Post by Thomas Allgeyer

Venture Capital CW23/24: What LinkedIn Is saying 132 Fund of Funds claim to back VC managers.  For a first-time manager, the reachable list is closer to 33, and most of it sits in the US. Here's what kept coming up across the 71 posts we handpicked. Capital is pooling at the top, with AI taking close to 80% of Q1 value and a handful of franchises absorbing most of the new LP money. LPs have stopped trusting the markup – the number they ask about now is what came back in cash, not how high the mark has climbed. Term sheets do the quiet damage, because a single liquidation preference can take a clean exit to zero, while exclusivity remains the one clause that truly binds. New structures have finally made small funds viable at sizes that used to make no sense, and more early-stage capital is flowing as a result.   One pattern stood out across everything we read: access is narrowing faster than the headlines admit, and the managers who see the real numbers early are the ones who still have options. Featured read: Pavel Prata mapped all 132 active Fund of Funds backing VC managers and traced which ones actually open their doors to first-time managers. The FoF remains the institutional anchor every new manager chases, and his map shows it is held by far fewer hands than most of the field assumes. Thanks to everyone who shared their insights. Have a great read.