Cap Tables are Broken, but Not Because of Your Math Skills
Legal Fees: Not a Hill to Die On, But Some Parity Would be Nice
Market LPA Terms for Emerging VC Funds Exist, But There's No Such Thing as a Standard LPA Term Sheet
43.4% Capital Gains May Be Coming, But Probably Not For Emerging Managers & LPs
The Structure and Principles of Venture Capital Fund Law
Why Emerging Fund Managers Outperform More Established VCs
Key Takeaways: Not all Notes are created equally—know the difference between Fully Diluted Basis vs. Issued and Outstanding. Not all shares are created…
An analysis of AngelList's Rolling Venture Funds legal structure
Understanding the Limits of Investment Company Act & Optimizing Your Fund Size
KEY TAKEAWAYS: Section 3(c)(1) venture funds have 100-beneficial owner limits (not 99!) plus any number of knowledgeable employees. Two parallel fund…
Remove the Valuation Cap and Discount. Replace it with a Conversion Percentage (%).
Key Takeaways: Startups don’t need capital—they need signal. Founders choose individual VCs based on their chemistry and personal relationship but they…