New York – July 13, 2026 

Cooley today announced that Vanilla, its cloud-based fund subscription platform, has surpassed $100 billion in closed subscriptions, helping more than 1,200 fund clients manage subscriptions with over 50,000 limited partners (LPs).[1] The milestone underscores Vanilla’s role as the leading automated solution for fund formation and investor onboarding – and highlights Cooley’s continued investment in technology-driven innovation for fund managers and investors.

Alongside this milestone, Cooley is introducing Vanilla Transfers, a new feature within Vanilla designed to simplify one of the fund life cycle’s most complex and administratively burdensome processes – introducing a clearer and more predictable pricing model with a $495 flat fee.

Since its launch in 2019, Vanilla has transformed how venture capital, private equity and other private fund managers raise capital by replacing fragmented workflows with a vertically integrated platform. Envisioned by Cooley lawyers – who have formed more than 1,200 funds over the past five years – Vanilla embeds legal, operational, LP and administrative processes into a single system, enabling managers and investors to move efficiently from subscription to subsequent closes and beyond.

“Crossing $100 billion in subscriptions is a powerful validation of how much the market needed a better approach to fund formation and investor onboarding,” said Jordan Silber, partner at Cooley and founder of Vanilla. “Vanilla reflects years of insight from helping clients raise capital at scale. But the reality is, some of the biggest pain points in private funds come after the close. We’re seeing even the most sophisticated investors in our fund clients struggle with transfers that drag on for months, require excessive documentation and cost thousands of dollars for what should be simple changes. Vanilla Transfers is about fixing that for our fund clients. By embedding Cooley’s experience directly into a guided workflow, we’re transforming a historically fragmented, high-friction process into one that is streamlined, transparent and built to scale with our fund clients.”

Addressing a critical pain point: Vanilla Transfers

LP transfers – such as moving an interest from an individual to a family trust – have long been a source of inefficiency in private funds. Traditionally, even simple transfers required extensive paperwork, multiple rounds of review among fund counsel, managers and investors, and costs often running into the thousands of dollars.

Vanilla’s new transfer functionality reimagines this process through a guided, self-service workflow:

  • Investors can initiate and complete transfers online
  • Executed documents are delivered digitally for immediate download
  • Transfer times in as little as one business day

Unlike third-party tools that require bespoke coding of transfer agreements and still rely on back-and-forth coordination, Vanilla brings LPs, general partners and fund counsel together in a unified system.

“This milestone is not just about scale – it’s about how we are rethinking the way legal and operational workflows come together,” said David Wang, chief innovation officer at Cooley. “Vanilla and Vanilla Transfers reflect a broader approach to innovation at Cooley: designing systems that perform under pressure and scale expertise in ways that help clients move faster with confidence. By integrating decades of Cooley experience directly into technology, we’re enabling smarter, more seamless experiences across the fund life cycle.”

A platform built for what’s next

The introduction of Vanilla Transfers marks the next step in Vanilla’s evolution, building on a foundation of lawyer-led innovation that continues to expand across Cooley’s technology ecosystem. Future enhancements, including new AI-powered capabilities, will further extend the platform’s ability to streamline workflows, surface insights and accelerate decision-making.

[1] Use of Vanilla does not create an attorney-client relationship with Cooley and any use of the platform is subject to the terms of use agreement.

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