# Data room for fund managers and LPs > A free data room for fund managers: your documents in folders, one link per LP with email, NDA, password, watermark and expiry, and page-by-page reading time. Source: https://millionrounds.com/data-room (Millionrounds; every figure on the page links to its filing or article) Data Room # Your fund's documents, and who *read* them. Your deck, LPA, track record and DDQ in one room, in folders. Each LP gets their own link, and you see what they opened, the time on every page, what they downloaded, and when they came back. Open your data room[Find LPs to send it to](https://millionrounds.com/lp-database) **Fund II data room** Example **Fund overview** 3 files **Legal documents** 4 files **Track record** 3 files **Team** 3 files **Due diligence** 4 files **Reports and letters** 3 files just now **Endowment, Boston** opened *Track record* page 4 · 6:20 just now **Family office, Zurich** accepted the NDA just now **Fund of funds, London** downloaded *DDQ* allowed on this link just now **Endowment, Boston** came back *Legal documents* third visit just now **Pension consultant** opened *Fund overview* page 2 · 0:45 just now **Fund of funds, London** read every page of *Track record* 18 minutes **11,212** LPs in our database to send it to **2,680** funds filed a new Form D in the last year **6** folders ready, the way LPs expect them **Free** rooms, links and tracking, with no plan to pick The room ## Six folders, in the order an LP reads them Rename them, add your own, or drop files straight in. Pick a folder to see what usually goes in it and what an LP checks first. **Track record** 3 files - PDF **Deal-by-deal track record** v1 - PDF **Fund I quarterly report** v2 - PDF **Case studies** v3 **What an LP checks first.** Gross and net returns, realised against unrealised, and whether the numbers add up. AR **A. Reader** Endowment, Boston Live millionrounds.com/r/ •••••••• - ✉ Asks for their email first - § NDA accepted before anything opens - ⚿ Password protected - ◩ Their name across every page - ◷ Expires in 30 days - ▤ *4 of 6 folders* One link per LP ## Each LP sees what you chose, nothing else Every link is set up on its own. Pick the LP from the LP database or type the name, then decide what it opens and what it asks for. Try it: Ask for email Require the NDA Password Watermark Allow downloads Expiry date Folders on this link Fund overview Legal documents Track record Team Due diligence Reports and letters Switch a link off and it stops working at once; the other LPs' links carry on. Page by page ## Where each LP slowed down Seconds on each page of a track record, by four example readers. The darker the cell, the longer they stayed. Page 4 is the fee and returns table. | | p1 | p2 | p3 | p4 | p5 | p6 | p7 | p8 | Total | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Endowment, Boston | 0:40 | 1:35 | 1:00 | 6:20 | 3:30 | 0:30 | 0:15 | | 13:50 | | Family office, Zurich | 0:55 | 1:10 | 0:20 | 2:20 | | | | | 4:45 | | Fund of funds, London | 0:30 | 2:00 | 2:40 | 5:00 | 4:20 | 3:10 | 2:20 | 1:30 | 21:30 | | Pension consultant | 0:25 | 0:45 | 0:30 | 1:00 | 0:35 | 0:20 | | | 3:35 | Readers are made up for the example. In your room they are the people you sent each link to. A. Reader · Endowment, Boston · 4 Oct 2026 **Fund I: deal-by-deal returns** 4 If a page travels ## It carries the name of the link it left from With the watermark on, every page an LP views is marked with their name and the date. PDFs are read in the browser page by page, so unless you allow downloads, the file itself never leaves the room. - Replace a document once: every link shows the new version - See who read which version, and who accepted which NDA - A note when an LP comes back, the signal worth a call Who to send it to ## 11,212 LPs, by type The room links to the LP database: pick an LP and their link is named for them. 10,578 investment firms have raised a fund in the last 18 months, which is who you are competing with for these allocations. [Open the LP database](https://millionrounds.com/lp-database) - Family office **6,256** - Institutional LP **2,743** - Government **908** - Wealth manager **495** - Asset manager **445** - Fund of funds **365** Against the alternatives ## What a data room needs to do for a fund | | Email attachments | General file sharing | Enterprise data rooms | Millionrounds | | --- | --- | --- | --- | --- | | A link for each LP | ✗ | Partly | ✓ | ✓ | | Time on each page | ✗ | ✗ | ✓ | ✓ | | NDA, password, watermark, expiry | ✗ | Partly | ✓ | ✓ | | Stop a link at once | ✗ | ✓ | ✓ | ✓ | | Built-in LP database | ✗ | ✗ | ✗ | ✓ | | Set up in minutes, without a sales call | ✓ | ✓ | ✗ | ✓ | | Price | Free | Low | High, often per page | Free | ## Raising a fund? Open the room. Make a room, drop in your documents, and send the first LP their link in a few minutes. Open your data room[Funds raising now](https://millionrounds.com/lists/raised-recently) ## Questions What does it cost? Nothing, for now. Make a room, upload your documents and share as many links as you need. Can an LP download the documents? Only if you allow it on their link. Otherwise PDFs, Word documents and spreadsheets open in the browser and the file never leaves the room. Other kinds of file can only be downloaded, so they need downloads switched on. What is the watermark? Every page an LP views carries their name and the date across it, so a page that travels is traceable to the link it came from. How does the NDA work? Write your NDA once for the room and switch it on per link. The LP accepts it before anything opens, and you see who accepted which version and when. What happens when I replace a document? Upload the new version and every link shows it at once. The old one is kept, so you can see who read which version. Can I stop a link working? Yes, at once: switch it off, or set it to expire on a date. Each LP has their own link, so ending one does not touch the others.