Incubator Fund · $3,950 one-time
Build the track record before you raise the money.
An incubator fund is a real fund entity that trades only your own capital. No outside investors, so no offering documents, no Form D and no adviser filing yet. What you get is a clean, auditable performance record under the fund's name, which is what every allocator asks for first.
What you get
The entities and the paper, nothing you don't need yet.
Three entities
Delaware LP fund, LLC general partner, LLC management company. EINs for each, registered agent, operating agreements.
Incubator LPA
A limited partnership agreement written for one partner: you. Prepared by independent fund counsel so it converts cleanly later.
Brokerage account
Fund-level account at Interactive Brokers or your broker, in the fund's name, so every trade is on the fund's books from day one.
Monthly bookkeeping option
Add administration at $495/month and you get monthly NAV and a capital account statement in the fund's name, the same reports a seeded fund gets.
When you're ready
Convert, don't restart.
The moment you want outside money, the Incubator Fund becomes an Emerging Fund: counsel drafts the PPM, subscription documents and investor questionnaire; we file the exempt reporting adviser notice and Form D after your first close; administration and the investor portal switch on. The entities, the brokerage account and the track record stay exactly as they are.
| Step | Incubator Fund | After conversion |
|---|---|---|
| Entities | Formed | Same entities |
| Governing document | Incubator LPA | Full LPA + PPM + subscription documents (counsel) |
| Investors | You only | Accredited investors under 506(b) or 506(c) |
| Filings | State annual report | Form D, blue sky, Form ADV (ERA), NFA if applicable |
| Administration | Optional | Included |
| Price | $3,950 | $5,000 less a $3,950 credit, then $995/mo |
Hedge Fund in a Box is not a law firm. The incubator LPA and the later offering documents are prepared by independent fund-formation counsel engaged on your behalf. Trading your own money in the fund does not require registration as an investment adviser; counsel confirms your state's rules in the launch plan.
Questions
Can I show the incubator track record to investors?
Yes, with the right disclosures. The record is the fund's own performance, not a backtest, which is why it carries weight. Counsel adds the required disclaimers when it goes into a presentation or the PPM.
Can friends or family invest during the incubator phase?
No. The point of the incubator structure is that there is no offering. The day anyone else puts money in, you need the offering documents and filings, which is the conversion.
How long should I incubate?
Most managers run six to twelve months. Allocators want to see a full market cycle or at least two quarters of live results; a year is the usual ask.
Is there a monthly fee?
No. The $3,950 covers formation. Monthly administration is optional at $495 if you want the official NAV and statements during the incubator period.