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