NAV

Emerging Manager Playbook: Raising Your First Fund in 2026

The complete playbook for first-time fund managers. Legal formation, LP targeting, fundraising timeline, and the mistakes that kill first funds.

IRR: What Internal Rate of Return Means in Venture Capital

IRR (Internal Rate of Return) is how venture capitalists measure the time-adjusted performance of their investments. Here's what it means, how it's calculated, why timing matters, and what good IRR looks like for a VC fund.

TVPI: What Total Value to Paid-In Means in Venture Capital

TVPI (Total Value to Paid-In) is the primary fund performance metric used by LPs and VCs to measure total return — both realized and unrealized — relative to capital invested. Here's what it means, how it's calculated, and what benchmarks matter.

Venture Capital Fund Administration: What It Is, Who Does It, and Why It Matters

Fund administration is the operational backbone of every venture fund — handling NAV calculations, capital calls, LP reporting, K-1s, and compliance. Here's what emerging managers need to know before they raise.

Best VC Fund Administration Software in 2026: Compared for Emerging Managers

A no-fluff breakdown of the top VC fund administration platforms — Carta, Juniper Square, Allvue, Standish, Assure, NAV Fund Administration, and AngelList Stack — compared by pricing, minimum fund size, features, and fit for emerging managers.

Zombie Funds and Wind-Down: What Happens When a VC Fund Underperforms

Zombie VC funds trap LP capital for years with no path to returns. Here's how they form, what LPs can do, and what a fund wind-down actually looks like.