How to Invest in the BWC Founders Fund
The BWC Founders Fund is a private fund. Like most hedge funds, it is not sold through a brokerage or listed on an exchange: investors subscribe directly, through the fund’s administrator, once their eligibility has been verified. This page sets out who can invest, the terms, and the steps from a first conversation to a subscription.
Who can invest
Investment in the Fund is suitable only for accredited investors, as defined in Regulation D under the Securities Act of 1933, and qualified clients, as defined under the Investment Advisers Act of 1940. Prospective investors must have the financial ability and willingness to accept the risks and lack of liquidity of an investment in the Fund.
The Fund is offered under Rule 506(c) of Regulation D. That rule allows the Fund to be discussed publicly, as it is here, and requires every investor’s accredited status to be verified before they invest. The fund’s administrator carries out that verification during onboarding.
Fund Structure
The terms
- Minimum Investment
- $100,000 USD
- Fee Structure
- 2%/15%
- Incentive Terms
- 10% annual soft hurdle, subject to a high-water mark
- Liquidity
- Monthly, following a 12-month lock-up
- Fund Structure
- Delaware LLC
- Administrator
- RePool, Inc.
- Auditor
- Cherry Bekaert LLP
The complete terms are in the Fund’s offering documents.
The steps
A conversation. Schedule a call with Rogan McGillis, the Founder and Fund Manager, to talk through the Fund, its approach and whether it fits your portfolio.
The offering documents. Review the Private Placement Memorandum, the subscription agreement and the operating agreement, which are available through RePool. We recommend reviewing them with your legal and financial advisors.
Subscribing. The subscription is completed online through RePool, including identity verification, verification of accredited investor status, and electronic signature of the fund documents. It is typically completed within a few business days.
After you invest
Investors receive monthly performance reporting and the monthly Investor Letter, with account statements and fund documents in the RePool investor portal. The Fund is a pass-through entity, so each investor receives a K-1 every year.
The Fund offers monthly liquidity after a 12-month lock-up that begins on the date of your subscription, with five days’ notice required before a withdrawal date. The manager may waive the lock-up at its discretion. The offering documents set out the full redemption terms.
RePool calculates the Fund’s net asset value independently of the manager, and Cherry Bekaert LLP audits its annual financial statements. Rogan’s own capital is invested in the Fund on the same terms as every partner.
This information is provided for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any interest in BWC Founders Fund, LLC. Any such offer or solicitation will be made only by means of a confidential Private Placement Memorandum and Subscription Agreement. Investment in the Fund involves a high degree of risk, including the risk of a total loss of investment. Please read the Important Disclosures.
Next step
Start a Conversation
Speak directly with the Founder and Fund Manager about the BWC Founders Fund, our systematic approach, and whether it aligns with your investment objectives.