How can a seed venture fund connect its thesis to actual sourcing evidence?

Connect a thesis to actual access, screening, decisions, and passes. A strategy document is stronger when it explains which opportunities the manager can encounter and assess, and which it deliberately rejects. Keep future ambitions distinct from demonstrated process.

Start with the decision

Map recent sourced opportunities to the thesis and note the outcome of the screen. Explain exceptions and changes. Use public or permissioned examples without disclosing private founder information to a broader audience than authorized.

The illustrative scenario

This is an educational workbook. The company or fund and all numerical inputs below are fictional. They are not ADIN results, customer claims, market benchmarks, or a forecast.

The fictional manager targets companies with an initial customer base and plans to join priced rounds. It uses larger initial checks than the pre-seed example and expects a smaller portfolio. Co-investor access is part of the thesis.

An attractive round does not prove allocation access or consistent decision quality. Verify what the manager could actually invest, the price paid, and the ownership maintained.

Turn the scenario into an evidence decision

Consider a review of a seed venture fund in which a confident explanation arrives before the supporting records. Start with the first question in the table. Write down what an answer would change: the next interview, the experiment's scope, a request for specialist review, or a decision to wait. A question without a consequence can produce a longer document while adding little understanding.

Next, inspect the record named in the table and record its date, owner, permission boundary, and limitations. Request executed investment records where available, a complete portfolio schedule, reserve assumptions, and references about the manager's role. Keep proposed deals separate from completed investments. If the record contradicts the explanation, preserve both accounts and ask which definition, period, or workflow differs. Do not silently select the version that makes the opportunity look strongest.

Finish with a conditional statement: if the specified evidence supports the claim under these conditions, take the named next step; otherwise investigate the unresolved question. A thesis should guide behavior rather than merely describe the deals available after the fact. An evidence-backed change can show learning if the manager explains its implications for the fund and LP commitments. This worked exercise is about the decision process. It does not assert that a fictional company has met a real diligence standard or that a template can authorize an investment.

Use this worksheet

Answer the questions with a source, date, owner, and next action. Mark an unknown as unknown. Use public or permissioned information and involve a qualified specialist when a question requires expertise beyond the team’s competence.

1. Where does access come from?
2. What qualifies for review?
3. What leads to a pass?
4. Which example changed the thesis?
5. What is still unproven?

Questions specific to this scenario

• Which allocations were actually obtained?
• What changes when round sizes rise?
• How are reserves prioritized?

Request executed investment records where available, a complete portfolio schedule, reserve assumptions, and references about the manager's role. Keep proposed deals separate from completed investments.

A concrete next test

Select one completed investment and one opportunity where the manager could not obtain the desired allocation. Ask how access, price, and ownership affected the decision. Include both examples when evaluating whether the proposed check sizes and company count are executable.

Interpret the result

A thesis should guide behavior rather than merely describe the deals available after the fact. An evidence-backed change can show learning if the manager explains its implications for the fund and LP commitments.

Compare the strategy with actual check sizes and capacity. Identify whether the model relies on ownership or access that has not yet been demonstrated.

Sources and method

These primary resources provide background for the concepts. The fictional scenario, calculations, and worksheet are ADIN educational examples; the sources do not report or validate those invented results. Reviewed October 11, 2026.

• ILPA: Due Diligence Questionnaire user guide
• Investor.gov: Private Equity Funds