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Resources

The operator's library

Guides, deep-dives and templates on how to build deal flow, construct a portfolio, raise a fund and run the operating stack — written for people who build and run venture firms.

articleJul 22, 2026

The Solo GP Stack

One partner, no staff, a real fund. The tool stack that lets a solo GP run sourcing, fund admin, LP reporting, and portfolio support without hiring — and what to buy in what order.

7 min readOpen
guideJul 8, 2026

SPVs 101: Syndicating Your First Deal

The special purpose vehicle is the on-ramp to fund management: prove you can source, decide, and close. Platforms, economics, regulatory basics, and the mistakes that mark amateurs.

8 min readOpen
guideJun 18, 2026

Raising Fund I: The Complete Playbook

Your first fund is the hardest capital you will ever raise. Who actually backs Fund I, how to build a track record before you have one, and how to survive the 18-month grind to final close.

9 min readOpen
guideMay 20, 2026

Portfolio Construction: Ownership, Reserves, Pacing

Fund returns are designed before the first check is written. How ownership targets, reserve ratios, and deployment pacing interact — and the construction memo every GP should write.

8 min readOpen
guideApr 21, 2026

Fund Finance: Subscription Lines and NAV Loans for VC Funds

Venture funds borrow too — against undrawn LP commitments early in the fund's life, and occasionally against the portfolio itself later on. How each facility works, what it does to your IRR, and where the risks concentrate.

10 min readOpen
templateApr 14, 2026

The VC Fund Model, Line by Line

A spreadsheet framework for modeling a venture fund from commitments to carry — construction inputs, outcome distributions, fees, recycling, and the TVPI/DPI outputs LPs will ask about.

7 min readOpen
guideMar 11, 2026

Building a Sourcing Engine That Compounds

Great deal flow is manufactured, not inherited. The four channels every firm should run deliberately, the CRM discipline that makes them compound, and the metrics that tell you if it's working.

8 min readOpen
guideMar 4, 2026

Secondaries in Venture: LP Stakes to Continuation Funds

Venture's liquidity problem built a market: LP interests trading at discounts, direct share sales on dedicated platforms, strip sales, tender offers, and continuation funds. How each works — and where the conflicts live.

11 min readOpen
articleFeb 24, 2026

How to Win Competitive Deals Without Overpaying

In hot rounds the highest price often loses to the fastest conviction. What actually wins competitive allocations — and the discipline that keeps winning from becoming overpaying.

6 min readOpen
articleFeb 4, 2026

The Platform Team Playbook

Post-investment support has become table stakes in competitive rounds — and most platform teams are unmeasured marketing. What working platform functions look like, when to hire, and how to know it's real.

7 min readOpen
guideJan 15, 2026

LP Updates That Get Re-Ups

The quarterly letter is where re-ups are won, years before the Fund II deck exists. Structure, metrics discipline, and the candor that separates fundable managers from forgettable ones.

7 min readOpen
guideJan 13, 2026

Venture Debt, Explained

Term loans to pre-profit startups, underwritten to the investors behind them — how venture debt actually works, who lends it, what it costs in warrants and covenants, and when a GP should encourage or veto it.

10 min readOpen
articleDec 9, 2025

Pro Rata Math: What Following On Really Costs

Maintaining ownership sounds like one decision. It's a compounding series of checks that can dwarf your initial investment — and the best companies are the ones where it costs the most.

6 min readOpen
guideNov 18, 2025

Who Funds the Funds: The LP Landscape

Endowments, pensions, foundations, sovereign wealth, funds-of-funds, family offices — a working map of the institutions that back venture funds, what each actually optimizes for, and how to sequence a raise across them.

11 min readOpen
articleNov 18, 2025

Ten Mistakes Emerging Managers Make

The failure modes of Fund I are remarkably consistent — and almost all of them are self-inflicted. Ten patterns LPs and veteran GPs see over and over, and what to do instead.

7 min readOpen
templateOct 21, 2025

The Seed Diligence Checklist

Seed diligence is a judgment exercise with a deadline, not a data-room marathon. A structured checklist covering team, market, traction, cap table, and legal — sized for a two-week decision.

6 min readOpen
guideOct 7, 2025

The Venture Capital Stack, Explained

Every venture firm sits between two capital structures — the LP capital that funds the fund, and the startup cap table the fund invests into. Here is how both layers work, who holds what claim, and why the same dollar looks different in each frame.

10 min readOpen
guideSep 30, 2025

Your First Board Seat

Leading a round often comes with a seat, and nobody trains you for it. Fiduciary duties, the actual job between meetings, and how to be useful without becoming the problem.

7 min readOpen
articleSep 9, 2025

Underwriting the Power Law

Venture returns are not normally distributed, and every intuition borrowed from other asset classes will quietly sabotage you. What power-law math actually demands of check size, ownership, and conviction.

7 min readOpen

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