The Data Minute

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.

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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.

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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 reserved.

Lu Zhang Managing Partner of Fusion Fund joins Peter this week to talk about what it takes to scale an early-stage venture firm—and back game-changing companies—at the speed of today’s AI boom.

Fresh off her oversubscribed $190M Fund IV raise, Lu talks about what most managers get wrong when pitching institutional LPs, what it takes to stand out in a bubble-driven market, and why true founder support means going way beyond capital. She opens up about her unique CXO and Super Founder networks, team-based investing philosophy, and how Fusion unlocks early commercial contracts—even from highly regulated enterprise buyers.

If you’re looking to raise a fund, raise a round, or just understand how great institutional investors think, this is a must-listen.

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:
01:15 – Fund IV success: fusion in a $190M market moment
02:14 – Why repeat founders are jumping back in
03:32 – Different edges: repeat vs. first-time AI founders
04:46 – Are we in a valuation bubble?
07:10 – Fusion’s advice-first approach to early-stage rounds
08:19 – CXO network as a go-to-market advantage
09:44 – Why “revenue is the best capital”
10:14 – Building founder loyalty through value creation
11:33 – Handling tough decisions: shutdowns, M&A, and alignment
14:38 – Distribution vs. recycling: how Fusion thinks
15:15 – Fund structuring and reserving for multiple follow-ons
17:05 – Matching long-term firm vision with scaling founder support
18:12 – Working across sectors with deep research and reports
19:31 – Beyond Silicon Valley: geopolitical signals + timing
20:05 – What CXOs actually want from AI startups
21:29 – Edge compute, vertical models & AI infrastructure
22:24 – Enterprise readiness and compliance bottlenecks
23:10 – The true cost of AI: what founders overlook
24:18 – Portfolio growth stats: 20x revenue in one year
25:04 – When small teams scale to $100M+
27:15 – How to break into regulated markets with AI
28:25 – Complying with data regulations by design
29:12 – The upside of regulation-readiness for AI adoption
30:18 – Foundation models & new healthcare openness
30:57 – M&A momentum inside Fusion’s most recent exits
32:14 – Fund IV hard cap decisions & LP allocation dynamics
34:04 – M&A vs. IPO: timelines, outcomes & premiums
35:07 – From angels to institutions: how Fusion’s LP base evolved
36:01 – Building LP community with intention
36:56 – Graduation moment: from emerging manager to fund IV
37:47 – Why large LPs are warming to small fund strategies
38:44 – Growing with consistency: keeping method > trend
39:42 – The LP metric that matters: revenue at the portfolio level
40:43 – Why clean marks and real revenue matter so much now
41:17 – Has co-investor behavior changed post-2021?
42:12 – Why Fusion’s map of investors is still highly consistent
42:58 – Lightning round: sectors, geographies & support
43:03 – Sector Lu’s most excited about? Healthcare & space

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 episode of The Data Minute, Peter is joined by Beezer Clarkson, Partner at Sapphire Ventures and co-host of the acclaimed Origins podcast, for a candid, rapid-fire look inside the minds of LPs, the realities of fundraising, and why venture isn't broken, but is being reshaped.

They cover the biggest questions emerging managers are asking right now: How do you stand out in a market filled with sameness? Do mega-funds really distort early-stage deals? And how should GPs talk to LPs about secondaries, exits, and… failure? Beezer also dives into how newer GPs are using content, transparency, and AI tools to differentiate, and why Sapphire has taken a public voice when so many LPs have stayed quiet.

If you’ve ever asked “What do LPs really care about?” or “How can I build enduring conviction with institutional investors?” — this episode has the answers.

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:
01:14 – Are mega-funds distorting early-stage VC?
03:38 – Why nimble managers can win the best early deals
05:04 – The myth of aiming for a “base hit” in venture
06:57 – Will the best founders always land at the biggest funds?
08:08 – Repeat founders vs first-timers in the AI age
08:55 – Why Sapphire is still bullish on emerging managers
09:28 – How LPs think about adding a new GP to their portfolio
11:04 – Relationship inertia: it’s not just about the numbers
12:14 – The real reasons LPs don’t shift allocations more
13:36 – Why reporting is fundamentally harder in venture
14:03 – Hidden strengths of today’s emerging managers
15:03 – Better reporting formats: from Notion pages to CEO videos
16:24 – Reimagining the Annual General Meeting (AGM)
18:18 – The risk of communicating only in failures
19:53 – Self-regulating GPs: what long-term LPs really look for
21:20 – Learning from anti-portfolio decisions
23:49 – Qualitative qualities LPs remember: insight and differentiation
25:33 – Generalist funds in an AI-driven market
26:22 – How pattern recognition drives better decision-making
28:15 – Scouting, accelerators, and thoughtful experimentation
29:07 – Why it’s gotten harder to stand out as a new manager
30:17 – The liquidity crisis: is this the worst it's ever been?
32:14 – Normalizing secondaries: opportunity or stigma?
33:34 – Why secondaries are often still so uncomfortable
36:52 – Founder secondaries and aligning incentives
38:20 – Term sheet innovation and collaborative norm-setting
39:39 – Is venture broken? Or just economically challenged?
41:51 – The core issue: it’s not innovation—it’s liquidity
42:43 – Why funding pathways must evolve for the long private cycle
44:45 – What does professionalized venture look like post-2021?
45:58 – What LPs can learn from participating in content
47:12 – The unexpected upside of LP-led thought leadership
49:16 – Content as a learning engine: why Sapphire shares publicly
51:21 – Motivation, value, and the Origins podcast origin story
52:31 – What going “above and beyond” looks like for today’s GPs

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.

What does it mean to be a “day one partner” for founders—and how does that change in an era of AI-driven acceleration?

On this episode of The Data Minute, Peter sits down with Ed Sim, founding partner of Boldstart Ventures and the voice behind “What’s Hot 🔥 in Enterprise IT VC.” Ed shares what it means to invest at the “inception stage”—before a company is even a company—and how startup formation, team sizes, fundraising expectations, and milestones have radically shifted post-AI boom.

This episode dives into how Boldstart identifies founding teams before they incorporate, why valuation round sizes are splitting into tiny “discovery rounds” and $25M+ jumbo raises, and why the industry is bifurcating between massive multi-stage funds and lean, focused early-stage firms.

Plus: When secondaries make sense, why software moats are elusive, how AI-native investing plays out against pre-AI portfolios, and the surprising thing Ed once did to stop a founder from selling too early. This one’s packed with memorable insights—and honest, founder-first advice.

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:
00:42 – Inception-stage investing explained
01:50 – The compressed cycles of AI and the speed of change
03:32 – Are we in an AI bubble?
05:00 – Why the "middle class" of startups is disappearing
06:56 – Inception investing vs Pre-seed, Seed, and Series A
08:02 – Finding technical founders before they incorporate
09:34 – Boldstart’s “pure play” approach to being first on the cap table
10:36 – From inception through IPO: Boldstart’s full lifecycle model
11:40 – Snyk as a case study of inception-to-scale investing
12:45 – Discovery vs Classic vs Jumbo inception rounds
14:30 – How fund size determines which deals you can join
15:46 – Why some founders intentionally raise small
16:51 – Raising too much: “The tail wagging the dog”
18:00 – Rethinking how much capital founders actually need
18:57 – Founder pressure and capital: choosing wisely
19:40 – Multi-stage firms at the early stage: Helpful or distorting?
21:15 – Two worlds: legacy portfolio vs AI-native upstarts
22:57 – Superhuman, Clay, and adapting to AI post-launch
25:10 – How early is too early for AI revenue?
26:19 – Moats, stickiness, and workflow depth
27:30 – What makes AI revenue durable?
28:39 – Defining “AI company”: product, workflow, or brand?
30:16 – Is data the new moat?
31:40 – Proprietary data and “day one” data strategy
32:37 – Signs that venture is growing up
33:54 – The bifurcation of venture: massive funds vs focused specialists
35:00 – Why LPs want more true early-stage exposure
36:07 – Lack of liquidity—and how it's changing fund strategy
37:25 – “Venture didn’t beat the S&P” and why that’s the wrong question
38:23 – Secondaries: Which companies actually get them
39:20 – Founder secondaries: removing the stigma
40:42 – Vesting schedules and proactive founder conversations
42:35 – Do we have too many VCs?
43:51 – How to navigate a frothy valuation market
45:28 – Lightning round
51:04 – 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 this episode of The Data Minute, Peter Walker (Head of Insights at Carta) sits down with Liza Benson, Partner at Moderne Ventures, to discuss investing in real-world industries and Moderne’s unique LP-driven approach.

They discuss the Moderne Passport, a multi-stage investment fund and industry immersion program, how to turn pilots into revenue, and why so many founders overlook real estate as a growth channel. Liza also shares what LPs are really looking for today, as well as practical advice for fund managers on DPI, diligence, and building firms that are more than just capital.



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 Welcome & intro
02:17 What makes Moderne Ventures different
03:56 The Moderne Passport program
08:00 Is tech’s perception of the real estate industry accurate?
09:30 “The build vs buy dilemma” in real-estate
10:36 How does the Moderne Passport differ from tech accelerators?
13:44 Structuring pilot programs
18:02 Moderne and Trust & Will
20:00 Why are startups hesitant to work with real estate companies?
22:18 How is AI changing the real estate industry
23:49 What does Liza suggest her corporate partners focus on?
25:52 Why Moderne stands out to LPs
28:12 How Moderne operates
30:23 Why early-stage GPs should study later-stage diligence
32:49 DPI, secondaries, and the new reality for LP expectations
35:16 Thoughts on reserve ratio strategy
39:46 Are companies growing more leanly than before?
40:34 What’s the best thing a VC can do for founders?
41:40 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 this episode of The Data Minute, Peter Walker (Head of Insights at Carta) sits down with Brianne Kimmel, founder and managing partner at Worklife Ventures, to explore what it really takes to build enduring companies in today’s AI-first startup landscape.

They discuss the new playbook for go-to-market, why “renewals are the new revenue,” and how modern founders are raising—and deploying—capital differently. Brianne brings a tactical lens to everything from strategic hiring and secondaries to the shift toward multi-product strategies earlier in a startup’s life cycle. Plus, she shares her hot take on failure, why founder-LP relationships are more personal than ever, and how Worklife approaches DPI with intention.


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 Welcome & intro
01:22 Introducing Brianne Kimmel
03:14 AI-first GTM: What’s changed?
07:50 Raising strategically in a competitive landscape
10:46 The importance of failure—and knowing when to quit
13:12 Why companies can’t wait to go multi-product
17:00 Lean teams and smart hiring
24:22 Starting Worklife
30:00 Fund strategy and founder support
35:50 Delivering DPI the right way
42:00 Relationships with LPs
45:00 Angel investing as a community builder
48:30 The vision behind Worklife
53:10 Rethinking what VCs can do
58:05 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.

Welcome to a very special episode of The Data Minute. For the first time, Peter Walker (Head of Insights at Carta) is joined by an actual Founder and CEO, Anubhav Srivastava whose company Tactyc.io is now a part of the Carta family! Join them for an in-depth conversation that goes in two directions. First, for VCs, they discuss reserve ratios, recycling capital, forecasting, and the effect LP influence could have on your fund metrics.

Second, Anubhav shares his experience on what it’s like to be acquired. If you're a founder wondering if it’s time to join something bigger, you won’t want to miss the advice and insight Anubhav brings to the entire process.

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 Welcome
02:06 An overview of Tactyc
06:42 Solving problems in portfolio management
9:08 What are the metrics that matter most?
11:36 Reserves and recycling
18:07 Bigger impact? Initial or reserve investments?
19:17 What do LPs wish more GPs told them?
27:33 A founder’s thoughts on being acquired
32:40 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. © 2024 eShares, Inc., dba Carta, Inc. All rights reserved.

In this week’s episode of The Data Minute, Peter Walker (Head of Insights at Carta) and Marie Drez (Venture Capital CFO) sit down for an insightful conversation on the crucial role of fund CFOs and how emerging managers can find one.

This discussion is full of expert insights. Marie shares important lessons from the SVB crisis, questions to ask banking partners, and why, in the world of AI, great CFOs are more important than ever.

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
1:24 What does a fund CFO do?
5:37 How to manage valuation, auditing, and taxes
10:45 What should be included in a fund’s valuation policy?
15:17 What role do CFOs play in fundraising?
19:25 How to keep LP’s informed
20:45 Lessons from the Silicon Valley Bank collapse
25:46 Establishing a new banking relationship
27:23 The role of AI and automation
33:07 How to find a CFO
35:35 Final thoughts

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. © 2024 eShares, Inc., dba Carta, Inc. All rights reserved.

In this episode of The Data Minute, Peter Walker (Head of Insights at Carta) and Aditi Maliwal (Partner, Upfront Ventures) have an in-depth conversation regarding the seed and Series A market. They discuss seed stage dynamics across the U.S. plus AI companies and how to determine which companies are worth investing in.

There’s also a discussion on the importance of grit, both in an investor portfolio and as a founder trait, and, of course, speed round questions.

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 Welcome
01:26 Shoutout to Jane!
01:58 Intro to Upfront Ventures
11:45 Changes in AI investing over the last two years
18:25 Thoughts on the founders market
23:01 Median valuations on non-AI companies
28:39 Discussing the Seed/Series A chasm
32:52 The desire to be a founder
40:36 Speed round questions
40:45 What’s a category that’s overlooked that still has opportunity?
41:40 Most unique way a fund has helped portfolio founders?
44:19 The one question more founders should ask in fundraising?
47:34 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. © 2024 eShares, Inc., dba Carta, Inc. All rights reserved.