Resources
Writing from Treto on the work behind private-market investing.
Fund operations
Why venture funds extend their life, what happens to remaining positions, and how GPs handle approvals, final distributions and closing accounts.
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Fund operations
What the Limited Partnership Agreement governs, how side letters change investor rights, and how teams keep fund obligations usable over time.
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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.
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Fund operations
How capital commitments become fund cash, what goes into a call notice, and how to reconcile called, paid-in and uncalled capital.
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Fund operations
How venture funds calculate net asset value, estimate fair value, document write-ups and write-downs, and explain changes in portfolio marks.
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Fund operations
How a venture fund returns capital to LPs, distinguishes exit proceeds from distributions, and tracks recallable amounts and cash-flow performance.
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Fund operations
How to assemble quarterly venture fund reports, explain portfolio changes, reconcile fund performance and use consistent LP reporting standards.
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Fund operations
A practical map of fund-administrator responsibilities, GP ownership, reporting workflows, reconciliations and the records emerging managers need.
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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.
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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.
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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.
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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.
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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.
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Fund operations
How carried interest allocates venture fund profits between LPs and GPs, how a simple carry calculation works, and why waterfall terms matter.
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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.
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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.
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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.
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Fund operations
A venture-focused guide to TVPI, DPI, and RVPI, including formulas, a worked fund example, interpretation, common mistakes, and limitations.
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