Craft Ventures V: What David Sacks First Fund Since the White House Signals for LPs
TL;DR: Craft Ventures filed a Form D with the SEC on August 7, 2026 for Craft Ventures V, LP, an indefinite-size venture capital fund that people close to the raise say is targeting roughly $1...
Most First-Time GPs Underestimate the Cost of Looking Legit
Many first-time GPs think the hard part is getting the story right. It isn't. The hard part is building an operation that can survive serious diligence—and budget accordingly.
NAV Lines of Credit: What Private Equity LPs Need to Know Before the Next Draw
According to research from the Institutional Limited Partners Association (ILPA) , the NAV financing market has grown to approximately $100 billion and is projected to reach $600 billion by 2030. If y
Private Equity Hidden Costs: What LPs Actually Pay Beyond 2-and-20
The headline "2-and-20" fee structure in private equity understates what LPs actually pay by a significant margin. According to ILPA's Reporting Template v2.0 , which became mandatory for institutiona
Management Company in Private Equity: The Entity That Runs Your Fund
Management fees (1.74-2% annually) flow to the management company as ordinary income. Carried interest flows through the GP as capital gains taxed at 20% instead of 37%. LPs who skip the management co
TVPI Tells You What a Fund Is Worth. It Doesn't Tell You What You'll Get Paid.
A 2019-vintage fund that was showing 3.2x TVPI in early 2022 looked brilliant. By mid-2023, that same fund was sitting at 1.4x. Not a single company had been sold. The GP hadn't made a bad decision in those 18 months....
L Catterton: The $40B Consumer PE Firm With LVMH's Playbook (And Its Blind Spots)
L Catterton: The $40B Consumer PE Firm With LVMH's Playbook (And Its Blind Spots) L Catterton sold Everlane to Shein in May 2026. A sustainable fashion brand built on radical transparency — sold to the company...
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...