Research
Coalition Investing and the Case for Venture Capital Without a Fund Manager
Your Most Valuable Asset Is Being Walled Off by the Fund You Invested In
JOHN COWAN
Venture Capital
Carta's Latest Founder Data Says What Carta Can't
Wasserman's Data Has Not Improved
Visual companion — John Cowan, Next Wave Partners
Founder Dilution Trajectory
Exit Waterfall Comparison
Venture Capital
You Can't Reindustrialise with Casino Money
Dan Gray diagnosed the disease. Here's why the cure requires new financial architecture, not just new companies.
Macro Trends
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.
Research
2026 Venture Capital Industry Forecast
Everything you need to know about the VC industry for 2026
Macro Trends
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.
Macro Trends
Anatomy of Venture Capital Racketeering
OpED
The Economic War Peter Thiel Doesn't Talk About (and Probably Doesn't Want to)
Misdiagnosis or Misdirection?
Peter Thiel is right that we're in an economic war, but wrong about who'
Venture Capital
Breaking Down Goldman Sachs' Acquisition of Industry Ventures
There is blood on the streets, and Goldman just bought the mop company.
Its deal to acquire Industry Ventures is
Venture Studio
Introducing The Portfolio Allocation Matrix - A Risk Modeling Framework for Venture Studios
From Deal Structure to Portfolio Strategy
Most venture studios fail because they try to develop the wrong companies at the
Macro Trends
Capturing Dislocation Alpha: The Venture Studio Hedge Against the AI Bubble
The Contrarian Investment Thesis
The AI venture capital bubble will inevitably unwind over the next several years, creating an unprecedented
Venture Studio
Venture Studios and Family Offices: Breaking From Fund Economics to Unlock Capital
The Convergence of Studios and Family Offices
For decades, venture capital has operated as a closed ecosystem between institutional Limited
Macro Trends
Analyzing the Startup Down Round Trend
Venture Capital
The Great LP Exodus: Why Institutional Capital Is Fleeing Venture Capital
Research Dossier for Emerging Managers and Venture Studio Operators
Macro Trends
Trump to Bail Out Failing Venture Capital Industry with America’s 401k Retirement Savings
President Trump is preparing to sign an executive order that would open $12.5 trillion in American 401(k) retirement
Alternative Finance
Regulation Crowdfunding: Exploring a Democratic Foundation for Post-VC Innovation Finance
The Traditional Model's Current Challenges
The venture capital industry faces significant structural challenges. As documented in comprehensive analyses
Venture Capital
Carta's Charts Don't Lie: The Series A Sprint Is a Cartel-Designed Death Trap
Venture Capital
2025 VC Forecast Mid-Year Update: The Accelerating Collapse and the $30 Billion Opportunity
Mid-Year 2025 Venture Capital Forecast Update
Six months into 2025, the venture capital landscape has evolved in ways that both