Resources
Writing from Treto on the work behind private-market investing.
Diligence
How to find relevant research from earlier venture deals, separate reusable evidence from outdated assumptions, and improve decisions while preserving source history.
Read resource ↗︎
Pipeline intelligence
How to design venture deal stages, track process ownership, separate decisions from activity, and catch investment opportunities that quietly stall.
Read resource ↗︎
Diligence
A practical diligence framework for early-stage investments: define questions, collect evidence, separate open issues from conclusions, and prepare an investment decision.
Read resource ↗︎
Pipeline intelligence
How VC teams organize inbound and outbound sourcing, track introductions, preserve relationship context, and follow up without losing promising founders.
Read resource ↗︎
Pipeline intelligence
How to diagnose stalled venture deals, distinguish genuine blockers from normal waiting periods, and maintain next actions through diligence and approval.
Read resource ↗︎
Portfolio
How venture funds decide whether to exercise pro rata, increase exposure, or preserve reserves when a portfolio company raises another round.
Read resource ↗︎
Portfolio
How venture investors monitor portfolio companies, choose business-specific KPIs, detect material changes, and turn updates into investment decisions and follow-ups.
Read resource ↗︎
Diligence
What a venture IC memo needs, how to prepare questions and evidence, and how to turn a committee discussion into a clear investment decision.
Read resource ↗︎
Fund operations
Why venture funds extend their life, what happens to remaining positions, and how GPs handle approvals, final distributions and closing accounts.
Read resource ↗︎
Fund operations
What the Limited Partnership Agreement governs, how side letters change investor rights, and how teams keep fund obligations usable over time.
Read resource ↗︎
Fund operations
A guide to the life of a venture fund, the roles of LPs and GPs, and how commitments become investments, portfolio value and distributions.
Read resource ↗︎
Fund operations
How capital commitments become fund cash, what goes into a call notice, and how to reconcile called, paid-in and uncalled capital.
Read resource ↗︎
Fund operations
How venture funds calculate net asset value, estimate fair value, document write-ups and write-downs, and explain changes in portfolio marks.
Read resource ↗︎
Fund operations
How a venture fund returns capital to LPs, distinguishes exit proceeds from distributions, and tracks recallable amounts and cash-flow performance.
Read resource ↗︎
Fund operations
How to assemble quarterly venture fund reports, explain portfolio changes, reconcile fund performance and use consistent LP reporting standards.
Read resource ↗︎
Fund operations
A practical map of fund-administrator responsibilities, GP ownership, reporting workflows, reconciliations and the records emerging managers need.
Read resource ↗︎
Fund operations
How management fee recycling can restore venture fund investment capacity, how it differs from broader capital recycling, and what GPs need to track operationally.
Read resource ↗︎
Fund operations
How IRR annualizes venture fund and investment performance, how timing changes the result, and why venture investors read it alongside multiples and distributions.
Read resource ↗︎
Fund operations
How venture ownership changes when companies raise new capital, how dilution is calculated, and how pro rata participation can preserve an investor's stake.
Read resource ↗︎
Fund operations
How venture funds reserve capital for follow-on investments, how reserve ratios affect portfolio construction, and how investors decide where to deploy additional capital.
Read resource ↗︎
Fund operations
How venture fund management fees are calculated, how fee schedules change over a fund's life, and how fees affect the capital available for portfolio investments.
Read resource ↗︎
Fund operations
How carried interest allocates venture fund profits between LPs and GPs, how a simple carry calculation works, and why waterfall terms matter.
Read resource ↗︎
Fund operations
How venture fund recycling works, why GPs reinvest eligible proceeds, how recycling increases gross deployment, and what LPs should understand about the trade-offs.
Read resource ↗︎
Fund operations
How MOIC measures value relative to invested capital, how it differs from IRR and TVPI, and how venture investors interpret realized and unrealized multiples.
Read resource ↗︎
Fund operations
How gross venture returns differ from net LP returns, how fees and carried interest create the gap, and how to compare fund performance on a consistent basis.
Read resource ↗︎
Portfolio
How GMV and take rate work in marketplace businesses, how the metrics relate to revenue, and how venture investors use them to assess scale and monetization.
Read resource ↗︎
Portfolio
How gross margin and contribution margin differ, how each is calculated, and how venture investors use them to understand the economics of a growing company.
Read resource ↗︎
Portfolio
How to measure customer concentration, why it matters in venture diligence and portfolio monitoring, and how to interpret concentration alongside contract quality and retention.
Read resource ↗︎
Portfolio
A practical guide to customer acquisition cost and CAC payback, including formulas, worked examples, investor interpretation, and common calculation errors.
Read resource ↗︎
Portfolio
How customer lifetime value and LTV:CAC are calculated, how venture investors interpret the ratio, and why early-stage estimates need careful treatment.
Read resource ↗︎
Portfolio
How cohort retention works, how to read retention curves and cohort tables, and what venture investors can learn that headline retention averages often hide.
Read resource ↗︎
Portfolio
How burn rate, runway, and Burn Multiple work together to show how quickly a startup consumes cash, how long that cash lasts, and how efficiently it produces growth.
Read resource ↗︎
Portfolio
How NRR and GRR measure recurring-revenue retention, how the formulas differ, and what venture investors can learn by reading them together.
Read resource ↗︎
Fund operations
A venture-focused guide to TVPI, DPI, and RVPI, including formulas, a worked fund example, interpretation, common mistakes, and limitations.
Read resource ↗︎
Portfolio
A practical guide to ARR and MRR, including formulas, a worked example, interpretation for venture investors, common mistakes, and limitations.
Read resource ↗︎