{
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 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/fund-formation",
 "identifier": "kaal:entity:fund-formation",
 "name": "Fund formation",
 "termCode": "fund-formation",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
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   "value": [
    "2017",
    "2017"
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 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2959730-006",
   "identifier": "kaal:claim:2959730-006",
   "text": "First time managers are disproportionately affected by the new fee environment: unlike in the recent past they are now often forced to share the business budget, such as rent and employee salaries, in order to justify a 1.5% management fee.",
   "abstract": "First-time or new managers are particularly affected by the new fee structure. Unlike in the recent past, first-time managers are now often forced to share the business budget (rent, employee salaries, etc.) to justify the 1.5% management fee.",
   "citation": "Wulf A. Kaal, Blockchain Applications and Fee Structure Developments in Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2959730",
   "datePublished": "2017",
   "claim_type": "empirical",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "first time or new fund managers",
    "fund formation and seed investment negotiations"
   ],
   "source_pdf_sha256": "ebd86972d8817b0c1c80326ae5564476983cedba3f258ff3b2610f156b93fb50",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2959730-007",
   "identifier": "kaal:claim:2959730-007",
   "text": "New managers increasingly face contested track records, meaning the new firm cannot get a consensus from the manager's old employer about the manager's track record with that employer.",
   "abstract": "Moreover, the industry is increasingly seeing contested track records for new managers, i.e., the new firm cannot get a consensus from the new manager's old employer about the manager's track record with that employer.",
   "citation": "Wulf A. Kaal, Blockchain Applications and Fee Structure Developments in Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2959730",
   "datePublished": "2017",
   "claim_type": "failure",
   "confidence": "asserted",
   "is_failure_mode": true,
   "scope_conditions": [
    "first time managers spinning out of a prior employer"
   ],
   "source_pdf_sha256": "ebd86972d8817b0c1c80326ae5564476983cedba3f258ff3b2610f156b93fb50",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2998033-036",
   "identifier": "kaal:claim:2998033-036",
   "text": "Private fund adoption of blockchain began in 2012, coinciding with the broader public debate over blockchain solutions, and took the form of managers setting up separate new fund entities that used the technology.",
   "abstract": "In 2012, coinciding with the more public debate of blockchain based solutions, private investment fund managers started to get involved in the technology by setting up separate and new fund entities that utilized the technology in various forms.",
   "citation": "Wulf A. Kaal, Blockchain Innovation for Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2998033",
   "datePublished": "2017",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "based on the study's time series of fund inception versus blockchain use inception dates"
   ],
   "source_pdf_sha256": "aafb1be3c25cd33da477d759df9ca2f856f0a8fe133d6396da2e75d0af573dbd",
   "status": "current"
  }
 ],
 "description": "3 claims in the published works of Wulf A. Kaal carry the concept tag 'fund-formation'. Derived node: a roster, not an adjudicated definition."
}