Jun 13, 2026

by

Ilya Strebulaev

The Hidden Waterfall: How VC Terms Redirect Millions at Exit

Ownership percentages don't guarantee exit proceeds when multiple rounds have different terms.

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Murph capital is a new media and community for the next generation of emerging managers and allocators

PROUDLY builT IN USA

HANDCRAFTED by:

@Grivitsky

© All Rights Reserved.
Murph Capital Digital, LLC. 2026.

Substack

Linkedin

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Main

home

Podcasts

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Reports

Soon

about us

Community

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Murph capital is a new media and community for the next generation of emerging managers and allocators

PROUDLY builT IN USA

HANDCRAFTED by:

@Grivitsky

© All Rights Reserved.
Murph Capital Digital, LLC. 2026.

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