Running a fund isn’t just about picking great startups or raising capital. Behind every high-performing GP is a system—often invisible—that keeps the engine running. And Dave Perretz knows how to build that engine from scratch.
In this episode of Ignite VC, we sat down with Dave, founder of Signal Fund Services, to unpack what it really means to scale smart, manage complexity, and earn long-term trust from LPs. If you’re a solo GP, first-time fund manager, or preparing for institutional capital, this post is for you.
From Army Officer to Fund Infrastructure Expert
Dave’s story begins in an unexpected place: the U.S. Army. His experience leading soldiers taught him the importance of systems, structure, and strategic thinking—skills that have shaped his approach to building venture fund infrastructure.
After a stint at JP Morgan and a hands-on startup role at 2U Laundry, Dave launched Signal Fund Services to bring institutional-quality operations to emerging managers. His goal? Help GPs scale efficiently without compromising trust or performance.
The CFO Triangle: More Than Just Fund Admin
Most GPs confuse “fund admin” with “fund operations.” Dave breaks it down into a triangle:
Accounting: Your fund admin, audit, and tax team—focused on historical reporting.
Finance: FP&A, capital planning, secondaries, and financial modeling.
Strategic Ops: Managing service providers, syncing systems, and presenting decision-ready data to the GP.
“My job is to take the mental load off the GP,” Dave says. “You should be spending time on deals, not chasing K-1s or reconciling Excel files.”
When Should GPs Bring in Help?
Dave engages with fund managers as early as Fund 0. His message is simple: You don’t need a full-time CFO, but you do need systems.
He’s built a crawl-walk-run model of operational tools tailored for:
Fund 0–1: Excel templates, cap tracking, cash flow modeling
Fund 2–3: Dashboards, portfolio KPIs, service provider orchestration
Institutional scale: Full fund playbooks, DDQs, audit prep, co-invest tracking
Institutional-Ready ≠ Big AUM
One of the biggest myths in venture is that institutional readiness requires $100M+ AUM. Not true.
“I know $25M funds that run like Swiss watches,” Dave says. “Institutional readiness is about systems, not size.”
He encourages GPs to adopt ILPA-aligned reporting, prepare due diligence questionnaires (DDQs), and set up audit-proof processes from Day 1. LPs are looking for consistency, transparency, and discipline—not just returns.
Tools, Systems & Scaling Smarter
On tech stacks, Dave has seen everything: Affinity, Carta, Decile, AngelList, and countless Airtable hacks.
His advice:
Don’t overpay for tools you won’t maintain
If you’re building your own CRM, own it fully and systematize
Use AI where it adds leverage, not just where it feels trendy
He notes the rise of AI parsing tools for founder updates—but warns most still require human oversight. The real value of AI in fund ops? Digesting signals from hundreds of companies and surfacing where GPs need to focus.
The Metrics LPs Actually Care About
Dave highlights three core metrics every GP must master:
TVPI (Total Value to Paid-In Capital)
MOIC (Multiple on Invested Capital)
IRR (Internal Rate of Return)
More importantly, he urges GPs to track plan vs. actual—especially around deployment pace, check sizes, and portfolio construction.
“Are you doing what you said you would do? That’s the metric LPs really care about.”
Market Trends and LP Expectations in 2025
With the venture market maturing and LPs becoming more risk-averse, Dave sees a shift:
Longer fundraising cycles
Greater scrutiny on back-office systems
Increased demand for transparency, co-invest access, and investor reporting
In a world burned by 2021 hype cycles and 2022 corrections, LPs want to know you run a serious business. This includes:
Wire controls
Co-investment tracking
Audit timelines
Communication cadences
Rapid-Fire Learnings from Dave
We ended the interview with some rapid-fire insights from Dave. Here are a few highlights:
Most underrated metric: Plan-to-actual on deployment and pacing
Biggest myth about institutional readiness: It’s not about AUM
Most overhyped tool: AI parsing for KPIs (still needs human review)
Most underrated CFO trait: Systems engineering mindset
Best gut decision: A friend joined Palantir and Stripe by trusting his network—proof that great careers start with small yeses
Final Takeaway
Venture capital is evolving—and the managers who succeed will be the ones who take their operations seriously. Whether you’re raising your first fund or aiming for institutional LPs, Dave Perretz’s message is clear:
“The best firms don’t try to be flashy—they just do the basics really, really well. Over and over again.”
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Chapters:
00:01 Dave Perretz’s Unconventional Path into VC
01:35 Lessons from Military Leadership
04:00 Entering Startups and Building 2U Laundry
06:22 The Origin of Signal Fund Services
07:04 When GPs Should Bring in Fund Ops Support
09:17 Fund Admin vs Fund CFO: Key Differences
11:13 The CFO Triangle Explained 13:41 What GPs Consistently Underestimate
15:25 Fund Ops Tech Stack: Build or Buy?
16:39 The AngelList Debate 17:57 AI in Fund Ops and Its Limits
24:34 What Institutional-Ready Really Means
26:20 ILPA Guidelines and LP Expectations
33:31 What LPs Want in Updates and Dashboards
35:44 Metrics That Actually Matter: TVPI, MOIC, IRR
41:02 Shifting LP Expectations and Market Trends
43:23 Why VCs Fail to Beat the Market
48:33 Rise of Solo GPs and Fund 2–3 Maturity
50:28 Rolling Funds and Founder Vehicles
52:31 How AI Is Changing the Back Office
54:20 Making Better Decisions Under Pressure
57:10 Prioritizing in Chaos and Team Design
59:35 Most Underrated Metric for GPs
01:00:33 Biggest Myth About Institutional Readiness
01:01:02 Overhyped Tech in Fund Ops
01:01:49 Most Underrated Trait of a Fund CFO
01:02:11 Best Gut-Based Investment Call
01:05:01 Audit War Stories and Doc Hygiene
01:06:00 Rapid Fire Questions
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