Insights

Thinking on venture structure, capital markets and investment discipline.

Investment Approach12 Oct 20265 min read

The Follow-On Problem

Funds keep reserves to back their winners a second time. We rarely follow on, and the reasons come down to what a reserve is for.

02Investment ApproachWhat We Say Yes ToWe have passed on companies with traction, key clients and strong teams. A yes needs five conditions to hold at once, and the no is everything else.01 Sep 20264 min read 03Decision IntelligenceWhat the Asset Is Worth to the SellerA management team expected to pay close to what the group had paid for their company, but the case for paying far less came from the seller's side of the table.24 Aug 20264 min read 04Founder's PlaybookThe Valuation Your Next Round Has to BeatOn paper the highest seed price always wins, but the trouble starts eighteen months later, when the next investor has to agree with it.19 Apr 20265 min read 05Capital StrategyThe Role of Secondaries in Modern Venture CapitalLiquidity is rising in private markets, but not all exits are equal.16 Oct 20253 min read 06Investment ApproachOur Take on Private CreditVenture is where we started, and nothing in our model says it is where we have to stay.31 Aug 20252 min read 07Investment ApproachBacking Fewer, Backing BetterMost venture portfolios are built around one big win. That assumption shapes everything that follows.07 Aug 20254 min read 08Firm UpdateRadian Is Now PaliganRadian now operates as Paligan, under an independent identity and with the same approach to investing.01 Aug 20251 min read 09Founder's PlaybookWhen Should You Raise with a CLA?CLAs have become the default early-stage instrument, mostly because nobody has to argue about a valuation.07 Jul 20254 min read 10Capital StrategyWhat Investors Miss About CLAsMost objections to CLAs are objections to how they get drafted.02 Jun 20253 min read 11Decision IntelligenceVenture Capital Has a Judgment ProblemPattern recognition is what venture calls a shortcut once it has worked twice.05 May 20255 min read 12Capital StrategyThe Strategic Value of Your Cap TableFounders spend months on their pitch deck and an afternoon deciding who gets onto their cap table.07 Apr 20253 min read 13Investment ApproachWhat a Blind Pool Asks You to TrustThe fund model is so dominant in venture that few people ask whether it is the right structure for the investor, as opposed to the manager.03 Mar 20254 min read 14FoundationsFrom Trading Volatility to Structuring ConvictionSome frameworks stay with you long after the context that produced them is gone.27 May 20243 min read