One transaction and it exists. No licence to hold, no minimum to bring, nobody to ask. The terms come set the way most funds want them, and every one of them is printed on the fund's page forever. Change any of them now, and afterwards only in your backers' favour.
Written into the contract as it is created, and never changed after.
You are paid this share of the profit, and only above the price each depositor came in at. Somebody who backs you at the top pays you nothing until the fund passes that point again, and nobody pays you while the fund is down.
Taken whether the fund wins or loses, as a slice of the whole fund per year. It is paid by minting you shares rather than by moving money out, so you are still only ever paid as a share holder. Leave it at zero and your record says you are paid for being right and nothing else.
You cannot trade until your own shares are worth at least this much of the fund. Without that floor the best move for a manager is to gamble with other people's money and keep a cut of whatever survives.
A lockup buys you the room to run a slow strategy without being sold out of it. A minimum keeps the share register small. A cap is you saying out loud that your strategy stops working above a size, which is the rarest and most credible thing a manager can say. All three can be left empty.
Narrow it and the contract will refuse anything else for the life of the fund. You can give one up later, never take one back.
Connect a wallet and this becomes one transaction.
There is no path in the contract that sends money anywhere except back to a depositor taking out their own shares. Your fees are shares, so you leave the same way they do.
A trade names the token to sell and the token to buy. You never hand the fund a call to make, so the fund cannot be made to call a contract you wrote.
You can lower either fee, shorten the lockup, give up an asset and close to new money. There is no function that raises a fee or lengthens a lockup on somebody already in.