4: Construct

Draft, iterate, and approve legal documents, and clarify the roles of staff, governing boards, and advisory committees.

Timespan: 6-12 months

---

Steps Prime takes

• Coordinate with legal counsel, aiming to minimize costs through pro bono engagement and/or nonprofit discounted rates.

• Ensure consistency of the fund’s operating budget with Prime’s policies on investment manager compensation.

Sample clarifying questions

• Who is responsible for evaluating impact potential, additionality, and “bridge to somewhere” pre-investment?

• What accountability mechanisms are in place to ensure rigorous assessment of impact-first underwriting criteria?

• Who has approval rights over appointment of committee members and future changes to fund mission and structure?