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Fund Ops

Fund Ops

SPV Fees by Stage: 2&20 Dominates at Seed, Drops to 28% at B+

Median carry at 15%; fees and carry show 0.08 correlation

Jan 22, 2026

by

Pavel Prata

Fund Ops

Seed VC Fund Construction 2026: Size, Math, and Strategy

Concentration vs. diversification modeled across 7 fund sizes

Nov 6, 2025

by

Pavel Prata

Fund Ops

Three Methods to Counter VC Fund Management Fee Drag

Recycling, fee waivers, and notional contributions compared

Nov 5, 2025

by

Chris Harvey

Fund Ops

The Case Against VC Fund Reserves: Idle Capital, Worse Returns

Heath: reserves stem from FOMO, not conviction; power law wins

Oct 14, 2025

by

James Heath

Fund Ops

VC Fund Tax Guide: Carry, Management Fees, and QSBS Rules

Management fees taxed at 37%; QSBS protects up to $15M

Sep 16, 2025

by

Pavel Prata

Fund Ops

Three US Bills Propose Biggest VC Fund Law Overhaul in 85 Years

ICAN Act, DEAL Act would reform LP limits and secondaries

Sep 12, 2025

by

Chris Harvey

Fund Ops

VC Secondary Math: Selling 1x NAV Costs 2-3x DPI by Year 15

Best pricing achieved when selling into oversubscribed rounds

Sep 8, 2025

by

David Zhou

Fund Ops

Amplify Partners: Most VC Firms Misuse the Associate Role

Mike Dauber argues the leverage model wastes talent and firm time

Aug 7, 2025

by

Amplify

Fund Ops

A GP Guide to Choosing the Right VC Fund Administrator

Carta, Aduro, and Vector AIS compared by price and service

Aug 7, 2025

by

Pavel Prata

Fund Ops

GPs Face Perverse Incentives to Avoid Writing Down Dead Deals

Dan Gray: fee structures reward delay over honest portfolio marks

Jul 9, 2025

by

@credistick

Fund Ops

Inside a VC Fund's LPA: Key Terms Every GP Needs to Know

Pavel Prata delivers a complete breakdown and template for GPs

Jul 8, 2025

by

@pavelprata

Fund Ops

The Math Behind Why Most Pre-Seed Funds Can't Hit 3x Returns

Pavel Prata models the emerging manager death spiral from scratch

Jul 3, 2025

by

Pavel Prata

Fund Ops

Kopelman: Mega-Funds Must Capture 30% of U.S. VC Value to 2.5x

New formula exposes math behind outsized fund return expectations

May 1, 2025

by

Josh Kopelman

Fund Ops

Inside Crucible VC Quarterly Reporting and GP Playbook

Deal funnel, ownership targets, and RTF math per investment

Feb 11, 2025

by

Meltem Demirors

Fund Ops

SPV Fees by Stage: 2&20 Dominates at Seed, Drops to 28% at B+

Median carry at 15%; fees and carry show 0.08 correlation

Jan 22, 2026

by

Pavel Prata

Fund Ops

Three Methods to Counter VC Fund Management Fee Drag

Recycling, fee waivers, and notional contributions compared

Nov 5, 2025

by

Chris Harvey

Fund Ops

VC Fund Tax Guide: Carry, Management Fees, and QSBS Rules

Management fees taxed at 37%; QSBS protects up to $15M

Sep 16, 2025

by

Pavel Prata

Fund Ops

VC Secondary Math: Selling 1x NAV Costs 2-3x DPI by Year 15

Best pricing achieved when selling into oversubscribed rounds

Sep 8, 2025

by

David Zhou

Fund Ops

A GP Guide to Choosing the Right VC Fund Administrator

Carta, Aduro, and Vector AIS compared by price and service

Aug 7, 2025

by

Pavel Prata

Fund Ops

Inside a VC Fund's LPA: Key Terms Every GP Needs to Know

Pavel Prata delivers a complete breakdown and template for GPs

Jul 8, 2025

by

@pavelprata

Fund Ops

Kopelman: Mega-Funds Must Capture 30% of U.S. VC Value to 2.5x

New formula exposes math behind outsized fund return expectations

May 1, 2025

by

Josh Kopelman

Fund Ops

Seed VC Fund Construction 2026: Size, Math, and Strategy

Concentration vs. diversification modeled across 7 fund sizes

Nov 6, 2025

by

Pavel Prata

Fund Ops

The Case Against VC Fund Reserves: Idle Capital, Worse Returns

Heath: reserves stem from FOMO, not conviction; power law wins

Oct 14, 2025

by

James Heath

Fund Ops

Three US Bills Propose Biggest VC Fund Law Overhaul in 85 Years

ICAN Act, DEAL Act would reform LP limits and secondaries

Sep 12, 2025

by

Chris Harvey

Fund Ops

Amplify Partners: Most VC Firms Misuse the Associate Role

Mike Dauber argues the leverage model wastes talent and firm time

Aug 7, 2025

by

Amplify

Fund Ops

GPs Face Perverse Incentives to Avoid Writing Down Dead Deals

Dan Gray: fee structures reward delay over honest portfolio marks

Jul 9, 2025

by

@credistick

Fund Ops

The Math Behind Why Most Pre-Seed Funds Can't Hit 3x Returns

Pavel Prata models the emerging manager death spiral from scratch

Jul 3, 2025

by

Pavel Prata

Fund Ops

Inside Crucible VC Quarterly Reporting and GP Playbook

Deal funnel, ownership targets, and RTF math per investment

Feb 11, 2025

by

Meltem Demirors

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Murph capital is a new MEDIA and community that connects emerging vCs with lp allocators

PROUDLY BUILD IN USA

HANDCRAFTED by:

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

Substack

Linkedin

X

Main

home

Media

Data

Funds

Events

Soon

about us

Community

Store

Murph capital is a new MEDIA and community that connects emerging vCs with lp allocators

PROUDLY BUILD IN USA

HANDCRAFTED by:

@Grivitsky

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

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Main

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    $47M

    Multimodal

    $15M

    Battery

    $3.3B

    SNAK Venture

    $50M

    Quantonation

    $259M

    CAVU Consumer

    $325M

    All Aboard

    $99M

    Seligman Ventures

    $500M

  • OSS Ventures

    $47M

    Multimodal

    $15M

    Battery

    $3.3B

    SNAK Venture

    $50M

    Quantonation

    $259M

    CAVU Consumer

    $325M

    All Aboard

    $99M

    Seligman Ventures

    $500M