A prospective investor asks to see your fund. You have a data room and a pitch deck, but the first thing most people want is a single page they can read in two minutes and forward to a partner. That page is the fund one-pager. Done well, it earns the next meeting. Done carelessly, it becomes a securities problem.
This article gives you a copyable, section-by-section one-pager template you can adapt for your offering, with fill-in prompts for each block and the Regulation D guardrails that govern how and to whom you can share it. By Christoph Olivier. This is marketing guidance, not legal or investment advice. Confirm anything below with your fund counsel before you send.
What a fund one-pager actually is
A fund one-pager is a short summary of your strategy, terms, team, and how to reach you. For a fund manager, the important thing to understand is what it is not: it is not neutral marketing collateral like a blog post. A one-pager that describes a specific offering, with terms and a way to invest, is offering material for a securities offering. That single fact drives every rule that follows.
Because it is offering material, the way you distribute it is regulated. Most private funds raise under Regulation D, using either Rule 506(b) or Rule 506(c). The exemption you rely on decides who can receive your one-pager and how you can promote it.
506(b) versus 506(c) in one paragraph
Under Rule 506(b) you cannot engage in general solicitation. In practice that means the one-pager goes only to people with whom you have a pre-existing, substantive relationship, and you are not allowed to advertise the offering publicly or post it on an open website. Under Rule 506(c) you may promote the offering publicly, including on your site and in cold outreach, but every investor must be accredited and you must take reasonable steps to verify accredited status rather than relying on a checkbox. Pick your lane before you write a word, because it changes how the same document may travel.
The template, section by section
Copy the blocks below into a single page. Keep the whole thing to one side of paper. Replace each bracketed prompt with your own content, and read the guidance under each block before you finalize it.
| Section | Fill-in prompt | Guardrail to respect |
|---|---|---|
| Header | [Fund legal name], [Fund type: e.g. venture, real estate, private credit], [Fund number or vintage] | Use the exact legal entity name. Do not imply a track record the fund itself does not have. |
| Strategy | [One sentence on what the fund invests in and why now] | Describe the thesis, not a promised result. |
| Terms | [Target size, minimum commitment, management fee, carry, term, structure] | State terms as offered, and note they are subject to the operating agreement or PPM. |
| Team | [Names, roles, one line of relevant background each] | Accurate bios only. Verifiable claims. |
| Track record note | [How prior results are presented, or a clear statement that there is none] | No cherry-picking, no guarantees, disclose that past results do not predict future results. |
| Contact and next step | [Who to contact, how, and what happens next] | The call to action must match your exemption. |
1. Header
Prompt: [Fund legal name] | [Strategy in three or four words] | [Vintage or Fund number]. Add a short line stating the exemption context internally, such as a footer that reads “Offered to accredited investors under Regulation D.” Do not dress up a first-time fund as an established franchise. If this is your first fund, the header should not suggest otherwise.
2. Strategy
Prompt: [Fund] invests in [asset class or company stage] in [sector or geography], targeting [type of opportunity]. We believe [one-sentence thesis]. Write the thesis as a view about the market, not a forecast of returns. “We back seed-stage vertical software founders in supply chain” is a strategy. “We expect to double investor capital” is a promise you cannot make on a one-pager, and it invites both securities and FTC-style substantiation problems. Keep it to two or three sentences.
3. Terms
Prompt: Target fund size: [amount]. Minimum commitment: [amount]. Management fee: [percent]. Carried interest: [percent]. Fund term: [years plus extensions]. Structure: [Delaware LP or similar]. List the economic terms plainly. Follow the block with a single sentence: “All terms are summarized and qualified in full by the fund’s governing documents.” That sentence matters. The one-pager is a summary, and the operating agreement or private placement memorandum controls. Never let a summary term contradict the real document.
4. Team
Prompt: [Name], [Role]. [One line: prior firm, relevant experience, or domain expertise]. Repeat for each principal. Investors underwrite people first in private funds, so this block earns its space. Keep every claim verifiable. If a partner exited a company, say what is true and provable. Do not borrow credibility from deals a principal only touched at the edges.
5. Track record note
This is the block where managers get into trouble, so handle it with care. If you have prior results you may reference them, but present them fairly. Do not show only your winners. If you present any performance figures, they should be accurate, sourced from records you can defend, and paired with a clear disclosure that past performance does not guarantee future results. If you are a first-time manager with no fund track record, say so directly: [Fund] is a first-time fund. Principals’ relevant prior experience is described above. Honesty here reads as confidence, and it keeps you clear of misleading-statement rules. Do not invent figures to fill the gap.
6. Contact and next step
Prompt: To learn more, contact [name] at [email or scheduling link]. The wording of this block depends on your exemption. Under 506(b), the next step for a new contact is a relationship, not a subscription. A safe framing is: “We are happy to discuss whether the fund is a fit.” Under 506(c), you can invite investment more directly, but you must add that participation is limited to verified accredited investors and describe how verification will happen. Match the ask to the rule you are relying on.
Compliance and the mistakes that sink one-pagers
The guardrail to hold onto: a one-pager for a specific offering is offering material, so its distribution follows your Regulation D exemption. Under 506(b) it goes only to pre-existing substantive relationships and is never posted publicly or cold-blasted. Under 506(c) it may go out publicly, but only accredited investors can invest and you must verify that status through reasonable steps. This is not legal advice, and your counsel and any Form D filing govern the specifics.
Here are the mistakes fund managers make most often with this document:
- Posting a 506(b) one-pager on a public website or LinkedIn. That is general solicitation, and it can blow the exemption for the whole raise. If you want to publish, you are in 506(c) territory and the verification obligation attaches.
- Treating a business card as a substantive relationship. Meeting someone once at a conference is not the pre-existing substantive relationship 506(b) requires. Build and document the relationship before the one-pager goes out.
- Implying or stating guaranteed returns. Target IRRs framed as expectations, “projected” numbers with no basis, or any language that reads as a promise all create liability. Describe the strategy and the risk, not an outcome.
- Letting the one-pager contradict the PPM. If the summary says one fee and the operating agreement says another, the discrepancy is a real problem. Reconcile the one-pager against the governing documents every time terms change.
- Relying on a self-certification checkbox under 506(c). Reasonable verification means reviewing documentation or using a qualified third-party letter, not accepting a box the investor ticked.
How this fits your larger raise
The one-pager is a single asset in a raise that also needs a clear ideal-investor definition, a relationship-building system that satisfies 506(b), a data room, and a follow-up cadence. If you want the full sequence, from positioning to investor outreach to close, see our marketing plan for capital raisers and fund managers. The one-pager works best as the opening line of that system, not a standalone flyer.
FAQ
Frequently asked questions
Can I put my fund one-pager on my website?
Only if you are raising under Rule 506(c) and are prepared to verify that every investor is accredited. Posting a one-pager for a specific 506(b) offering publicly is general solicitation and can jeopardize that exemption. Many managers keep offering material off the public site and gate it behind a relationship.
What is the difference between a one-pager and a pitch deck?
The one-pager is a single-page summary meant to be read fast and forwarded. The deck is the longer story you walk through in a meeting. Both are offering material if they describe a specific offering, so both follow the same Regulation D distribution rules.
Can I include target returns on the one-pager?
Be very cautious. Any figure that reads as a promise or a guarantee creates exposure. If you reference targets or prior results at all, they must be accurate, defensible, and paired with a clear disclosure that past performance does not predict future results. When in doubt, describe the strategy and leave projected numbers off the page.
How do I handle track record if this is my first fund?
State plainly that it is a first-time fund and point to the principals’ relevant prior experience in the team block. That reads as honest and keeps you clear of misleading-statement rules. Do not manufacture figures or imply a fund history you do not have.
Who can receive a 506(b) fund one-pager?
People with whom you have a pre-existing, substantive relationship before the offering. That means you knew enough about them to assess their sophistication or financial situation before you shared the material. A single introduction or a cold list does not meet the bar.
Do I still need a PPM if I have a strong one-pager?
The one-pager never replaces your governing documents. It is a summary, and the private placement memorandum or operating agreement controls the actual terms and risk disclosures. Ask your fund counsel what offering documents your specific raise requires.
Next step
Draft your one-pager against the template above, then run it past your fund counsel before it leaves your desk. If you want help turning it into a full investor-outreach system that respects your Regulation D exemption, book a call or review the hub above.
Frequently asked questions
Can I put my fund one-pager on my website?
Only if you are raising under Rule 506(c) and are prepared to verify that every investor is accredited. Posting a one-pager for a specific 506(b) offering publicly is general solicitation and can jeopardize that exemption. Many managers keep offering material off the public site and gate it behind a relationship.
What is the difference between a one-pager and a pitch deck?
The one-pager is a single-page summary meant to be read fast and forwarded. The deck is the longer story you walk through in a meeting. Both are offering material if they describe a specific offering, so both follow the same Regulation D distribution rules.
Can I include target returns on the one-pager?
Be very cautious. Any figure that reads as a promise or a guarantee creates exposure. If you reference targets or prior results at all, they must be accurate, defensible, and paired with a clear disclosure that past performance does not predict future results. When in doubt, describe the strategy and leave projected numbers off the page.
How do I handle track record if this is my first fund?
State plainly that it is a first-time fund and point to the principals’ relevant prior experience in the team block. That reads as honest and keeps you clear of misleading-statement rules. Do not manufacture figures or imply a fund history you do not have.
Who can receive a 506(b) fund one-pager?
People with whom you have a pre-existing, substantive relationship before the offering. That means you knew enough about them to assess their sophistication or financial situation before you shared the material. A single introduction or a cold list does not meet the bar.
Do I still need a PPM if I have a strong one-pager?
The one-pager never replaces your governing documents. It is a summary, and the private placement memorandum or operating agreement controls the actual terms and risk disclosures. Ask your fund counsel what offering documents your specific raise requires.