The Nitty Gritty of Starting a Micro-VC Fund | Frank Mastronuzzi, CPA

Differentiate Yourself

Fund Size

Limited Overhead

Not Enough Time For Operations!

  • 50% fundraising-related (preparation of materials, meeting potential future investors, networking, etc.)
  • 20% marketing-related (content, speaking, etc.)
  • 5% ops (legal, audit, accounting, deal docs, etc.)
  • 15% looking at deals (talking with co-investors and referrers, emailing with founders, looking at decks, talking with founders)
  • 10% working with portfolio companies
  • Maintaining portfolio valuation based on several moving parts
  • Projecting the value of non-liquid, multi-year private company holdings
  • Tracking of limited partner ownership while managing ongoing capital calls
  • Allocating investments for limited partners who were onboarded at different times
  • Calculating and deducting management fees
  • Calculating profit share based on the value of holdings, exit proceeds, lock-ups, etc.
  • Managing due diligence of complex tax structure and preparation of tax records
  • Preparation of audits and quarterly/annual financial statements
  • Regular and transparent communication to all stakeholders

Californian Micro-VCs Look to Greenough Group

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Frank Mastronuzzi

Founding Partner @punchfinancial, VP Business Development @GreenoughGroup, CFO, MBA, SF-Based, consummate optimist, proud zio, proud daddy of Luca, the Wheaten