Venture Reciprocity, Measured
In 2024 I argued that equity makes venture returns unpredictable on two vectors, value and time, and that founders pay for it. A new study of 248,454 venture-backed founders finally puts numbers on both.
Venture Capital 2.0
Research and tools for the next generation of venture builders, investors, and founders.
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Take a Walk on the Boardwalk: Venture Secondaries Explained
Follow the money to find out who will hold venture capital's empty bucket.
Liquidity, Stupid
What Kauffman saw in 2012 and the load-bearing element nearly every diagnosis still misses.
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The Secondary Discount, Decoded
Why the one gauge that moved this quarter is a better price on a loss, not the end of one, especially for the 2021 and 2022 vintages
The Reformation of Early-Stage Venture Capital: 1H26 Snapshot
PitchBook's Q2 2026 Global VC First Look shows a market splitting in two: record capital deployed and record exit value at the top, and fundraising at a decade low underneath, all while early-stage investing is growing.
The LP Distress Index
What Venture Capital's Continuation Fund Boom is Actually Measuring
Nineteen Cents on the Dollar: Breaking Down AngelList's Venture Fund Report
AngelList just published the most comprehensive fund performance data available for emerging managers. The numbers confirm what many of us have been talking about for years, and they point toward something better.
2026 Venture Capital Industry Forecast
Everything you need to know about the VC industry for 2026
Exclusive Report: Family Office and Fund of Funds Market
The venture capital industry has built an extraordinarily sophisticated machine for deploying capital into private markets. It has built almost nothing to get that capital back out.