CASE STUDYHow Konvoy freed up partner time to focus on deals
THE CHALLENGE
Konvoy is an early-stage focused investment firm founded in 2017. By early 2023, the firm had launched Fund III and was stewarding a growing platform of portfolio companies and LP relationships, with over $250 million in AUM across three funds and 45+ portfolio companies globally.
As the firm scaled, Managing Partner Josh Chapman found himself and his two co-founder GPs juggling operations alongside their investment and fundraising responsibilities. Even after bringing on several full-time hires to drive portfolio service efforts, Chapman still felt the firm's operational pull. He wanted to free up additional partner bandwidth to focus on what drives firm success: sourcing deals, supporting founders, and investing in great companies. Bringing on a high-quality external resource made financial sense and provided the flexibility to scale as needed without the cultural disruption of managing additional full-time hires.
Outsourcing our operations to Strut allows me to focus on what matters most; which is finding and investing in the best companies. If I focus on deals and pick good companies, that drives the most value for the firm. Therefore, freeing up time for this pursuit by working with Strut was clearly of value to the firm and our LPs.
Josh Chapman,
Managing Partner
How We Helped
Enabled Konvoy to scale operations across three funds and multiple SPVs without adding internal headcount, establishing a durable operating model across people, fund, and compliance functions.
Reduced audit timelines by driving and implementing improved documentation standards, audit-ready processes, and streamlined coordination with external service providers
Improved operational accuracy and consistency, remediating legacy issues and standardizing workflows across finance, fund administration, and compliance activities.
Ensured on-time regulatory and compliance filings, reducing operational risk and minimizing management oversight burden.
Shielded the GP from day-to-day operational distractions, escalating matters only when necessary to support strategic decision-making.
Successfully executed a fund administrator transition, ensuring smooth data migration, continuity of reporting, and limited disruption to LP communications or fund operations.
Lead day-to-day HR, payroll, and benefits operations, advising on and implementing employee policies while ensuring accurate application across payroll systems and benefits providers.
Chapman initially anticipated working with Strut on a short-term basis before bringing operations in-house. But as the firm scaled, the partnership's economics and efficiency remained sound.
Strut freed up critical partner bandwidth to focus on deal sourcing, portfolio support, and LP engagement.
Most service providers are just paper pushers, but Strut is different. They actually just want to get it done. They have a 'let's knock this out' mentality that keeps things moving.
— Josh Chapman,
Managing Partner