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Fundraising and capital markets

Data room for venture capital funds

Short answerVC firms use data rooms on both sides: raising capital from LPs, and reviewing startups before investing. Many also use one for LP reporting and portfolio records. Pick a room that handles many projects and investors with clear permissions.

How it works in Singapore

Singapore is home to many regional VC managers, often structured as VCC funds or limited partnerships, with LPs including family offices, corporates and fund-of-funds.

During fundraising, LPs run operational and investment due diligence on the manager. Between raises, the manager reports quarterly and manages capital calls.

Best data rooms for venture capital funds

Our five measures re-weighted for this use case, with a small bonus for rooms built for it. Prices before 9% GST.

  1. 1 Ellty ~S$191/mo 9.4 Visit Ellty
  2. 2 iDeals On quote 8.7
  3. 3 Datasite On quote 8.5
  4. 4 Ansarada On quote 8.4
  5. 5 Firmex On quote 8.3
  6. 6 Drooms On quote 8.2
  7. 7 Intralinks On quote 8.1
  8. 8 SmartRoom On quote 8.0
  9. 9 Box ~S$19/user/mo 8.0
  10. 10 Citrix ShareFile ~S$70/mo 7.9
22%Security20%Deal tools21%Permissions20%Ease of use17%Cost

Folder index for venture capital funds

01
ManagerLicence, team, policies.
02
Fund documentsPPM, LPA or VCC constitution, subscription documents.
03
Track recordPrior fund performance and case studies.
04
OperationsCompliance manual, valuation policy, service providers.
05
ReportingQuarterly reports and capital accounts.

Singapore rules that apply

MAS fund management regulation

VC managers may operate under the venture capital fund manager regime or other MAS licensing routes, each with conduct requirements.

PDPA

LP personal and KYC data must be protected.

More detail: PDPA, MAS technology risk.

Features you need

FeatureWhy it matters hereRooms in our top 10 that list it
View and download controlEach file can be set to view-only, print or download, and the setting can be changed later.9 of 10
Audit trailTime-stamped history of who opened, printed or downloaded each document, exportable for a dispute, insurer or regulator.10 of 10
Dynamic watermarksThe reader's name, email and time are stamped across each page as it opens, so a photographed page can be traced.10 of 10
Q&A workflowBidders post a question against a file; your team drafts, approves and publishes the reply, and the whole thread is kept.8 of 10

How to set it up

  1. Separate fundraising and portfolioDifferent rooms or projects for LP fundraising and deal reviews.
  2. Use LP-specific foldersCapital account statements visible only to each LP.

Mistakes to avoid

  • LP statements visible to other LPs.
  • Old track record figures left in the room.

Questions people ask

Do VCs need their own data room?

Yes, for fundraising from LPs and often for reporting. Startups provide their own rooms for investment reviews.

How do LPs review a Singapore VC?

Through operational due diligence on the manager, its licence and policies, and investment due diligence on the track record.

Can one account run many projects?

Most data rooms allow multiple projects, which suits a VC running fundraising and deals at once.