Topic
How venture capital funds are structured, managed, and how they generate returns.
108 pieces of content
102 articles
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.
Inside Sequoia Capital: from Don Valentine's founding in 1972 to their $85B evergreen fund structure. Portfolio, partners, strategy, and how to get funded.
The definitive ranking of the biggest VC firms by assets under management and deal activity. From mega-funds like a16z and Sequoia to elite specialists like Lux Capital and First Round.
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.
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.
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.
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.
Private equity and venture capital share the same GP/LP structure but operate completely differently. Here's how the roles, deal mechanics, economics, org charts, and career paths actually compare.
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.
VC firms hire interns July-October for summer roles paying $3K-$8K/month. Here's who hires, what you'll do, and how to stand out in NYC, SF, London, or remote.
You can't just "become" a VC. But there are 5 real paths in — from scout programs to micro-funds. Here's what actually works and what's a waste of time.
Carried interest is how GP partners earn their real money — typically 20% of fund profits, taxed at capital gains rates instead of ordinary income. Here's the math, the politics, and how carry actually flows to partners.
Fund administration is the back-office engine of every VC fund. We rank 12 providers by price, capability, and who they serve best — from emerging managers to institutional GPs.
VC analyst jobs pay $80K-$150K. Associates earn $150K-$300K. Partners clear $500K+. Here's how to find venture capitalist jobs by city, level, and function — plus which roles are actually remote.
Carry is how VCs get rich — or don't. Walk through the real math: 3 fund scenarios, hurdle rates, European vs American waterfalls, and why 20% of profits isn't as simple as it sounds.
The top 5% of VC investments generate 60%+ of all returns. Most funds return less than 1x. The power law isn't just a concept — it's the reason VCs behave the way they do.
The investment memo is the core deliverable in VC. Most are mediocre. Here's the section-by-section template top funds actually use, with examples of what good vs. bad looks like.
From $80K analyst salaries to $20M+ in career carry, VC compensation is wildly misunderstood. Here's the real breakdown by level, fund size, and how carry changes everything.
90% of exits are M&A, not IPOs. Here's how each exit type works, who gets paid what, and how liquidation preferences change the math at different exit prices.
The power law rules VC. Seed funds do 25-40 deals, Series A funds do 15-25. Here's the math behind check sizes, reserves, ownership targets, and concentration risk.
Management fees, carried interest, GP commit, J-curve, waterfalls. The actual math behind running a venture fund, explained with real numbers on a $100M fund.
How VC fund profits are distributed between GPs and LPs. The 4-tier waterfall, American vs European models, and clawback provisions.
What actually happens after a VC says "we're interested." The complete due diligence process: market, product, team, financial, and legal. Plus red flags and timelines.
The most fundamental relationship in VC, explained clearly. Who GPs and LPs are, what they do, how the money flows, and what happens when they disagree.
What VC analysts actually do all day, how much they make, and whether the career path is worth it. Honest breakdown with real salary data and daily schedules.
30 real VC interview questions organized by category: technical, market thesis, deal evaluation, and behavioral. With frameworks for answering each one.
The real paths into VC, what firms actually look for, salary ranges at every level, and how to build a track record before anyone gives you a shot. No MBA required.
Women write just 16% of VC checks but control some of the best-performing funds in the industry. Meet the 17 investors reshaping venture capital with better returns and broader deal flow.
Q1 2025 saw $78B deployed globally. AI grabbed 62% of mega-rounds, climate tech got real, and fintech consolidated hard. Here's what the biggest deals tell us about where the money is going.
How to think about follow-on investments in your angel portfolio — pro-rata rights, signaling risks, reserve allocation, metrics to evaluate, and when it's smarter to walk away.
How to think about follow-on investments in your angel portfolio — pro-rata rights, signaling risks, reserve allocation, metrics to evaluate, and when it's smarter to walk away.
TVPI, DPI, IRR — fund performance metrics sound like alphabet soup. Here's what they mean, what good looks like, and why vintage year changes everything.
AI is eating venture capital. Here are the 10 firms deploying the most capital into AI right now, what they're looking for, and how to get on their radar.
The math behind angel investing allocation — portfolio sizing as a percentage of net worth, check size calculations, follow-on reserves, and why $5K checks usually don't work.
The math behind angel investing allocation — portfolio sizing as a percentage of net worth, check size calculations, follow-on reserves, and why $5K checks usually don't work.
Fund administration is the back-office infrastructure that keeps a PE fund running. Here's what it covers, who the major providers are, what it costs, and how to choose the right one.
An inside look at VC back office operations — fund administration, LP reporting, capital calls, compliance, and the technology stack that keeps a venture fund running.
The math behind angel portfolio construction — why you need 20+ investments, how to size checks, allocate across sectors, spread vintage years, and maintain follow-on reserves.
DPI, TVPI, and MOIC are the core metrics in VC fund performance — but they measure different things. Here's how to read them together and avoid the most common misinterpretations.
Solo GP venture capital is one of the fastest-growing fund models in the industry. Here's how to structure, launch, and run a one-person VC fund that LPs will back.
The ILPA DDQ is the standard framework institutional LPs use to evaluate fund managers. Learn what's inside it, how to complete it, and best practices for emerging managers.
Fund of funds in VC pool LP capital across multiple venture funds, offering diversified access to top managers. Here's how they work and who the leading players are.
Choosing the right fund administrator affects LP confidence, audit readiness, and your operational bandwidth. Here's how to evaluate and select the best provider for your fund.
The GP/LP fund structure is the legal and economic backbone of every venture capital fund. Here's how the entities, capital flows, fees, and waterfalls actually work.
A complete guide to what every GP needs in a limited partnership agreement template — from fund economics and waterfall structures to LP protections and common drafting mistakes.
Choosing the right fund formation lawyer is one of the most critical decisions for any first-time VC fund manager. Here's how to evaluate candidates, understand costs, and avoid common mistakes.
The 2 and 20 fee structure is the backbone of hedge fund, VC, and PE compensation. Here's exactly how management fees and carried interest work — with real calculations.
The hurdle rate determines when PE managers earn carry. Learn how the formula works, what the 8% benchmark means, and how it compares to IRR.
MOIC and IRR measure very different things — and using them wrong can cost you LP trust. Here's how each metric works, with formulas, benchmarks, and real comparisons.
Gross IRR and net IRR can differ by 600–1,000bps in venture capital. Here's what LPs and GPs need to know about the difference — and how to avoid being misled.
Most scout guides are written for scouts. This one is a GP playbook for building a scout program from scratch — design, compensation, agreements, and metrics that matter.
Launching Fund I? Here are 10 tools across fund admin, legal, banking, CRM, and portfolio ops — plus what to use before you even pick a fund admin.
Honest breakdown of what's free on VC Beast (a lot) and what costs money (targeted tools for active fundraisers and fund managers).
GP/LP structure, investment committees, partner dynamics, consensus vs conviction—a complete breakdown of how venture capital firms organize and make investment decisions.
Part-time vs full-time, sourcing vs investing, carry allocation—demystifying one of the most misunderstood roles in venture capital and how to become one.
From analyst to managing partner: the real timeline, what each level does, how promotions work, and the 'up or out' dynamics that shape VC careers.
From analyst to managing partner: the real timeline, what each level does, how promotions work, and the 'up or out' dynamics that shape VC careers.
Management fees fund operations, carried interest creates wealth. The detailed math of a $200M fund, fee structures, and why fund size is the most important business decision a VC makes.
Management fees fund operations, carried interest creates wealth. The detailed math of a $200M fund, fee structures, and why fund size is the most important business decision a VC makes.
DPI vs TVPI, track record, team stability, differentiated access, fund size discipline—here's what limited partners actually evaluate when committing to a venture fund.
Check sizes, reserve ratios, concentration vs diversification, follow-on strategy—the math behind how top VCs structure their portfolios to maximize fund returns.
Learn how to build and stress-test a VC investment thesis that drives deal flow, earns LP trust, and produces repeatable returns — with real-world examples.
VC platform strategy has evolved from a differentiator to a baseline expectation. Learn how leading firms build platform teams that drive real value for portfolio companies and win competitive deals.
Learn how venture capital distribution waterfalls work, when LPs receive proceeds, and the key tax implications every fund manager and LP needs to understand.
Pro rata rights can make or break your fund's returns — but only if you know when to exercise them. Here's a practical framework for making smarter follow-on decisions.
Learn how to size and deploy follow-on reserves in VC — with benchmarks by fund stage, reserve modeling frameworks, and LP reporting best practices.
Learn when and how to mark up portfolio companies in a VC fund — covering ASC 820 standards, key triggers, sizing methodology, and what LPs expect from your valuation policy.
Learn how to construct a high-conviction portfolio for a $10M micro VC fund, including check sizes, reserve ratios, ownership targets, and portfolio size trade-offs.
A key person clause protects LPs when essential fund managers leave. Here's how to structure it, what triggers a key person event, and how to negotiate it effectively.
D&O, E&O, and cyber insurance are essential for venture fund managers — but most GPs don't understand the gaps until it's too late. Here's what each policy covers and what to watch for.
A structured investment committee process is critical for small VC funds. Learn IC best practices, a practical IC memo template, and how to run disciplined investment decisions.
Choosing the right VC fund auditor is one of the most consequential decisions an emerging manager makes. Here's how to evaluate firms, what it costs, and what to avoid.
Learn how top GPs structure their LP annual meetings to build trust, drive re-ups, and strengthen investor relationships — with a full agenda breakdown and best practices.
K-1 season is a reputational test for VC fund GPs. This guide covers timelines, common complications, and the systems that keep LPs confident and returns clean.
Emerging managers face a critical choice: what fund admin to outsource vs. handle internally. Here's a practical framework covering costs, functions, and common mistakes.
Side letters are where LPs exercise real leverage. Here's a breakdown of the most common provisions institutional LPs actually negotiate — and how GPs should respond.
Learn how to structure an LP Advisory Committee, define its responsibilities, and follow LPAC best practices that satisfy institutional LPs and support sound fund governance.
Capital call mechanics govern how VC funds draw down LP commitments. Learn how notices work, drawdown schedules, pro-rata rules, and what happens when LPs default.
Most LP updates get skimmed and forgotten. Learn how to structure and write quarterly LP updates that build trust, communicate clearly, and matter at re-up time.
Inbound vs outbound, warm intros, scout networks, thesis-driven sourcing—here's how top-tier venture firms actually find the companies they invest in.
Inbound vs outbound, warm intros, scout networks, thesis-driven sourcing—here's how top-tier venture firms actually find the companies they invest in.
The real day-to-day of a VC analyst: deal sourcing, due diligence memos, partner meetings, portfolio support, and what the compensation actually looks like.
The real day-to-day of a VC analyst: deal sourcing, due diligence memos, partner meetings, portfolio support, and what the compensation actually looks like.
Forget the LinkedIn fantasy. Here are the actual paths people take to land VC roles—from operator-to-investor transitions to starting your own fund from scratch.
Forget the LinkedIn fantasy. Here are the actual paths people take to land VC roles—from operator-to-investor transitions to starting your own fund from scratch.
Rolling funds changed how emerging managers raise capital. But they're not right for everyone. Here's a data-driven framework for choosing your fund structure.
Family offices now account for nearly 30% of emerging manager LP capital. Here's how to navigate their unique decision-making, build relationships, and structure terms they'll accept.
Biotech VC is a different animal: 10-year timelines, binary FDA outcomes, and massive capital requirements. Here's how the best biotech fund managers structure for success.
Climate tech venture has matured beyond cleantech 1.0 hype. The winning fund strategies combine deep science with practical market timing and creative capital structures.
Micro-funds now account for 75% of all venture funds raised. They're outperforming larger funds and reshaping how startups get funded. Here's the complete picture.
Transitioning from angel investor to fund manager is the hardest career leap in venture capital. Here's the step-by-step playbook used by GPs who've successfully made the jump.
How emerging fund managers build a credible VC track record from scratch — angel investing strategies, attribution frameworks, and the path from first check to Fund I.
Most emerging managers get portfolio construction wrong because they rely on intuition instead of math. Here's the quantitative framework that top-performing seed funds actually use.
Solo GPs now manage over $10B in venture capital. The data shows they're not just surviving — they're outperforming multi-partner funds at the seed stage. Here's why.
Management fees, carried interest, GP commit, clawbacks — the economics of a venture fund are more nuanced than most emerging managers realize. Here's the definitive breakdown.
Everything you need to know about launching a venture capital fund — from legal structure and fundraising to portfolio strategy, operations, and the realities most first-time GPs face.
How special purpose vehicles work in venture capital — SPV structure, economics, legal requirements, and when they make sense for angel syndicates, co-investments, and emerging managers.
How special purpose vehicles work in venture capital — SPV structure, economics, legal requirements, and when they make sense for angel syndicates, co-investments, and emerging managers.
How rolling funds work — the subscription-based venture capital model that lets managers raise continuously, LPs commit quarterly, and everyone skip the traditional 18-month fundraise.
Over 70% of first-time fund managers never raise a second fund. Here's what separates the survivors from the statistics — and the five mistakes you can avoid starting today.
A clear explanation of how venture capital funds are structured, the roles of limited partners and general partners, fee economics, and how fund structure affects startup founders.
How solo general partners and micro funds under $50M are disrupting traditional VC, offering founders faster decisions, deeper expertise, and more aligned incentives.
6 guides
Most LP updates are skimmed or ignored. Here's how to write quarterly updates that LPs actually read, remember, and use to justify re-upping in your next fund.
Most VC fund models are built on hope, not math. Here's how to build a rigorous portfolio construction model with real numbers — including a $25M seed fund worked example.
Customer reference calls are your best weapon in due diligence — if you know how to run them. Here's how to get honest answers, spot coached responses, and know when references should kill a deal.
Choosing the wrong fund structure costs you money, limits your LPs, and creates legal headaches that last for years. Here's a complete breakdown of GP entities, fund LP structures, offshore feeders, and SPVs.
The complete VC due diligence framework: team DD, market DD, product DD, financial DD, legal DD, and customer interviews. With red flags and deal-breakers for each track.
The complete investment committee memo structure every VC uses: all 11 sections explained with examples, plus the difference between a deal memo and a formal IC memo.