In today’s increasingly sophisticated venture capital ecosystem, the spotlight often rests on founders and investors. Yet, behind every successful fund is a robust operational engine ensuring discipline, transparency, and long-term value creation. In this conversation with Indian Startup Times, Saloni Raja, Head of Fund Operations at Epiq Capital, shares a grounded perspective on the evolving role of fund operations, the growing strategic importance of finance teams, and what it takes to build a resilient investment platform.

Drawing from over a decade of experience across audit, private equity, and fund management, Saloni offers a clear view into the systems and thinking that quietly power venture capital firms.

Building a Strong Foundation Across Finance and Fund Operations

Saloni’s journey into fund operations is rooted in a strong financial foundation. Beginning her career in statutory audit at Deloitte, she developed deep expertise in financial reporting, governance, and controls. This early exposure shaped her understanding of how financial discipline underpins every successful institution.

Her transition into fund operations at Paragon Partners marked a pivotal shift. It allowed her to expand beyond audit into the full lifecycle of funds, covering finance, compliance, and investor relations. Over time, this holistic exposure enabled her to build an end-to-end perspective on how funds operate, scale, and deliver returns.

At Epiq Capital, she now leads fund operations with a focus on building scalable processes, ensuring governance, and supporting the firm’s long-term growth.

Fund Operations as the Backbone of a Venture Capital Firm

Fund operations often remain behind the scenes, but their importance cannot be overstated. As Saloni explains, they form the backbone of any venture capital firm.

From managing capital calls and ensuring compliance to handling investor reporting and distributions, the operations function ensures that everything runs seamlessly. This allows investment teams to focus on deploying capital and identifying opportunities, while maintaining discipline and transparency across the fund.

Strong operational frameworks create the foundation for trust, both internally and with investors. Without this backbone, even the best investment strategies can falter.

The Invisible Yet Critical Role of Governance and Compliance

One of the most overlooked aspects of fund operations is governance and compliance. When executed well, they often go unnoticed. But their absence can have significant consequences.

Saloni emphasizes that robust compliance processes not only ensure regulatory adherence but also strengthen investment decisions. From evaluating deals to managing capital efficiently, governance plays a critical role throughout the fund lifecycle.

Equally important is capital management, including the timing of drawdowns and optimizing fund utilization. These decisions, while not always visible, directly impact fund performance and investor outcomes.

Moving Beyond Reporting to Strategic Finance

The role of finance in venture capital has evolved significantly. It is no longer limited to reporting and audits. Today, finance teams play a strategic role in shaping investment decisions.

Saloni highlights how fund operations and finance contribute to liquidity planning, fund modeling, and portfolio performance tracking. These inputs help align investment pace, reserve strategies, and exit timelines with the fund’s overall return objectives.

While the investment team leads decision-making, the insights from finance and operations are integral, especially when identifying risks or evaluating deal structures. This collaborative approach ensures more informed and balanced decisions.

Navigating the Fund Lifecycle: Challenges Across Stages

Each stage of a fund lifecycle presents its own operational and compliance challenges.

During fundraising, decisions around fund structuring, regulatory frameworks, and investor onboarding are critical. This includes everything from drafting documentation to managing KYC and AML requirements.

In the investment phase, the focus shifts to capital deployment, compliance with regulatory limits, and tracking investments. Ensuring adherence to guidelines while maintaining efficiency becomes key.

At the exit stage, accuracy in distribution, tax considerations, and investor communication takes center stage. Every stage is interconnected, and oversight is equally critical across the lifecycle.

Saloni underscores that no single phase is more important than the other. Each one contributes to the overall success of the fund.

Evolving Investor Expectations and the Rise of Transparency

Investor expectations have evolved significantly over the years. Limited Partners (LPs) today are far more informed and sophisticated.

This shift has increased the demand for transparency, timely reporting, and meaningful insights into portfolio performance. It is no longer enough to provide data. Investors expect context, clarity, and communication that helps them understand the bigger picture.

At Epiq Capital, the focus is on delivering accurate and insightful reporting that builds long-term trust. Transparent communication is not just a requirement. It is a strategic advantage.

The Growing Importance of Fund Operations in a Regulated Environment

With increasing regulatory complexity, the importance of fund operations has grown considerably.

While team structures in venture capital firms may remain lean, the expectations from operations and finance functions have expanded. Compliance with SEBI regulations, tax frameworks, and evolving policies requires a high level of precision and accountability.

Saloni points out that fund operations are no longer seen as just a support function. They are now central to a fund’s growth and credibility. Any lapse in governance can have both financial and reputational consequences, making this function more critical than ever.

Advice for Aspiring Professionals Entering Venture Capital

For young professionals, especially those from finance backgrounds, Saloni emphasizes the importance of building strong fundamentals.

A solid grounding in accounting, compliance, and financial principles is essential. At the same time, understanding the full fund lifecycle—from fundraising to exits—provides a significant advantage.

She also highlights the need for analytical thinking, strong communication skills, and attention to detail. In fund operations, precision is non-negotiable. Unlike investing, where risks are inherent, operations demand complete accuracy.

Equally important is curiosity and ambition. A willingness to learn and grow continuously plays a defining role in shaping a successful career in this space.

Conclusion: Powering Venture Capital from Within

As venture capital continues to mature, the role of fund operations is becoming increasingly central to how firms operate and scale. Leaders like Saloni Raja are redefining this function, moving it beyond execution to strategy, governance, and value creation.

Her insights highlight a simple but powerful truth. While investments may drive returns, it is the strength of operations that sustains them.

In an ecosystem that thrives on innovation and speed, disciplined execution behind the scenes remains the ultimate differentiator.

-Interview Conducted by Sandhya Bharti