This week on The Data Minute, Peter sits down with Vivek Ladsariya, Managing Director at Pioneer Square Labs, for a deep dive into the Seattle startup ecosystem and the evolving world of venture studios.

Vivek breaks down why Seattle has become the quiet giant of AI infrastructure, holding the second-highest concentration of AI talent in the US, and explains why the "locked up" talent at Amazon and Microsoft is finally breaking free. He also gives a candid assessment of the venture studio model, why many studios are "zombies," how AI is forcing them to pivot to a holding company structure, and why he actually encourages his Seattle founders to move to San Francisco.

They also discuss the economics of small funds vs. mega funds, why signaling risk is real for follow-on rounds, and the "unscalable" things emerging managers must do to compete. Plus: a look at an investment fighting the loneliness epidemic and a rare story of a VC voluntarily taking dilution to save a cap table.

Subscribe to Carta’s weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/

Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/

Chapters:
00:00 – Intro: Seattle, Studios, and AI
01:10 – Welcome Vivek Ladsariya
02:22 – How mega funds warped the SF market
05:08 – Inside Pioneer Square Labs
06:40 – The "Bar Test": Speed of funding in SF vs. Seattle
09:23 – Is Seattle talent trapped in Big Tech?
11:46 – The "Cracked Kid" vs. The Seasoned Exec
15:50 – Why Seattle is the #2 AI hub in the US
17:02 – Why Vivek wants Seattle founders to move to SF
20:10 – The case against remote work for startups
21:53 – Why Seattle is the infrastructure capital of AI
24:11 – The Venture Studio model: Why do VCs hate it?
27:10 – How AI is disrupting the studio model
29:00 – The HoldCo future: Hims & Hers and Liquid Death
31:22 – Using a studio to compete with mega-fund platforms
33:45 – Why PSL will never raise a mega fund
36:16 – The psychology of follow-on reserves
38:56 – Signaling risk: "Why didn't Andreessen invest?"
41:30 – Secondaries vs. holding onto winners
45:28 – Are LPs tired of mega funds?
46:31 – Why you can't be a solo GP forever
48:56 – Investing in the loneliness epidemic (Tin Can)
50:43 – The most value-add thing a VC can do
52:07 – Outro

This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2025 eShares, Inc., dba Carta, Inc. All rights reserved.

In another special solo episode, Peter Walker dives deep into Carta's Q2 Fund Performance Report to unpack the data on what's really happening inside venture capital today.

Peter walks through the critical benchmarks every GP and LP needs to know, from median and top-decile Net IRR, TVPI, and DPI across different vintages and fund sizes. He explains why the 2021 vintage is struggling, why small funds have higher performance dispersion, and how liquidity pressure is (or isn't) impacting GP behavior.

He also introduces the single biggest theme defining venture in 2025: Concentration. Peter breaks down how this theme is affecting AI funding, geography, lead investor ownership, and even bridge rounds. Plus, he answers pre-submitted questions on follow-on strategy, liquidation preferences, and how to stand out to LPs in a crowded market.

Q2 2025 VC Fund Performance Report:
https://carta.com/data/vc-fund-performance-q2-2025/

Subscribe to Carta’s weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/

Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/

02:03 – Chart 1: The VC fund universe (Fund sizes) 
02:47 – Chart 2: Dry powder by fund size
03:12 – Chart 3: Dry powder by vintage year
04:14 – Chart 4: The hollowing middle of venture
05:08 – Chart 5: LP count by fund size
06:09 – Why are there fewer LPs in recent vintages?
07:07 – Chart 6: The rise of the anchor LP
07:51 – Digging into fund performance
08:11 – What LPs really want to see (Net performance)
09:03 – Chart 7: Net IRR by vintage year
10:21 – Chart 8: IRR J-Curve (Why 2021 is struggling)
11:59 – Chart 9 & 10: Top Quartile & Top Decile IRR
13:05 – Chart 11: Do smaller funds outperform larger funds?
14:55 – Chart 12: TVPI benchmarks (Median vs. Top Decile)
15:34 – Chart 13-15: TVPI over time (Median, Top Quartile, Top Decile)
16:50 – Why 3x net is a Top 10% goal, not Top Quartile
17:15 – Chart 17: DPI (Money back to investors)
18:26 – Chart 18: The psychology of liquidity (DPI > $1)
20:01 – The broad venture context: Fundraising improves
20:48 – Chart 20: The persistence of bridge rounds
21:48 – Chart 21: Down rounds are decreasing
23:04 – Are fund marks based on SAFEs? (No)
23:55 – Chart 22: Time between rounds
24:49 – Chart 23 & 24: Seed-to-A & A-to-B graduation rates
27:39 – The 2025 Theme: Concentration
28:05 – Concentration 1: The AI Boom
29:31 – Concentration 2: More cash, fewer startups
31:33 – Concentration 3: Lead investors are taking more
32:52 – Concentration 4: "Preemptive" bridge rounds
34:47 – Concentration 5: Geography (The Bay Area)
37:46 – Start: Pre-submitted Q&A
38:57 – Q1: Do mega-funds add value at seed?
40:42 – Q2: How much should small funds reserve for follow-ons?
42:47 – Q3: How common is investor-friendly structure? (Liquidation prefs)
44:32 – On signaling risk
45:35 – On LP pushback on fees & carry
46:50 – On the state of exits (M&A vs. IPO)
49:01 – On extended fund lifetimes (10 vs. 15 years)
50:08 – On "no fee, carry only" funds
53:10 – Key takeaways for fundraising GPs: Distinctiveness is key

This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2025 eShares, 

In this special live episode of The Data Minute, recorded in San Francisco, Peter is joined by Janelle Teng from Bessemer Venture Partners for a data-driven look at the state of AI fundraising.

Peter and Janelle walk through the data on everything from the AI valuation premium to the new benchmarks for growth, breaking down Bessemer's "Supernovas" and "Shooting Stars" framework. They discuss why fundraising timelines have gotten longer, how dilution remains steady despite soaring valuations, and why San Francisco is still the undisputed center of the AI boom. Plus, they take questions from an audience of AI founders on everything from calculating TAM to navigating a potential AI bubble.

This is your front-row seat to the conversation every AI founder needs to hear.The 

State of AI 2025 - Bessemer Venture Partners:
https://www.bvp.com/atlas/the-state-of-ai-2025

Subscribe to Carta’s weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/

Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/

01:03 – A look back: Venture funding since 2021
02:35 – Pre-ChatGPT vs. Post-ChatGPT funding waves
04:18 – How long should your runway be today?
04:54 – "Nail it before you scale it": The philosophy of efficient growth
06:15 – The new reality of Seed-to-Series-A graduation rates
07:31 – Is every software company now an AI company?
09:27 – The AI valuation premium at the Seed stage
11:14 – AI infrastructure vs. application layer companies
13:06 – Bessemer's benchmarks: "Supernovas" vs. "Shooting Stars"
14:36 – Why top-line growth can be misleading
17:10 – Why retention is table stakes, but gross margins can wait
21:12 – The new benchmark: Revenue per employee
22:48 – Advice for founders who aren't a "Supernova"
26:45 – Why dilution has remained steady at ~20%
30:39 – Valuation is not a badge of honor—it's a hurdle
33:20 – Why the Bay Area is still the center of the AI universe
35:56 – The hiring slowdown and the rise of lean teams
38:51 – The soaring cost of AI/ML engineering talent
40:00 – Bessemer's key takeaways on the future of AI
43:13 – Audience Q&A starts
43:33 – Q1: How should founders think about calculating TAM?
46:44 – Q2: As a frontier tech company, how do we compete with app-layer startups?
48:48 – Q3: How do we compete against incumbents who are adding native AI features?
51:31 – Q4: Should VCs back fewer "good" companies to chase the "Supernovas"?
55:03 – Q5: Are we in an AI bubble, and when will it pop?

This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2025 eShares, Inc., dba Carta, Inc. All rights reserved.

In another special solo episode, host Peter Walker tackles the most requested topic on The Data Minute: AI funding and valuations. Using data from Carta and Bessemer Venture Partners, Peter unpacks what’s really happening inside the AI boom.

He walks through five key charts that reveal where the capital is flowing, the massive valuation premiums AI-native companies command at Seed and Series A, and why San Francisco is still the undisputed center of the AI universe. Peter also breaks down Bessemer's new benchmarks for growth, "Supernovas" and "Shooting Stars", and explains the incredible speed at which top AI companies are reaching $100 million in revenue.

This episode is a tactical guide for founders, explaining the new growth expectations in venture and the critical trade-off between speed and profitability.

AI Fundraising Trends 2024:
https://carta.com/data/ai-fundraising-trends-2024

The State of AI 2025 - Bessemer Venture Partners:
https://www.bvp.com/atlas/the-state-of-ai-2025

Subscribe to Carta’s weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/

Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/

00:00 – Intro: A deep dive into AI funding and valuations
00:50 – How capital is flowing into AI by stage
01:34 – Why SF is the geographic center of AI
02:23 – The 40% valuation premium for AI startups at Seed
03:42 – The AI premium continues at Series A
04:37 – The barbell effect: Mega-rounds at early stages
05:07 – Bessemer's benchmarks: "Supernovas" vs. "Shooting Stars"
06:11 – A new class of company: The growth of a "Shooting Star"
07:22 – How quickly today's AI startups reach $100M ARR
08:25 – Takeaway #1: The bar for growth has been raised for everyone
08:54 – Takeaway #2: The trade-off between growth and profitability
09:50 – Final thoughts for early-stage founders

This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2025 eShares, Inc., dba Carta, Inc. All rights reserved.

This week, Peter is joined by Yohei Nakajima, founding partner of Untapped VC and one of the most forward-thinking investors in the AI space. Known for his public experiments with AI agents and automations, Yohei shares his radically different approach to venture capital: investing from the top down.

Yohei explains how he uses the social networking site X and his AI community, Baby AGI, to map market trends, develop a unique conviction, and source founders, flipping the traditional referral-based VC model on its head. He also dives deep into his personal quest to automate the mundane parts of the investor workflow, what he’s learned from building an AI version of himself, and what parts of the job can never be replaced by a machine.

This episode is a look into the future of venture capital, packed with insights on building a differentiated brand, why founders should lean into their strengths, and how AI is changing what it means to be an early-stage investor.

Subscribe to Carta’s weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/

Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/

00:00 – Intro: A top-down approach to VC
01:45 – Why top-down investing is Untapped's core thesis
02:24 – How to build unique conviction as an investor
04:15 – Using a public audience to source and vet founders
05:02 – Why don’t more pre-seed VCs do outbound sourcing?
06:29 – How defensible are today’s fast-growing AI companies?
08:00 – The "hobbyist" VC: How genuine joy becomes a differentiator
09:15 – The surprising bottleneck of automating your own job
10:48 – What is a VC's core value when tasks are automated?
11:45 – The parts of the VC job that should never be automated
13:20 – Lessons from building an AI version of yourself to advise founders
14:12 – How much of VC advice is standardized?
15:40 – Why innovating on portfolio construction is so difficult
17:18 – How AI experiments can provide value back to LPs
19:03 – Pitching an AI-native VC: How to stand out
20:31 – Why are so many founders building the same thing?
22:24 – Does a "breakout" launch signal a company's potential?
23:56 – Should founders focus on their strengths or weaknesses?
25:18 – A pre-seed take on today's frothy AI valuations
26:49 – Inside the VC mindset: Why investors can be surprisingly risk-averse
28:04 – Are accelerators still useful for early-stage founders?
30:15 – The San Francisco question: Do you still need to be there?
32:48 – How pre-seed founders are thinking about their capital strategy
37:25 – Why haven't more VC funds automated their own operations?
38:52 – Acting as a one-man R&D department for the VC industry
41:28 – The next big trend in AI: Context management and memory
44:23 – The future of Untapped: From a single fund to a VC platform?
47:11 – Who should be a VC that isn't one today?
49:10 – The most creative way an investor can add value

This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2025 eShares, Inc., dba Carta, Inc. All rights reserved.

In this special solo episode of The Data Minute, host Peter Walker dives into the data from Carta's latest research on the state of startup hiring. With hiring down month-over-month since 2021, Peter unpacks the trends that every founder, operator, and investor needs to understand.

Using five key charts, Peter breaks down the current talent landscape: the shrinking gap between layoffs and voluntary departures, the reality of net headcount growth, and the "one in, one out" philosophy that's defining today's hiring environment. He also explores how these trends differ by industry and which roles are still in high demand.

Is this slowdown a temporary blip or the new normal in an age of AI and hyper-efficiency? Get the data-driven answers in this can't-miss deep dive.

State of Startup Compensation: H1 2025:
https://carta.com/data/startup-compensation-h1-2025/

Subscribe to Carta’s weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/

Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/

00:00 – Intro: A deep dive into startup hiring
01:19 – Chart 1: Voluntary departures vs. layoffs
02:28 – Why the current ratio is so unusual
03:20 – Chart 2: New hires vs. total departures
04:22 – Is the startup ecosystem shrinking?
05:16 – Chart 3: Net headcount change over time
05:56 – The "one in, one out" hiring philosophy
06:38 – Chart 4: A breakdown of hiring trends by industry
07:52 – Chart 5: Who is actually getting hired?
08:17 – Is AI really replacing engineers? 
08:54 – Final take: Why small, efficient teams are here to stay

This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2025 eShares, Inc., dba Carta, Inc. All rights reserved.

On this episode of The Data Minute, Peter sits down with Drew Glover, founder and managing partner at Fiat Ventures and Fiat Growth, for a wide-ranging conversation on what’s next in fintech and what founders actually want from their investors.

They dive into how fintech is moving from DTC chaos into quietly powerful B2B infrastructure, why capital is no longer a moat, and how AI may turn traditionally “unsexy” industries into VC-ready moonshots. Drew shares how Fiat combines strategic capital and operational firepower, why most products change after seed funding, and what VCs should be underwriting instead.

This one is founder-forward, fund-sharp, and full of insight into where fintech, and early-stage VC, is going next.

Subscribe to Carta’s weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/

Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/

Chapters:
01:35 – Why fintech’s rollercoaster is (maybe) headed back up
03:20 – From growth at all costs to sustainable strategy
04:45 – The emotional weight of money
06:30 – Fintech is everywhere
08:15 – The founder–capital–consumer triangle is shifting
09:10 – How Fiat “underwrites” with data from 300+ growth clients
10:50 – What Fiat looks for in a founder
12:00 – Obsession > expertise
13:40 – Drew’s fintech investing thesis in the AI era
15:15 – Can AI unlock investability in “unsexy” sectors like HVAC and services?
16:40 – Are we about to lose a whole tier of founders to lifestyle design?
18:15 – Runway > headcount: why startup raises aren’t shrinking
19:00 – Capital is not the moat
20:14 – Strategic capital wins deals: how Fiat preempts rounds
21:10 – What “capital plus” means in early-stage VC today
22:42 – Where does all that early-stage funding actually go?
23:45 – Why founders need to become founders-as-influencers
26:20 – Thought leadership advice for the technical or hesitant founder
27:10 – People buy from you, not the brand
28:45 – AI-native companies = raise big, move first, win fast
29:50 – User loyalty, moats, and the AI ecosystem play
31:05 – Fintech exits today? Chime isn’t a blueprint—it’s a relic
32:30 – New fintech liquidity paths: acquisitions and stablecoins
34:12 – Infra is cool again: why debt markets are getting VC attention
36:18 – Public vs. private comps: who really feels the correction
37:45 – Do early-stage fintech founders understand capital markets?
38:26 – Laddering out: going beyond beachhead personas
39:23 – Why Drew hates TAM slides (but still expects them)
40:35 – Vision over product: why thesis alignment matters more
41:12 – Fiat Ventures and Fiat Growth: how the relationship works
42:42 – How Fund I turned client signals into conviction
44:15 – Focus is the moat, even when it’s tempting to chase hype
45:17 – Advice to younger Drew: do we need more VCs?
46:25 – Being a founder–GP is harder than it looks
47:12 – Why LPs push focus
48:10 – How Fiat thinks about fund size vs. fund stage
49:15 – Why GPs shouldn’t optimize for management fees
50:07 – Reserve strategy, conviction, and when to bet once
50:52 – Final take: VC is the best seat in business

This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2025 eShares, Inc., dba Carta, Inc.

In this special episode of The Data Minute, Peter sits down with Dave Chen, Co-Head of Global Technology Investment Banking at Morgan Stanley, for a tactical deep dive on how today’s founders should think about going public.

Dave shares what IPO prep really looks like in 2025 and beyond, why the best companies start working with bankers 2–3 years ahead of a listing, how institutional investors actually evaluate growth-stage companies, and which metrics every founder needs to start tracking long before they file a public S-1. He also breaks down the difference between “lean in” and “sobering” market windows, how valuation strategy works behind the scenes, and what happens in the high-pressure decision days right before a public debut.

If you’re leading an aspirational company, or running growth-stage finance, this is the IPO playbook you’ve been waiting for.

Subscribe to Carta’s weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/

Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/

Chapters:
01:12 – Dave Chen’s path from pre-med to tech investment banking
02:53 – The enduring founder journey from startup to IPO
04:16 – IPO timelines have changed
06:21 – How scale has shifted in the public markets
07:28 – Is there still room for smaller IPOs?
08:31 – Lean in vs. sober & clinical
10:03 – Why companies now engage banks years before IPO
12:00 – How founders can gauge IPO readiness
13:08 – Building investor relationships years ahead of a roadshow
14:34 – What happens when the IPO timeline shifts
16:11 – 2024 recap: What happened, and what didn’t, in tech IPOs
17:32 – The real reason we didn’t see more IPOs
18:44 – Private capital changed the game for late-stage companies
20:01 – The rise of structured late-stage rounds
21:03 – How growth + downside protection are unlocking new deals
22:53 – Why public investors love private exposure early
23:06 – Does IPO prep differ for tech vs. non-tech companies?
24:15 – 2–3 years out: What founders should focus on first
25:13 – Most teams don’t optimize metrics correctly
26:02 – The management team matters before and after the IPO
27:26 – Designing a board that adds real support
28:12 – Why predictable revenue matters pre-IPO
29:34 – The fuel founders need to operate like a public company
30:53 – The small M&A move that delayed an IPO by six months
33:14 – Biggest mistake? Letting the IPO process control you
35:15 – The point of no return
36:32 – How banks help guide IPO valuation strategy
38:15 – What to do when you don’t have direct comps
40:01 – Getting credit for your company’s future performance
43:28 – Should you raise the price range?
44:26 – Press coverage and the IPO signal vs. noise
45:19 – Start IPO readiness years before you need it

This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2025 eShares, Inc., dba Carta, Inc. All rights reserved. Initial public offerings (IPOs) and secondary offering suitability requirements apply. There is no guarantee of receiving IPO shares. Please be advised that public offerings are not suitable for all investors. IPOs are highly volatile and risky and should not be considered by investors with conservative investment objectives or low tolerance for risk. CRC 4745633 (08/2025)

What does it really take to spin out and start your own private equity firm?
Stephanie Srulowitz, co-head of U.S. private funds at Weil, Gotshal & Manges, joins The Data Minute to break it all down. From legal structure to fundraising strategy to LP negotiation tactics, she and Peter walk through the three common paths to fund launch (and which is the hardest), why some seed capital can come at a steep cost, and how new managers should think about anchor LPs, placement agents, and fund terms that will echo into fund two and fund three.

Stephanie also shares inside-the-room stories on restrictive covenants, compensating service providers before a fund closes, and why being “too creative” in today’s market can actually limit your LP base. Whether you’re thinking about breaking out or just understanding how PE firms begin, this is your private equity masterclass.

Subscribe to Carta’s weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/

Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/

01:08 – Willkie’s view of the PE landscape and emerging managers
02:30 – Who starts PE funds? Mostly spinouts
04:49 – Why top performers are leaving their posts to go solo
06:27 – LPs and seed capital: Are they finally warming to first funds?
07:42 – Step one in starting a fund? Figure out where your capital is coming from
08:46 – Placement agents: what they do, how they work, and how they get paid
11:01 – Why PE sponsors must still sell themselves
13:15 – What it really means to “go down market”
14:01 – Step two: restrictive covenants, forfeited carry, and what you’re leaving behind
15:44 – Risk tolerance vs. relationship management: how managers differ in how they leave
17:08 – When can you have fundraising conversations
18:57 – Fundless deals, seed capital, and three different launch strategies
20:59 – The tradeoffs of giving up equity in your management company
22:28 – Is creative fundraising becoming more common?
23:14 – What a “smart” fund target looks like right now
26:20 – Fund two timelines: why they’re stretching again
27:20 – How do sponsors cover Fund I startup costs?
28:39 – Why service providers understand the game
29:50 – The most important part of the fundraise: differentiation and focus
31:21 – The challenge of DBMs: Differentiated But Middling
32:03 – Track records and SEC rules: why it’s hard to talk about your wins
33:47 – LPs still want standard PE terms
35:00 – How institutional LPs think about silos, comparisons, and mandates
36:43 – Fundraising strategy 101: anchor first vs momentum building
38:19 – The hidden cost of big anchors: equity, carry, and long-term economics
40:04 – What anchor term sheets usually ask for
41:39 – “Forever” is a very long time: sunset clauses and Fund IV reality
43:00 – Fund terms are hard to walk back
44:57 – What actually trips up LP negotiations
46:09 – Holding periods, evergreen funds, and how structures are evolving
48:38 – Behind the curtain: how top counsel help sponsors differentiate
49:47 – Lessons from the compliance side: RA registration and when it kicks in
52:16 – Why a strong advisory bench is a force multiplier

This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2025 eShares, Inc., dba Carta, Inc. All rights reserved

This week on The Data Minute, Peter sits down with David Zhou, Head of Investor Relations at Alchemist Accelerator and the host of Superclusters, for a deep dive into how LPs choose, and say no to, emerging managers.

David shares what hundreds of GP conversations have taught him about building trust and avoiding the "sea of sameness.” They talk about why charisma can be learned, how LPs think about relationship-building versus returns, and why fund managers should spend less time pitching and more time listening. Plus: the strange origin of venture capital as we know it, the story behind a viral LP blog post, and how tracking birthdays, gifts, and “fun facts” can help you raise your next fund.

It’s fast, it’s tactical, and it's exactly the kind of honest LP feedback GPs rarely get to hear.

Subscribe to Carta’s weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/

Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/

Chapters:

01:35 – LinkedIn bios, authenticity, and under-optimizing for SEO
02:43 – Why David might remove “angel investor” from his profile
04:50 – Saying “LP” out loud: the weirdness of deal flow labeling
06:10 – Sourcing, picking, and winning: how LPs assess fund managers
08:50 – What makes an “emerging” manager, really?
10:13 – Should LPs invest in a firm—or just fund one?
11:55 – The myth of quick markups, and why LPs think long
13:23 – Pattern-matching vs. patience: how LPs develop taste
14:55 – The Odysseus strategy: when to say no (even to great funds)
17:47 – Why humility and honesty work better than fake urgency
19:20 – Do some LPs still think venture capital is “art collecting”?
21:10 – Helping LPs understand: is it worth being the educator?
23:00 – First-time managers, first-time investors, and the long runway
25:38 – Breaking into Middle Eastern LPs: no first meeting should be transactional
27:45 – What hospitality looks like in cross-border fundraising
29:20 – The power of thoughtful gifts—and CRM columns that matter
31:14 – Should emerging managers stand out… or just be deeply human?
32:32 – Whelming vs overwhelming: what LPs remember
33:33 – Developing taste: why it matters for GPs too
34:50 – The Dream High framework: who commands attention in a room?
36:40 – Is charisma innate—or can it be learned?
38:23 – Measuring growth in 15-year cycles
40:00 – Common advice David gives insiders vs outsiders
41:55 – Advice for “logo shoppers” and the risk of performative decks
44:08 – Reality distortion fields and the allure of being “the only one”
46:00 – Confidence vs clarity: do LPs actually buy better?
48:18 – How many GPs does David see per year? (Spoiler: it’s hundreds)
50:50 – The blog post that went viral: Non-Obvious Emerging LP Playbook
53:40 – Do we need more VC funds? Just one kind.
54:36 – Pre-seed is the new Series A—but we still need first-check investors
56:50 – Off-thesis bets: what LPs actually tolerate
58:04 – A 70-20-10 approach to fund strategy
01:00:14 – The one pitch meeting structure David swears by
01:02:15 – How GPs should actually ask for feedback
01:03:25 – Tailoring follow-ups and ending meetings early

This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2025 eShares, Inc., dba Carta, Inc. All rights res