QSBS Under Section 1202: What OBBBA Changed and Why Your Issuance Date Is Everything
TL;DR: If you hold stock in a qualified small business, a domestic C-corp startup, typically, Section 1202 of the tax code can let you sell that stock and pay zero federal tax on some or all of the...
August 16, 2026
The SEC Just Redrew the Line Between Data Centers and ABS. Here's What It Means for Your Money
TL;DR: On July 29, 2026, the SEC's Office of Structured Finance told Latham & Watkins that certain securities backed by data center platforms are not "asset-backed securities" under Section 3(a)(79)...
August 16, 2026
SEC Raises Qualified Client Thresholds to $1.4M and $2.7M: What Changes June 29, 2026
TL;DR: On April 28, 2026, the SEC issued Release No. IA-6961 , raising the dollar thresholds for "qualified client" status under Rule 205-3 of the Investment Advisers Act of 1940. Effective June 29,...
August 16, 2026
Long/Short Equity Hedge Funds: Why Market Neutral Does Not Mean Safe
TL;DR: "Market neutral" describes a fund's net exposure to the overall market, not its total risk. A long/short equity fund can hold zero net exposure and still lose 20% or more in a month if its...
August 16, 2026
AngelList Rolling Funds in 2026: A Solo GP and LP Review
TL;DR: AngelList's Rolling Fund lets a solo GP raise venture capital in recurring quarterly subscription cycles instead of one big upfront close, and AngelList's own Rolling Fund help documentation...
August 16, 2026
Micron's $250 Million Paradigm Fund: A Corporate VC Playbook for AI Investors
TL;DR: On August 13, 2026, Micron Technology (Nasdaq: MU) launched the Micron Ventures Paradigm Fund , a $250 million corporate venture vehicle aimed at the full AI stack: model architectures,...
August 16, 2026
Pershing Square Ventures: Ackman's New Evergreen Fund Has a Liquidity Problem
TL;DR: Bill Ackman's Pershing Square disclosed to shareholders around August 13, 2026 that it is launching Pershing Square Ventures Ltd., a new evergreen fund targeting pre-IPO AI and biotech...
August 16, 2026
Beyond 2-and-20: The LP Checklist for Auditing a Private Fund's Total Fee Load
TL;DR: "2 and 20" is marketing shorthand, not your actual cost of capital. The Institutional Limited Partners Association has spent years building standardized fee and expense reporting templates...
August 16, 2026
Why Single-Family Offices Don't Register With the SEC (And PE Firms Do)
TL;DR: Single-family offices that manage money for one wealthy family are excluded outright from the definition of "investment adviser" under a rule the SEC adopted in 2011 to implement Section 409...
August 16, 2026
How to Read an Interval Fund's Repurchase Offer Before You Invest: A Checklist
An interval fund's repurchase offer is the only scheduled exit you will ever get. Before you wire a dollar, read every term of that offer. SEC Rule 23c-3 sets a floor of 5% and a ceiling of 25% of shares per quarter,...
August 15, 2026
Why Europe's Shrinking Share of Private Credit Fundraising Is the Buying Signal U.S. LPs Are Missing
TL;DR: Europe's share of global private credit fundraising fell to 23% in H1 2026 from 29% in 2025, and most U.S. allocators are reading that as a warning sign. I think they have it backwards. The drop in share is...
August 15, 2026
Private Credit Fundraising Hits a Record First Half in 2026 Even as BDC Redemptions Surge: The Bifurcation Explained
TL;DR: Institutional private credit fundraising hit $190 billion in final closes in H1 2026, a 53% jump over H1 2025 and already 80% of last year's full-year total, according to With Intelligence's August 12, 2026 H1...
August 15, 2026