Last Letter Book the intake call
For funds at or past their term, run by a GP with no IR or ops team

Every fund ends.
Not every fund ends well.

We run the last stretch of your fund, from the LPA to the dissolution certificate.

Start with the two-week review See the seven steps
Fund I
2016 to 2026 · The End
Thank you.
Produced by the limited partners
Ada LovelaceGrace HopperAlan TuringHedy LamarrClaude Shannonand forty-one more, every one of them written to
Running time
Ten years and two extensions.Everyone stayed for the credits.
Starring the founders
Steve JobsBill Hewlett and Dave PackardGordon MooreSusan Wojcickiand six more
In memoriam
Three companies,each with a certificate of dissolution.
Directed by
Billy Wilderwho also did K-1 season
Executive producers
The LPAC, who waived the audit
Editing
The write-offs
Continuity
Capital accounts reconciled
Distributed by
The fund. In cash, on the date.
Rated K-1
On time
The last letter was sent on June 30, 2026.
No post-credits scene. No sequel required.
Fund I
2016 to 2026 · The End
Thank you.
Produced by the limited partners
Ada LovelaceGrace HopperAlan TuringHedy LamarrClaude Shannonand forty-one more, every one of them written to
Running time
Ten years and two extensions.Everyone stayed for the credits.
Starring the founders
Steve JobsBill Hewlett and Dave PackardGordon MooreSusan Wojcickiand six more
In memoriam
Three companies,each with a certificate of dissolution.
Directed by
Billy Wilderwho also did K-1 season
Executive producers
The LPAC, who waived the audit
Editing
The write-offs
Continuity
Capital accounts reconciled
Distributed by
The fund. In cash, on the date.
Rated K-1
On time
The last letter was sent on June 30, 2026.
No post-credits scene. No sequel required.
What you get

A fund that is finished, on a date.

The invoices stop.
Today: administrator, audit, K-1s, insurance, state fees. Every year, with no fee to pay them.
Your LPs get a date, and say yes to it.
Today: an extension request at expiry, or silence.
Every position resolved, with the paperwork for the loss.
Today: companies on the books, some of them dead, the loss frozen.
Your own money comes out.
Today: your commitment and your carry sit inside, with theirs.
Which one is yours?

Two ways to reach the end of a fund.

The fund that never ends

Still filing K-1s for a fund that stopped investing years ago?

Past term. Fee gone, bills not. Positions stuck. LPs waiting for a date.

This is mine The fund that lands

Year ten is coming. Land it.

Term in sight, live companies, LPs who will remember how this one ended. Extend, sell, distribute, close. On a date.

This is mine
Compare with doing nothing

A fund with no fee still sends invoices.

The bills are per entity and per LP. They do not shrink when the fee stops.

And a dead position is a loss nobody can use until the fund dissolves. Closing is what hands your LPs the loss. Not tax advice; the fund's tax preparer confirms.

One more yearPer year
Administrator, tax, K-1s$23–42K
Audit$25–40K
Insurance, legal, state$17–55K
From the reserve, or your pocket$65–140K
With the audit waived$40–100K
The two-week review$5,000, once
Typical ranges for funds under $50M. Yours replace them in the review.
How it works

Seven steps to a dissolved fund. At every one, you know who does what.

  1. 01

    Read the LPA with your counsel

    Term, extensions, who consents, whether the audit can be waived. One page, with dates.

    Us · lawyer confirms Week 1
  2. 02

    Inventory every position

    One row per company: ownership, cost, last round, runway, your honest status.

    Us · you, two hours Weeks 1 to 2
  3. 03

    Route each one

    Hold, sell, distribute in kind, or write off. A number and a timeline for each.

    Us · you decide Weeks 2 to 3
  4. 04

    Write the LP memo in your voice

    Where the fund stands, the plan, what LPs approve and when.

    Us · you sign Weeks 3 to 4
  5. 05

    Run the consent

    Pre-wire the LPs who decide the vote, chase the rest, hit the threshold before the term date.

    Us · you, on the calls that need your face Weeks 4 to 8
  6. 06

    Coordinate execution

    Filings, distributions, buyer diligence, dissolution paperwork from dead companies.

    Us · lawyer files, admin distributes Months 2 to 6
  7. 07

    Close

    Final K-1s, dissolution certificate, insurance tail, the last letter.

    Us · you sign · lawyer, admin, auditor Months 6 to 12

Timing from the playbook. The first engagements will correct it.

Start here

The two-week review

One document that tells you whether closing the fund is cheaper than one more year of it, and what to tell your LPs first. You keep it either way.

$5,000, onceBillable to the fund as a fund expense where the LPA allows.
Book the intake call 30 minutes, free. Go or no-go.
  1. 1Obligations register from your LPA, with dates
  2. 2Position inventory, one row per company
  3. 3A route and a number for each company
  4. 4The cost of one more year against a close
  5. 5A recommendation, and what to tell your LPs first
  6. No valuation opinions. The numbers come from indicative bids and your own books.
What we never do
No legal or tax adviceYour lawyer reads the LPA with us and files. Your tax preparer confirms timing.
No fee tied to a saleWe introduce buyers and prepare materials. Our fee never depends on whether a stake sells or at what price.
Flat fee onlyQuoted after the intake call. Never a percentage of anything.
Your vendors stay yoursWe work with your lawyer, administrator and auditor. No vendors yet? We bring partners we work with.
For your LPs

What your LPs will hear from you

LPs remember a wind-down two ways: "no surprises," or an extension request that arrived at expiry. Every line below is approved by you before an LP sees it.

  • A plan with a date, one to two quarters before the term expires.
  • Extensions one year at a time, with a fee step-down or no fee.
  • A route for every company still in the portfolio.
  • Cash by default. Shares only for LPs who elect them and can hold them.
  • An off-ramp for anyone who wants out early.
  • The paperwork that lets them take the loss on dead positions.
  • A final report they can file taxes from, and a last letter.
Maria Poly
Who runs it

Twelve years of writing to LPs. Now the last letter.

Maria Poly. Fifteen years in Silicon Valley venture, twelve of them in investor relations and capital formation: LP letters, data rooms, closings, and the hundreds of investor relationships behind them, at funds large enough to have someone in that seat. Last Letter brings that seat to funds that never had one.

Blockchain Coinvestors · Pantera Capital · TMT Investments · Step Ahead Capital
Questions GPs ask first

Who pays for this?

The fund, as a fund expense where the LPA allows. If the fund has nothing left and nothing sellable, we say so on the intake call and do not charge you.

I am raising my next fund. Is this for me?

Especially. LPs looking at the next fund will ask how this one ended.

Do you sell the positions?

No. We rank them, sound out buyers and prepare the materials. You and the buyer transact. We take nothing from the sale.

Do I need my own lawyer and administrator?

If you have them, we work with them. If you do not, we bring the lawyer, fund administrator and auditor we partner with.