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Venture Capital

New venture funds, first and final closes, and the people behind them, for GPs, LPs, and fund service providers.

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Fundraising

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People moves

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Who advises venture capital funds

The directory

From the directory: US professionals, each profile drawn from the firm’s own public bio page.

Key terms

The glossary
First close
A first close is the first time a fund accepts investors’ commitments and gets going, even though it keeps raising money toward its full target.
Co-investment
Co-investment is when investors put money directly into a deal alongside a fund, usually with lower or no fees and no carried interest.
DPI
DPI, distributions to paid-in capital, divides the cash a fund has returned to investors by the cash they paid in. A DPI of 1.0x means they have their money back.
Down round
A down round is a funding round for a startup at a lower valuation than its previous round.
Carried interest
Carried interest is the share of a fund’s profits, typically 20%, that the manager earns after investors get their money back and clear the preferred return.
SPV
An SPV, or special purpose vehicle, is a separate legal entity set up to hold one investment or deal, keeping its assets and liabilities apart from the sponsor’s.
Recycling
Recycling lets a fund reinvest proceeds from early sales instead of distributing them, so it can invest more than investors committed, usually up to a stated limit.
J-curve
The J-curve is the usual pattern where a fund’s reported returns dip below zero in its early years, because of fees and costs before investments mature, and then climb.

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