Liquid Venture

DPI: What Distributions to Paid-In Means in Venture Capital

DPI (Distributions to Paid-In) is the only VC fund metric that measures real, returned cash. Here's what it means, how it's calculated, why LPs prioritize it over TVPI, and what strong DPI looks like.

Venture Capital Salary & Compensation Guide 2026: Every Level Explained

A detailed breakdown of 2026 venture capital compensation across every role—from analyst to managing partner—including salary bands, bonus structures, carry mechanics, fund size effects, geography adjustments, and negotiation tactics.

Advantages and Disadvantages of an IPO: The Honest Guide for Founders

IPOs unlock liquidity, public capital, and credibility — but they also mean quarterly earnings pressure, loss of privacy, and $5-15M in costs. Here's the honest breakdown, plus when an IPO actually makes sense.

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.

Carried Interest Explained: Tax Treatment, the Loophole Debate, and How GPs Actually Get Paid

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.

How Startup Exits Work: IPO, M&A, and Secondary Sales Explained

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.