Decide how initial check size, ownership target, and follow-on reserves interact in a VC fund.
Reserve pressure The fund can win the seed allocation, but the company may need three more rounds before exit. A reserve plan protects winners without starving the rest of the portfolio. Portfolio math Initial check plus reserve load Every initial investment creates a future decision: defend ownership, accept dilution, or concentrate elsewhere. React Max the first check to win the round. A check size that fits both deal access and fund construction. Reserve planning prevents a fund from accidentally promising future capital it cannot afford. 01 Ownership 02 Rounds 03 Reserve Set ownership target Step 1
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