Banking

What LPs Really Look for in Fund Performance Metrics

It is a strange irony of modern finance that in a discipline that prizes clarity and measurement, the very notion of performance remains riddled with ambiguity. Nowhere is this more evident than in the conversations between general partners and their limited partners, where terms like IRR, MOIC, PME, and TVPI are tossed about as if they were self-explanatory instruments of absolute truth. But LPs, particularly those who have endured multiple fund cycles and economic regimes, do not take these numbers at face value. They read them the way seasoned historians read ancient texts: skeptically, contextually, and always with an eye on the incentives behind the narrative.

Building an Investment Pipeline That Converts

There is a certain satisfaction that arises when reviewing a robust deal pipeline. The rows are populated, the sourcing channels diverse, and the metrics appear to suggest productivity. Yet as any experienced operator knows, a full pipeline is not a converted pipeline, and the appearance of activity often conceals the absence of alignment, intentionality, and momentum. We do not raise funds to fill spreadsheets. We raise them to convert judgment into capital deployment. The gap between seeing a deal and closing a deal is not an administrative interval. It is a test of the firm’s clarity, cohesion, and conviction.

Startup Funding in 2025: Trends That Matter

In the shifting tectonics of global capital markets, startup funding in 2025 stands at the confluence of multiple fault lines. The exuberance of the zero-interest era has given way to a new terrain marked by disciplined capital, thematic conviction, geopolitical complexity, and the reassertion of operating fundamentals. For founders, this is not a retreat from capital but its recalibration—a moment when narrative must again marry numbers, and growth must align with gross margins. In this first part, we survey the structural, economic, and strategic themes that are shaping startup funding in 2025.

What Is Venture Debt? When to Use it?

In the layered lexicon of startup finance, venture debt is often misunderstood—either dismissed as a financial afterthought or feared as a prelude to distress. In truth, it is neither. Properly deployed, venture debt can act as a silent amplifier of equity, a strategic reserve, and an instrument of non-dilutive leverage. This first essay will define venture debt, delineate its mechanics, and situate its utility within the broader capital stack.