Venture Capital

To raise from VCs well, you have to understand how they actually make money. A fund answers to its own investors (LPs), runs on the power law, and needs a small number of bets to return everything. That single fact explains most investor behaviour founders find confusing.

These conversations bring the investor's side of the table into the open — how funds form conviction, build a portfolio, decide ownership, and choose what to back. Knowing the game makes you a sharper founder, whether you're pitching a fund or deciding never to.