The Keyman Clause: What Happens When Your Fund's Star Partner Walks
TL;DR: A keyman clause (also called a key person provision) is the section of a private fund's limited partnership agreement (LPA) that names the specific individuals whose continued, active involvement the fund is...
August 12, 2026
EquityZen Review 2026: Fees, Track Record, and Real Risk
Bottom line: EquityZen is a legitimate, SEC-registered broker-dealer marketplace that lets accredited investors buy exposure to pre-IPO companies like SpaceX, OpenAI, and Stripe through single-purpose vehicles, with...
August 12, 2026
What a Fund Administrator Does, and Why LPs Now Require One
TL;DR: A hedge fund manager named Grant Grieve invented a fake back-office administrator called Global Hedge Fund Services and used it to certify returns that didn't exist. The SEC charged him with securities fraud...
August 12, 2026
Your Fund Narrative Is Too Wide to Underwrite
Your Fund Narrative Is Too Wide to Underwrite Most emerging managers do not lose LP attention because the market is cold. They lose it because their story is too wide to hold conviction. If your...
August 11, 2026
Raise Capital Like an Operator, Not a Founder in Search of Validation
Raise Capital Like an Operator, Not a Founder in Search of Validation Most founders walk into a raise wanting money. Serious operators walk into a raise wanting alignment. That sounds like semantics...
August 11, 2026
The Geography Trap in Emerging Manager Fundraising
The Geography Trap in Emerging Manager Fundraising In my experience, most emerging-manager fundraising advice quietly assumes your first pool of capital should come from people close to you. Your...
August 11, 2026
The Reference Architecture of a Raise
The Reference Architecture of a Raise Most emerging managers think references are the cleanup crew. They treat them like something you collect at the end, after the deck is built, the meetings are...
August 11, 2026
Why Recycled Warm Intros Stop Working in a High-Scrutiny Market
Why Recycled Warm Intros Stop Working in a High-Scrutiny Market A warm intro can still get you in the room. It just cannot do the underwriting for you. That distinction matters a lot more now than it...
August 11, 2026
If Your Service Providers Feel Generic, Your Fund Does Too
If Your Service Providers Feel Generic, Your Fund Does Too Most emerging managers think their fund will be judged on thesis, track record, and deck quality. That's only half true. The other half is...
August 11, 2026
The First Diligence Call Is About Risk Containment, Not Upside
The First Diligence Call Is About Risk Containment, Not Upside Most managers walk into the first diligence call ready to sell the dream. That is usually the wrong sequence. Serious LPs are not...
August 11, 2026
Build the Raise Around Evidence, Not Energy
Build the Raise Around Evidence, Not Energy Energy gets attention. Evidence gets allocations. That distinction matters more than most emerging managers want to admit. A lot of raises are still being...
August 11, 2026
Why Bad Follow-Up Kills More Raises Than Bad First Meetings.
Why Bad Follow-Up Kills More Raises Than Bad First Meetings. Most founders think they lose a raise in the first meeting. Sometimes they do. But not nearly as often as they think. In my experience,...
August 11, 2026