Capital Raising
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...
Jeff Barnes, MBA··12 min read
Private Equity
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...
Jeff Barnes, MBA··10 min read
Venture Capital
How to Evaluate a VC Fund's Track Record Before Writing a Check
TL;DR: Top-quartile VC funds returned 3.3x-4.2x TVPI across 2014-2018 vintages, but many GPs bury the real numbers inside gross figures that never land in your bank account. Learn the five metrics tha
Jeff Barnes, MBA··11 min read