So you want to raise a fund in 2026?

Capital raising for emerging managers
Hosted by Ventari and LUNA
Raising a fund comes with plenty of questions. How long will it actually take to close? What are LPs looking for right now? Which structure makes sense, and how do recent budget reforms impact your strategy?
Join Ventari and LUNA for an intimate, off-the-record gathering tailored for emerging managers.
We’re stepping away from the traditional panel format in favour of a relaxed, high-value conversation in the gorgeous surroundings at Sanders Place. Cheryl Mack (CEO at Ventari) & Puneet Bhambhani (Director of Accounting & Advisory, LUNA) will facilitate a conversation with two fund managers at different stages of the journey:
Paul Naphtali (Co-Founder & Partner at Rampersand) — bringing perspective from raising and deploying multiple funds through every market cycle.
Mark Gustowski (Managing Partner at Tundra Capital) — sharing real-time insights from currently actively raising in today's market.
From there, the floor is yours. The short talk is just the icebreaker—the core of the evening is about connection. Then we'll open up the room over drinks and light bites, giving everyone a chance to share experiences, ask questions, and connect in a helpful way.
What we'll cover
The real timeline: How long a fundraise actually takes, from first LP chat to first close.
LP dynamics: What institutional and sophisticated investors are prioritizing before committing capital.
Structural choices: A practical look at VCMI, ESVCLP, unit trusts, and fund-of-one arrangements.
Budget updates: What recent reforms mean for your overall fund strategy.
Operational setup: Essential groundwork for setting up seamless fund operations.
Who it’s for
Emerging managers preparing to launch or scale their first or second fund.
Angel investors and syndicate leads moving towards a formal fund structure.
Operators exploring whether launching a fund is their next move.
The agenda
6:00 PM | Arrivals, settle in, and grab a drink
6:30 PM | Conversation with Paul Naphtali & Mark Gustowski (led by Puneet Bhambhani)
7:00 PM | Open floor, conversation, drinks & bites
8:00 PM | Wrap-up
The details
When: Wednesday, 11 November 2026 | 6:00 PM – 8:00 PM AEDT
Where: Sanders Place, Melbourne
Numbers are limited. We’re keeping this group small to ensure a proper, open conversation where everyone can participate.

The Hosts
VentariThe platform behind angel syndicates and emerging funds across Australia and New Zealand. Founded in 2021 by Cheryl Mack, Thomas Worden, and Sacha Schmitz (formerly Aussie Angels), Ventari supports over 60 funds and syndicates, 3,000+ wholesale investors, and $75M+ deployed into ANZ startups.LUNAAustralia's go-to startup and VC advisory, providing legal, accounting, tax & VCFO services to founders, high-growth startups, and investment funds. Since 2015, LUNA has partnered with 2,000+ clients, acting as the operational backbone for emerging managers—from entity setup and ESVCLP structuring to capital raising and fund administration.