A first-time VC manager raising a debut fund has to onboard every LP before the fund can call capital, usually while the same two or three people are still fundraising. Alongside finding founders, they also have to decide how the fund actually works, including how investors join it.

Plug Capital provides the regulatory, finance and operational foundations for emerging VC managers. Steward runs the KYC and AML checks on GPs and their Founders in funds under Plug's umbrella.

What Plug Capital does, and where onboarding sits in it

Plug Capital is an alternative investment fund manager (AIFM) for VC funds. Its model combines a regulated umbrella with hands-on operating support.

Steward carries out portfolio company onboarding for the funds Plug oversees, including those run by the appointed representative managers operating under its regulatory umbrella.

For a first-time manager, onboarding is a key operational process a founder sees. What the founders notice is how many times they are asked for the same document. What the manager's compliance reviewer needs is the ownership chain and the screening result sitting alongside that document when the decision is made.

What Steward handles for Plug's managers

Steward brings onboarding and ongoing monitoring information, document review, ownership checks and screening into one workflow. Screening is built in, with sanctions list coverage across more than 60 jurisdictions alongside PEP and adverse media checks, so managers do not need a separate screening subscription. Reviewers can track outstanding questions and assign tasks, keeping the application and the work needed to assess it together.

Steward's models read the submitted documents, extract the details that have to be checked, and clear the screening matches that are plainly not the client, so the reviewer sees a shortlist rather than a queue.

“We are glad to be partnering with Steward on bringing seamless client onboarding to our GPs and their founders. Firms in our space are judged on the quality of their user experience, and we feel in safe hands with Steward” Rebekah Kasumu, Co-Founder & MD at Plug Capital.

“Rebekah has built a great business trusted by some of the fastest-growing VCs. We know that Compliance is a critical part of that journey, and we were glad that she chose us to support her and her ARs in making onboarding magical.” Arik Oslerne, Co-founder and CEO at Steward.

Plug Capital is building the operating layer that emerging VC managers run on, and we are glad AML/KYC onboarding is part of it. Our thanks to the Plug team.

Steward is an AI-first KYC and AML platform for investor and portfolio onboarding, used by fund managers, AIFMs and fund administrators. If you are launching a fund and working out how investors or founders can have a great onboarding experience, book a walkthrough.