Founder Education
Why Emerging Fund Managers Are Ditching Spreadsheets in 2026
The spreadsheet era for fund management is ending. Here's why the smartest emerging GPs are moving to purpose-built platforms — and what they're gaining.
Michael Kaufman·
Serial entrepreneur
Founder of Archstone (fund management software)
Scaled FamilyTime Centers from 4 to 45+ employees
Built the web's most comprehensive venture capital knowledge base with 2,000+ VC firm profiles
About
I've been obsessed with how venture capital works since I was a teenager. Twenty years later, I built VC Beast — 1,000+ glossary terms, 150+ comparisons, 200+ interactive tools — because nobody was explaining this stuff clearly. I'm a serial founder and operator based in Los Angeles. I run FamilyTime Centers, a 45-person mental health practice, and I'm building Archstone, fund management software for emerging GPs. I don't have an MBA or a fund. I have output. Build something or shut up.
Background
20+ years experience
Expertise
Venture capital mechanicsFund structures & economicsLP-GP relationshipsStartup finance & valuationVC deal terms & negotiationFund formation & complianceEmerging manager strategySaaS metrics & benchmarkingCapital allocationPortfolio construction
Stories by Michael205
VC Profiles
General Catalyst and First Round Capital: How Two Firms Are Building Tomorrow's VC Pipeline
General Catalyst's Venture Fellows and First Round's Angel Track take radically different approaches to training the next generation of venture investors. Both are working.
Michael Kaufman·
VC Profiles
Index Ventures and Village Global: The Rise of Network-First Deal Sourcing
Index Ventures and Village Global have built scout models that put network effects at the center of venture investing. How distributed intelligence is replacing traditional VC sourcing.
Michael Kaufman·
VC Profiles
a16z vs. Accel: Inside the Silicon Valley Scout Arms Race
Andreessen Horowitz and Accel have built two of the most aggressive scout networks in venture capital. Here's how they compare — and what it means for founders.
Michael Kaufman·
Fund Strategy
Bessemer's Fellowship and the Rise of Institutional Scout Alternatives
Not every firm runs a traditional scout program. Bessemer Venture Partners and others are pioneering fellowship and talent-pipeline models that achieve similar results through different means.
Michael Kaufman·
Founder Education
Quarterly Report Template for Emerging VCs (Free Download)
The exact quarterly LP report format used by top-performing emerging managers. Five pages, five sections, zero fluff. Copy this template and never miss a reporting cycle again.
Michael Kaufman·
VC Profiles
How Lightspeed and Atomico Are Using Scout Programs to Reshape VC Diversity
Two firms, two continents, one thesis: the next generation of great investors doesn't look like the last one. Inside the diversity-first scout models at Lightspeed and Atomico.
Michael Kaufman·
Fundraising
Airbnb's Pitch Deck: The Original 2009 Deck That Raised $600K (PDF + Analysis)
Slide-by-slide breakdown of the 10-slide pitch deck Airbnb used to raise $600K from Sequoia Capital in 2009. What worked, what wouldn't fly today, and what every founder can steal.
Michael Kaufman·
Fundraising
How to Find Investors for Free: No-Cost Ways to Connect With VCs and Angels
You don't need to pay for investor databases to find the right VCs and angels. Here are 9 free methods that actually work — plus what you should never pay for.
Michael Kaufman·
Fund Strategy
Sequoia Capital: Portfolio, Strategy, and What Makes Them the Best VC Firm
Inside Sequoia Capital: from Don Valentine's founding in 1972 to their $85B evergreen fund structure. Portfolio, partners, strategy, and how to get funded.
Michael Kaufman·
Fund Strategy
Top 50 VC Firms 2026: Ranked by AUM, Deal Volume & Hit Rate
Sequoia leads at $85B AUM. a16z manages 200+ active companies. The top 50 VC firms ranked by AUM, deal volume, and unicorn hit rate with every firm's stats.
Michael Kaufman·
Fund Strategy
Private Equity Software: Best Tools for PE Firms in 2025
The complete PE software stack — from CRM and deal flow to portfolio monitoring, fund administration, and LP reporting. Pricing, best-fit guidance, and how to build your tech stack on a budget.
Michael Kaufman·
Fund Strategy
Best Portfolio Management Books for Investors in 2025
12 portfolio management books organized by level — from beginner classics like A Random Walk Down Wall Street to VC-specific picks like The Power Law. Honest reviews, key takeaways, and who should read each one.
Michael Kaufman·
Fund Strategy
Private Equity Fund Administration: How It Works and Top Providers
PE fund administration covers NAV calculations, waterfall distributions, K-1 prep, and regulatory filings. Here's what PE fund admins do, how they differ from VC fund admin, and the top providers to consider.
Michael Kaufman·
Fund Strategy
Modern Portfolio Theory for Venture Capital: Does MPT Apply to VC?
Harry Markowitz's Modern Portfolio Theory revolutionized public markets. But VC returns follow power laws, not normal distributions. Here's where MPT works in venture — and where it completely breaks down.
Michael Kaufman·
Founder Education
Share Dilution Explained: Formula, Examples, and How to Protect Your Equity
The dilution formula every founder needs to know, three worked examples from simple to multi-round, how option pools really work, and practical strategies to protect your ownership stake.
Michael Kaufman·
Fund Strategy
Affinity CRM for VCs: Pricing, Features, and How It Compares
Affinity dominates CRM for venture capital. Here's what it actually costs, what it does well, where it falls short, and how it compares to 4Degrees, DealCloud, Salesforce, and HubSpot.
Michael Kaufman·
Fundraising
NVCA Model Legal Documents: Every Form a Startup Founder Needs
The NVCA publishes free legal templates that can save you $10-30K in lawyer fees. Here's every document explained in plain English, plus what to watch for.
Michael Kaufman·
Fundraising
Snapchat's Original Pitch Deck: A Slide-by-Slide Breakdown
Evan Spiegel raised from Lightspeed in 2012 with a pitch deck that broke every rule. Here's what each slide said, what worked, and what founders can steal.
Michael Kaufman·
Fundraising
How to Find Angel Investors for Your Startup in 2025
Angel investors write $25K-$250K checks with less diligence than VCs. Here's where to find them, how to approach them, and what terms to expect for your pre-seed round.
Michael Kaufman·