TVPI: The PE Metric That Flatters Every Fund Manager (And How to See Through It)
TVPI: The PE Metric That Flatters Every Fund Manager (And How to See Through It) Vista Equity Partners Fund VII is sitting at an estimated 1.3x–1.7x TVPI as of 2024. Sounds like progress. But the fund's DPI — the cash...
May 27, 2026
Thrive Capital: Josh Kushner's $50B Bet on Conviction Over Diversification
Thrive Capital: Josh Kushner's $50B Bet on Conviction Over Diversification Fund VIII posted 126% IRR. That's not a typo. The OpenAI bet alone — $1.3 billion into a $157 billion round with exclusive follow-on rights —...
May 27, 2026
The Delaware C-Corp Myth: Why 95% of Founders Don't Need One (And the 5% Who Absolutely Do)
The Delaware C-Corp Myth: Why 95% of Founders Don't Need One (And the 5% Who Absolutely Do) I've watched founders spend $3,000–$5,000 per year maintaining a Delaware C-Corp they didn't need — because a Y Combinator blog...
May 27, 2026
Form ADV: The Free Document That Exposes Everything Your Financial Advisor Hides
Form ADV: The Free Document That Exposes Everything Your Financial Advisor Hides 95% of investors have never read their advisor's Form ADV. It's free, it's public, and it reveals every fee, conflict, and disciplinary...
May 27, 2026
Stord Just Raised $250M at $3B to Build the Anti-Amazon Fulfillment Layer. Here's Why I'm Watching — and Where It Could Go Wrong.
Last week, Stord raised $250 million in a Series F at a $3 billion valuation — doubling its valuation from $1.5 billion in under 12 months. The round pulled in Strike Capital, Kleiner Perkins, Founders Fund, Franklin...
May 27, 2026
Cognition Just Raised $1B for an AI Coding Agent. The Valuation Math Doesn't Work — Here's What It Tells You.
Fifty times forward revenue. That is the multiple buried inside today's headline: Cognition raised more than $1B at a $25B pre-money valuation , against a reported $492M annualized revenue run-rate. Before you decide...
May 27, 2026
Yieldstreet vs Fundrise vs Masterworks: A 90-Day Money-In Comparison
Yieldstreet vs Fundrise vs Masterworks: A 90-Day Money-In Comparison TL;DR: CNBC reviewed 30 Yieldstreet real estate deals and found 4 written to $0, 23 on a watchlist, and $370M+ in investor capital at risk — $78M...
May 19, 2026
Why Family Offices Are Quietly Rotating Into Music Royalties Right Now
Why Family Offices Are Quietly Rotating Into Music Royalties Right Now TL;DR: Primary Wave Music closed its Fund 4 at $2.225 billion in April 2026 — the largest closed-end music royalties fund ever raised — with...
May 19, 2026
Reg CF in 2026: What 5 Years of EDGAR Data Tell Us About Actual Returns
Reg CF in 2026: What 5 Years of EDGAR Data Tell Us About Actual Returns TL;DR: Of the 9,461 Reg CF offerings initiated since 2016, fewer than half — 4,303, or 45% — have reported any proceeds to the SEC at all. The...
May 19, 2026
Why I'm Watching Private Credit Interval Funds Right Now
Why I'm Watching Private Credit Interval Funds Right Now TL;DR: The average alternative credit interval fund (ACIF) yield dropped 110 basis points in 2025 — from 10.4% to 9.3% — while the category swelled to 91 funds...
May 19, 2026
Wefunder vs StartEngine vs Republic: The 2026 Platform Reality
Wefunder vs StartEngine vs Republic: The 2026 Platform Reality TL;DR: Per SEC DERA data through December 2024 , only 2.2% of Reg CF issuers have ever given investors an exit via acquisition, and just 0.25% have IPO'd....
May 19, 2026
Hedge Fund Replication ETFs: The Cheaper Way Into Long/Short
Hedge Fund Replication ETFs: The Cheaper Way Into Long/Short TL;DR: On a $250,000 alternatives sleeve, a traditional hedge fund's 2-and-20 structure costs you $5,000–$10,000 more per year than a multi-strategy...
May 19, 2026