Portfolio
Venture Follow-On Decisions: When Should a Fund Invest Again?
How venture funds decide whether to exercise pro rata, increase exposure, or preserve reserves when a portfolio company raises another round.
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Resources
Research and perspectives for investment teams.
Writing from Treto on the work behind private-market investing.
Portfolio
Venture Portfolio Monitoring: What to Track Between Quarterly Reports
How venture investors monitor portfolio companies, choose business-specific KPIs, detect material changes, and turn updates into investment decisions and follow-ups.
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Portfolio
GMV and Take Rate: How marketplace scale turns into revenue
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.
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Portfolio
Gross Margin and Contribution Margin: What each tells investors
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.
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Portfolio
Customer Concentration: Measuring dependence on a small number of customers
How to measure customer concentration, why it matters in venture diligence and portfolio monitoring, and how to interpret concentration alongside contract quality and retention.
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Portfolio
CAC and CAC Payback: Measuring customer acquisition efficiency
A practical guide to customer acquisition cost and CAC payback, including formulas, worked examples, investor interpretation, and common calculation errors.
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Portfolio
LTV and LTV:CAC: Estimating customer economics without false precision
How customer lifetime value and LTV:CAC are calculated, how venture investors interpret the ratio, and why early-stage estimates need careful treatment.
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Portfolio
Cohort Retention: How to read retention curves and cohort tables
How cohort retention works, how to read retention curves and cohort tables, and what venture investors can learn that headline retention averages often hide.
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Portfolio
Burn Rate, Runway and Burn Multiple: Measuring startup cash efficiency
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.
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Portfolio
NRR and GRR: Measuring revenue retention in subscription businesses
How NRR and GRR measure recurring-revenue retention, how the formulas differ, and what venture investors can learn by reading them together.
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Portfolio
ARR and MRR: How recurring revenue is measured and interpreted
A practical guide to ARR and MRR, including formulas, a worked example, interpretation for venture investors, common mistakes, and limitations.
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