Portfolio Companies

The VC Beast Brief

For people actually running a fund

One operational problem a week — capital calls, K-1s, fund admin, LP reporting, carry math — plus benchmarks from 75,000+ SEC filings so you can see how your raise compares. Every Tuesday.

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9:41

VC BEAST BRIEF

Good morning. Emerging managers are having a moment — and a reckoning. LPs are writing fewer, larger checks, which means the Fund I that closed on friends and family is now competing with established Fund IIIs for the same allocation.

This week we break down what actually moves an LP from “interesting” to wired: a differentiated sourcing story, a data room that survives diligence, and reference-able ownership in your last three deals.

Plus: the SPV stack founders keep tripping over, and why your carry math probably assumes a fund life you will not get.

— The VC Beast Brief

Markets

The seed round is quietly becoming a Series A