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.
How family offices can evaluate emerging venture managers
A practical approach for single and multi-family offices evaluating newer venture managers with a small team, including where family offices have an advantage.
How to explain a newer manager to an investment committee
How foundation, endowment and family office staff can present an emerging venture manager to a committee in a way that is defensible, honest about risk and easy to revisit.
Screening emerging managers at scale, for funds of funds and OCIOs
How allocators who see hundreds of emerging managers a year can screen consistently without relying on proxies that exclude strong managers.
Building a venture program for the next generation of a family
How families can build a venture program that the next generation can understand, participate in and eventually run, including how to start and what to document.
Does venture follow a power law?
What the evidence says about concentration in venture returns, why heavy-tailed and power-law are different claims, and what it means for how LPs select and size managers.