Why Your Angel Portfolio Is a Coin Flip (And How to Fix It)
TL;DR: Most angels lose money. Not because they pick bad companies. Because they own too few of them. The Wiltbank and Boeker study commissioned by the Kauffman Foundation , the largest empirical d...
June 1, 2026
What Is a Capital Call in Private Equity? A Plain-English Guide for LP Investors
What Is a Capital Call in Private Equity? A Plain-English Guide for LP Investors TL;DR: According to Preqin's 2025 Global Private Equity Report , global private capital dry powder reached $3.7…
May 31, 2026
Where $2 Trillion Is Flowing: The Private Credit Market in 2025 and What It Means for Your Portfolio
Where $2 Trillion Is Flowing: The Private Credit Market in 2025 and What It Means for Your Portfolio TL;DR: Private credit crossed $2.1 trillion in AUM for the first time in 2024, and the Cliffwater…
May 31, 2026
The SEC Just Proposed Cutting Private Fund Reporting — Here's the Part They're Not Highlighting
The SEC Just Proposed Cutting Private Fund Reporting — Here's the Part They're Not Highlighting TL;DR: On April 20, 2026, the SEC and CFTC jointly proposed rolling back Form PF — the main private…
May 31, 2026
Advisory Shares: What Startups Pay Advisors Instead of Cash — and What to Watch For
Advisory Shares: What Startups Pay Advisors Instead of Cash — and What to Watch For TL;DR: Carta's H1 2024 benchmarking data shows the median advisory equity grant at pre-seed is 0.21% of fully…
May 31, 2026
Afore Capital: The Pre-Seed Fund Backing Founders Before Anyone Else Writes a Check
Afore Capital: The Pre-Seed Fund Backing Founders Before Anyone Else Writes a Check TL;DR: Afore Capital closed its fourth fund at $185M in February 2025, pushing total AUM to $500M. Every dollar…
May 31, 2026
TVPI Explained: What Total Value to Paid-In Capital Tells You About a Private Fund
TVPI Explained: What Total Value to Paid-In Capital Tells You About a Private Fund TLDR: CalPERS's disclosed fund data shows private equity TVPI ranging from 0.3x (near-total loss) to 4.2x within the…
May 31, 2026
Yieldstreet Is Now Willow Wealth — and the $208 Million in Investor Losses Explain the Name Change
Yieldstreet Is Now Willow Wealth — and the $208 Million in Investor Losses Explain the Name Change TL;DR: In October/November 2025, Yieldstreet quietly rebranded to Willow Wealth and scrubbed its…
May 31, 2026
L Catterton: Inside the $37 Billion Firm That Bets Big on Luxury Consumers — and Sometimes Loses
L Catterton: Inside the $37 Billion Firm That Bets Big on Luxury Consumers — and Sometimes Loses TL;DR: L Catterton closed an $11 billion fundraising cycle in May 2025 — its largest ever. The…
May 31, 2026
Cognition AI Raises $1 Billion at $26 Billion: What the Valuation Math Actually Tells You
Cognition AI Raises $1 Billion at $26 Billion: What the Valuation Math Actually Tells You TL;DR: Cognition AI just closed a $1 billion Series D at a $26 billion post-money valuation. That is 53 times…
May 31, 2026
MOIC Explained: Multiple on Invested Capital and Why the Number You See Is Probably Inflated
MOIC Explained: Multiple on Invested Capital and Why the Number You See Is Probably Inflated TL;DR: The gross MOIC a GP quotes in a pitch deck is not the net MOIC you receive as an LP. Standard…
May 31, 2026
Delaware C Corporation: Why Startups Choose It and What Angel Investors Require
TL;DR 66.7% of Fortune 500 companies are Delaware C-Corps. 81.4% of U.S.-based IPOs in 2024 chose Delaware. VCs cannot invest in LLCs for three hard structural reasons: UBTI rules, K-1 multi-state...
May 30, 2026