Launching a fund without an established management company or internal back office requires more than forming a legal entity. The manager must also address regulatory oversight, investment governance, investor onboarding, banking, accounting, reporting and administration.
Auptimate Nova, Decile Group and Allocations can each reduce that operational burden, but they are not interchangeable. Nova provides a Singapore fund route through an appointed licensed-manager and service-provider framework. Decile Group’s Start Fund is a standardised Delaware venture fund in which Decile Group fills the general partner and management-company roles. Allocations primarily provides formation and administration infrastructure for manager-led funds, including Delaware and selected offshore structures.
The right option depends on where the fund will be based, who will hold the regulated or fiduciary roles, how much investment control the emerging manager requires and where its investors are located.
Information and pricing were reviewed on 17 October 2026. Provider terms, eligibility rules and regulatory requirements should be checked again before a 2027 launch.
Quick answer
Auptimate Nova is the most directly aligned option for an emerging or overseas manager seeking to launch a Singapore-based fund without building an independent licensed platform from the outset.
Decile Group’s Start Fund may suit an eligible Investment Lead seeking a small, standardised Delaware venture fund with Decile Group acting as general partner and providing investment-committee oversight. It is not currently available to Investment Leads living in Singapore.
Allocations may suit managers who want a Delaware or supported offshore fund with integrated formation and administration while retaining the conventional general-partner role. The manager must still establish the appropriate US or local regulatory position.
What does “unlicensed fund manager” mean?
The phrase can be misleading because fund-management rules depend on the jurisdiction and the activities being performed.
In Singapore, a company managing assets belonging to external investors generally needs a capital markets services licence for fund management unless an exemption applies. A Variable Capital Company must also appoint a permissible fund manager, such as a licensed fund management company, registered fund management company or qualifying exempt financial institution.
In the United States, the analysis is different. A private-fund adviser may need to register with the Securities and Exchange Commission or a state regulator, or qualify for an exemption such as the venture-capital-fund adviser or private-fund adviser exemption. Forming a Delaware fund or using an administration platform does not resolve that question by itself.
A fund platform can provide infrastructure and, in some operating models, appointed regulated or fiduciary parties. It does not automatically grant the user a personal licence.
Auptimate Nova vs Decile Group vs Allocations
| Area | Auptimate Nova | Decile Group Start Fund | Allocations Fund |
|---|---|---|---|
| Primary structure | Sub-fund within a Singapore platform structure | Delaware venture fund | Delaware limited partnership, with selected offshore structures supported |
| Core operating model | Portfolio manager leads the strategy within an appointed licensed-manager and provider framework | Decile Group fills the GP and management-company roles; the user acts as Investment Lead | Manager-led fund supported by formation, administration and platform infrastructure |
| Regulatory route | Appointed licensed fund manager and coordinated provider stack | Decile-managed GP, compliance and investment-committee framework | Adviser registration or exemption must be assessed separately |
| Investment control | Strategy, fundraising, sourcing and recommendations led by the portfolio manager; defined matters remain subject to review or approval | Investment Lead recommends deals; Decile’s investment committee makes the final investment decision | GP selects investments and manages the portfolio, subject to its governing documents and regulatory obligations |
| Fund strategies | Venture capital, private equity and real estate | Venture capital | Venture capital, digital assets, real estate, funds of funds and other strategies |
| Administration | Formation, documents, onboarding, accounting, reporting, distributions and audit coordination | Formation, banking, administration, legal and tax support through the Start Fund model | Formation, investor onboarding, capital calls, accounting, tax preparation and distributions |
| Published pricing | Custom proposal based on size, strategy and complexity | Standardised fee and carry allocation | US$19,500 annual subscription, plus applicable additional and pass-through fees |
| Geographic consideration | Designed for Singapore-based and cross-border managers and investors, subject to eligibility and approvals | Investment Leads living in Singapore are currently ineligible | International investors and selected offshore vehicles supported, subject to legal and onboarding requirements |
| Most aligned when | You want a Singapore fund without assembling every appointed provider independently | You want a small, standardised Delaware VC fund and accept the Investment Lead model | You want a manager-led US or supported offshore fund with technology-enabled administration |
How does Auptimate Nova work?
Nova is designed for emerging managers raising a dedicated fund with fund-level commitments. The fund operates as a sub-fund within a coordinated platform and appointed-provider stack.
The portfolio manager leads the investment thesis, portfolio construction, fundraising relationships, sourcing, diligence and portfolio support. Investor acceptance, investment execution, material changes and certain operating decisions remain subject to the agreed governance framework and required approvals. Appointed parties lead regulatory oversight, fund-level governance, administration, accounting, reporting, legal documentation and audit coordination.
This division is important. Nova does not make the portfolio manager independently licensed or give them unrestricted control over the fund. It provides a structured route for operating within an existing institutional framework.
Nova supports venture capital, private equity and real-estate strategies. Auptimate states that a fund may target launch in as little as four weeks when the strategy, economics, documentation and investor plan are ready. The actual timeline depends on due diligence, provider acceptance, investor onboarding and required approvals. First close may occur after the legal and operational launch.
Pricing is provided through a scoped proposal based on the fund’s size, strategy, appointed-provider requirements and operating complexity. Nova may be most relevant when the manager wants a Singapore fund and values a coordinated structure, licensed-manager framework and ongoing operating support more than unrestricted structural control.
How does Decile Group’s Start Fund work?
Decile Group offers several products, including Decile Hub, Decile Partners fund administration and the Start Fund. For this comparison, the Start Fund is the closest equivalent to a fund-in-a-box product for a first-time manager.
Start Fund is a standardised Delaware venture fund designed for smaller initial funds. Its website currently lists a US$150,000 minimum close and between one and three Investment Leads. The Investment Lead receives a stated 1% management fee and 18% carried interest, while a 1% operations fee and 2% carried interest support fund operating costs.
The control model differs materially from a conventional manager-led fund. Decile Group acts as the general partner, while the user is appointed as the Investment Lead. The Investment Lead raises capital, sources opportunities, prepares investment materials and maintains investor relationships, but Decile’s investment committee makes the final investment decision.
An Investment Lead cannot initially describe themselves as the fund’s General Partner or Managing Partner. Decile states that the fund can later be transferred to the Investment Lead’s own general partner and management company through an agreed process.
The current eligibility rules are particularly important for an Asia-based comparison. Decile states that Start Funds are domiciled in Delaware, cannot have Investment Leads living in Singapore or India and cannot currently accept LPs from Europe, India, Japan or the United Kingdom. These restrictions make Start Fund unsuitable for many Singapore-based or broadly cross-border fundraising strategies.
Decile Partners is a broader fund-administration offering with entity management, accounting, treasury, reporting, tax and regulatory support. Managers considering Decile should therefore distinguish between the highly standardised Start Fund and the company’s more conventional administration services.
How does Allocations work?
Allocations provides formation and administration infrastructure for manager-led private funds. Its published fund service covers entity formation, fund documents, investor onboarding and KYC, capital calls, fund accounting, management-fee calculations, annual K-1 preparation and distribution waterfalls.
The platform primarily forms Delaware limited partnerships relying on Section 3(c)(1) or 3(c)(7) exclusions. It also states that it supports Cayman Islands, British Virgin Islands and Seychelles structures for offshore and cross-border arrangements, including master-feeder and parallel structures.
Unlike the Nova and Start Fund operating models, Allocations describes the general partner as the party that sets the strategy, selects investments, manages the portfolio and oversees exits. This provides a more conventional manager-controlled structure, but it also means that the manager must separately determine its investment-adviser registration, exemption and compliance obligations.
As of October 2026, Allocations publishes an annual fund price of US$19,500. The standard scope includes up to 249 investors for venture funds or 99 investors for non-venture funds, unlimited closes and up to 30 included assets. Additional investors, services and regulatory filing costs may attract separate charges, so the complete fee schedule should be reviewed before comparing total lifecycle costs.
Allocations may be appropriate for managers who already have, or are prepared to establish, their own general partner and regulatory pathway and want a technology-enabled formation and administration layer.
Which platform provides the most manager control?
“Control” needs to be separated into strategy leadership, legal authority and regulated approval.
With Nova, the portfolio manager leads the strategy, fundraising and investment recommendations within the fund’s agreed mandate. The appointed manager and other providers retain responsibility for regulated oversight, formal approvals and defined governance matters.
With Start Fund, the Investment Lead leads sourcing and investor relationships, but Decile Group acts as GP and its investment committee makes the final investment decision. This can reduce the initial setup burden, but it also limits the Investment Lead’s authority and title.
With Allocations, the manager generally establishes and controls the GP-led fund structure. That can provide greater structural independence, but it also places more responsibility on the manager to establish its regulatory, legal and compliance framework.
The best model is therefore not necessarily the one advertising the most control. It is the one in which the division of authority matches the manager’s experience, jurisdiction and readiness to assume regulatory responsibility.
How should managers compare pricing?
Headline fees do not represent the full cost of launching and operating a fund.
A proper comparison should include formation, legal documents, the licensed or appointed manager, administration, accounting, tax reporting, audit, banking, compliance, investor onboarding, regulatory filings, additional closings, distributions and eventual migration or closure.
Nova uses scoped pricing because the provider stack and operating requirements vary by strategy and fund. Start Fund uses a standardised economic model that allocates part of the management fee and carried interest to operations. Allocations publishes an annual platform fee but identifies additional and pass-through charges in its detailed schedule.
Managers should model the total cost over the expected fund life, including costs charged directly to the fund and costs borne by the management company. They should also confirm how fees change if the number of investors, assets, side letters or reporting obligations increases.
What should you verify before choosing a platform?
Before signing with any provider, request written answers to five questions:
- Who holds each formal role? Identify the fund manager, GP, directors, administrator, investment committee, auditor and legal counsel.
- Who has final investment authority? Confirm which decisions the emerging manager can make independently and which require review, consent or formal execution by another party.
- Which investors and jurisdictions are supported? Map the residence and legal form of anticipated investors before paying setup fees.
- What is included in the quoted price? Separate platform fees from legal, regulatory, tax, audit, banking and third-party charges.
- What happens if the relationship ends? Confirm ownership of records, migration support, bank and entity control, required approvals and whether the vehicle can move to another provider.
These answers should appear in the governing documents, service agreements or responsibility matrix. They should not depend only on statements made during a sales demonstration.
Which fund-in-a-box platform is best for emerging managers?
There is no universal winner because these products solve different problems.
Auptimate Nova is the clearest fit among the three for a manager seeking a Singapore-based fund through an appointed licensed-manager and provider framework. It combines strategy leadership for the portfolio manager with institutional oversight and ongoing fund operations.
Decile Group’s Start Fund offers a distinctive route for eligible Investment Leads seeking to begin with a smaller, standardised Delaware venture fund. Its fixed economics, investment-committee control and geographic restrictions should be understood before applying.
Allocations provides a broad US-oriented formation and administration platform for managers who want to operate through their own GP-led structure. It offers transparent published pricing and a wide administrative scope, but it should not be treated as a substitute for determining the manager’s regulatory status.
The final decision should follow the manager’s intended jurisdiction, investor map, strategy, target size, governance preferences and long-term plan for building an independent management business.
Frequently asked questions
Can an unlicensed manager launch a fund through Nova?
Yes, subject to eligibility, provider acceptance and the agreed operating model. Nova uses an appointed licensed-manager framework, allowing the portfolio manager to lead the strategy and fundraising without first building an independent licensed fund-management company. This does not make the portfolio manager personally licensed.
Is Decile Group’s Start Fund available to managers in Singapore?
Not currently. Decile Group’s published FAQ states that Start Fund cannot accept Investment Leads living in Singapore. A Singapore-based manager could investigate Decile Partners or another structure, but should not assume eligibility for Start Fund.
Does Allocations provide an investment-adviser licence?
Allocations provides fund formation and administration infrastructure. A manager using the platform must still assess whether it needs federal or state investment-adviser registration or can rely on an available exemption.
Can overseas managers launch a fund in Singapore?
Yes. Nova can support overseas portfolio managers through its Singapore fund framework, subject to eligibility review, due diligence, the appointed parties’ acceptance and the applicable regulatory and tax requirements.
Can these platforms onboard investors from different countries?
Cross-border onboarding is possible, but not every platform supports every investor jurisdiction. Investor eligibility, securities-offering restrictions, tax treatment, sanctions screening and KYC requirements must be reviewed country by country. Decile Start Fund currently has express geographic exclusions, while Nova and Allocations assess cross-border participation within their respective structures.