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
