Unrealized Value

Venture Capital KPIs: 20 Metrics Every GP Should Track

Most GPs are flying blind. Here are the 20 VC KPIs that separate disciplined fund managers from everyone else — with benchmarks, formulas, and why each one matters.

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.

LP Data Room Best Practices: What to Include When Raising Your Fund

A practical guide for emerging managers on exactly what to include in an LP data room, how to structure it, which platforms to use, and the mistakes that quietly kill a fundraise.

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.

MOIC: What Multiple on Invested Capital Means in Venture Capital

MOIC (Multiple on Invested Capital) is the simplest and most direct measure of investment returns in venture capital. Here's what it means, how it's calculated, what good looks like, and how it differs from IRR.

The Tax Benefits of Angel Investing: QSBS Explained

How Section 1202 QSBS can exclude up to $10 million in capital gains from angel investments — the requirements, holding periods, and how this tax benefit dramatically changes the return math.