Simplifying the SAFE

Since Y Combinator first introduced the “SAFE” in 2013, early-stage deals have exploded. That’s not to imply a direct, causal link, but SAFEs have become the de facto securities instrument for ...

Getting the Count Right

Understanding the Limits of Investment Company Act & Optimizing Your Fund Size...

LPA Terms for Emerging Fund Managers

Raising a venture capital fund is one of the hardest jobs a VC can do. Just like running for public office or enlisting in special forces, it takes an unusual amount of hard work. But even hard work w...

The Un-American Rule: Legal Fees: Not a Hill to Die On

Most industries have unwritten rules that are shocking when you first learn of them. Often, these rules are so widespread that they become calcified and beyond negotiation. Today, we focus on an unwri...

A Framework for Venture Capital Fund Law

Venture capital fund law is a complex system of rules, regulations, and exemptions. But once you get the principles down, it’s not that difficult to understand the law....

The Stories Behind Cap Tables

Startups don’t need capital—they need signal. Founders choose individual VCs based on their chemistry, high-conviction and fast commitment....

The Mutable Laws of VC

Not all Notes are created equally—know the difference between Fully Diluted Basis vs. Issued and Outstanding. Not all shares are created equally—know the liquidation preference stack. There ar...

Rolling Venture Funds through the Good Times and the Bad

On February 5, 2020, just before our world was upended by a global pandemic, AngelList announced its Rolling Venture Funds program. Alex Konrad wrote a great piece about the launch. It earned soci...

Do Emerging Fund Managers Outperform More Established VCs?

Today we address our first question:  Do Emerging Fund Managers Outperform More Established VCs?  The bottom line is that YES, emerging fund managers have a slight edge compared to more establishe...