Starting a fund requires a lot of upfront time spent on getting the operational set-up right, even for relatively simple operations. The below was written by one of MIT's emerging managers, and we share it here to give you a concrete sense of what you need to do.
One of MIT's recently launched emerging managers offered to share the steps they took to set up their stockpicking fund. His summary was: "none of this is rocket science, but it takes a fair amount of time." The steps he went through were as follows - please note this is a US-based manager with primarily US-based limited partners. It is also worth noting that he already had several limited partner (LP) relationships built when he launched his fund, and the typically time consuming and often challenging process of meeting and building relationships with LPs is glossed over here.