Rolling Funds: How the Quarterly Subscription Model Works
What a rolling fund is and how it differs from a traditional fund.
A rolling fund raises capital on a continuous, quarterly subscription basis rather than closing a single fixed pool. LPs subscribe to contribute a set amount each quarter and can adjust over time, which lets managers raise and deploy capital continuously and publicly.
Key differences from a traditional fund:
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Continuous, quarterly closes instead of one final close
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Often uses 506(c), allowing public solicitation.
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LPs participate in the deals made during the quarters they are subscribed to.
PaperOS supports rolling-fund structures
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