year one, Emerging Fund | $16,940 | $30,000 | $110,000 to $400,000+ |
Traditional ranges: Alpha Maven hedge fund startup cost breakdown and TechBullion, both 2026. Repool scope and exclusions: repool.com/launch/hedge-fund, October 2026.
How it works
Six weeks from kickoff to first close.
Launch plan, day 1
A written plan for your fund: structure, exemption, filings, timeline and the exact price. You sign one engagement letter with us and one with counsel.
Entities, week 1
Delaware LP, GP and management company filed, EINs issued, registered agent in place, bank account opened.
Documents, weeks 2 to 4 counsel
PPM, LPA, subscription agreement and investor questionnaire drafted around your fees, lockups and redemption terms, then reviewed with you line by line.
Operations, weeks 3 to 5
Brokerage or custody onboarding, administrator setup, investor portal live, compliance manual delivered, Form ADV filed.
First close, week 6
Investors subscribe through the portal, capital lands, Form D goes to the SEC within 15 days and the state notices follow.
Every month after
NAV, capital accounts and investor statements from us; annual ADV update and compliance review; audit and tax coordinated at cost.
Questions
Straight answers.
Are you a law firm?
No. Your offering documents are drafted and signed off by independent fund-formation counsel engaged on your behalf; you sign their engagement letter directly. We form the entities, run the filings, do the administration and onboarding, and coordinate everything.
How can you be cheaper than Repool?
No office tower, no sales team, no venture round to pay back. The checklist is the same; the overhead isn't. Counsel is paid fairly for the documents and you see that line in the plan.
What isn't included?
The annual audit, the partnership tax return and K-1s, state filing fees, offshore government fees and registered-office fees. We quote all of them at cost before you start. No platform includes audit or tax either; we just say so up front.
How small is too small?
Running a fund costs real money every year even on a platform. Under about $2M it rarely makes sense; $2M to $5M works if you're growing; $5M+ is comfortable. If you're under $1M, start with the Incubator Fund and build the track record first.
Can I take a performance fee?
Usually yes, from investors who are qualified clients ($1.1M managed with you or $2.2M net worth). The documents and the investor questionnaire are built to screen for it.