First-Time Funds

At Leroy & Goldbach, we are committed to helping emerging managers establish, fundraise, and position their investment strategies for long-term success. Rooted in an entrepreneurial mindset and a genuine partnership approach, we empower new sponsors to build resilient and sustainable investment funds. We regularly advise on first-time funds, spin-outs, team formations, and executive-led launches across all asset classes — including private equity, venture capital, real estate, private debt, and infrastructure. Many of today’s established sponsors began their journey as emerging managers we have supported from day one, and our role remains the same: to turn vision into execution while helping you manage risk and unlock opportunity.

Our services include

Structuring and launching first-time and spin-out investment funds: Designing tailored fund vehicles (e.g. SCSp, RAIF) ensuring seamless market entry.

Designing GP/LP arrangements, governance frameworks, and carried interest structures: Custom frameworks that align incentives, incorporating best-practice waterfalls and asset-class-specific carried interest models.

Advising on capital fund raising, investor documentation, and fund marketing: Private Placement Memorandum (PPMs), subscription agreements, and marketing materials to ensure regulatory compliance and investor appeal across jurisdictions.

Deep Legal and Market Expertise

We combine deep regulatory expertise with a strong international perspective. Our practical understanding of the fund industry, gained through years of experience as external counsel to leading asset managers and investors, ensures familiarity with industry standards, including legal structures for waterfall distributions, carried interest mechanisms, and incentive schemes tailored to private equity, real estate, private debt, and infrastructure. This legal insight allows us to design compliant, competitive structures that meet market expectations and foster alignment between sponsors and investors globally.

Ready to launch your first fund? Speak to a partner.