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Fund Administration

OCV’s COO is responsible for fund administration activities as supported by the legal team, fund administrator, and tax team.

Legal Team

OCV’s legal team prepares and manages:
  • Fund formation documents and filings
  • GP entity and management company operating agreements
  • LP subscription agreements
  • Carried interest grants and tracking

Fund Administrator

OCV’s fund administrator manages:
  • GP / LP capital calls and distributions
  • Fund, record, and track OCV investments
  • Fund return and metrics calculations

Tax Team

OCV’s tax team will prepare:
  • Tax returns for OCV management company
  • OCV funds (issuing K-1s, etc.)

Investor (LP) Reporting and FMV Adjustments

OCV Fund I provides our LPs unaudited financials in Q1 of each calendar year for the prior calendar year.
As of Q1 2024, OCV does not adjustment FMV assessments of our holdings until the completion of (1) a new financing round at the company; or (2) a realized gain (i.e. company exit) / loss (i.e. dissolution) event.

Records keeping

Below are important corporate formation dates to be tracked in OCV’s internal database:
  1. DE Incorporation Date: stamped filed date on the company’s DE Certificate of Incorporation.
  1. Launch Date: founder’s first day at the company. Typically, the same date as the indicative offer letter, but can be different if there are last minute start date changes.
  1. OCV Common Share Purchase Date: date wire arrived in the company’s bank account. This should be the same date in the Common Share Purchase Agreement; may be 1-2 days after signature date for the agreement.
  1. SAFE Funding Date: date wire arrived in the company’s bank account. This should be the same date in the SAFE agreement.
  1. Last 409(a) “As of Date”; also whether the 409(a) value was “Board Determined” or based on an independent “409A Valuation Report”
  1. For dissolutions:
    1. Decision date: when management team decides to proceed with company wind down
    2. DE Certificate of Dissolution: Authorization Date
    3. CA Certificate of Surrender Date: stamped file date