Personnel turnover at institutions derails fundraising for emerging managers

A capital deployment rule designed for consolidation may end up isolating European founders instead

New data shows poor DPI across recent vintages despite allocator optimism.

Top performers vastly outpacing peers across nine years of fund data.

78 mid-sized funds raised capital on Carta as AI optimism spreads to fund formation.

Early bets on emerging markets and unconventional founders beat the crowd

Ranked by combined power-law score by Alan Feld

Strategic capital chases emerging tech access, M&A leads, and distribution deals

GPs should reserve opportunities for large investors with proven governance.

Experienced fund managers think in systems, not narratives, and treat timing as strategy.

Top quartile VCs deliver 22.6% IRR while median sits flat with public markets

GPs would take bigger swings if their backers weren't so afraid.

Most institutional investors lack guidance to build AI workflows, making AI-native claims meaningless without demonstration.

GPs racing to position before SpaceX, OpenAI exits unlock LP capital

ETC1-backed funds divided on whether strings-attached capital is worth the constraint

Capital concentration favors incumbents in booms and busts alike

First-time fund cohorts correlate strongly with future exits when excluding pandemic anomalies.

Top LPs say conviction forms early, but pressure testing matters

LPs backing first-time funds face the same conviction challenge as early-stage investors.

Eight categories from $3B platforms to traditional biotech, no preset allocation targets

Portfolio companies stuck in limbo as GPs chase capital amid disruption concerns.