How many venture funds does an LP need to be diversified?
Why there is no single right number of venture funds, the four kinds of diversification that matter, and how to size a program to the commitment you can sustain.
Should LPs allocate to emerging venture managers?
What Colibrí Institute research found across 2,471 U.S. venture funds, what it does and does not show, and how to decide whether emerging managers belong in your program.
Which benchmark should an LP use for a venture fund?
Vintage-year peer benchmarks, public market equivalents and absolute targets, what each answers, and why early quartile rankings are unreliable.
IRR, TVPI, DPI, RVPI, MOIC and PME explained for LPs
What each venture performance measure tells you, what it hides, and which ones to read together at each stage of a fund's life.
Gross versus net returns, what to ask a manager
Why the gap between gross and net returns can be large in venture, what sits between them, and how to make sure you are comparing like with like.
What should a quarterly LP update include?
What a good quarterly update from a venture manager contains, how to read one, and what it means when something is missing.