May 31, 2026

Dan Gray

Why Venture's Fee Model Breaks When Funds Stop Growing Companies

Management fees scale linearly while returns from larger rounds grow sublinearly.

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Murph capital is a new media, research and community for emerging vc fund managers

PROUDLY builT IN USA

HANDCRAFTED by:

@Grivitsky

Main

home

Fund of funds

About US

Benchmarks

Research

Funds

Events

Reports

Podcasts

Templates

Soon

SIGNALS

INVESTORS

Murph capital is a new media, research and community for emerging vc fund managers

PROUDLY builT IN USA

HANDCRAFTED by:

@Grivitsky

Main

home

Fund of funds

About US

Benchmarks

Research

Funds

Events

Reports

Podcasts

Templates

Soon

SIGNALS

INVESTORS

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