# ![@pavelprata Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::1384106988871643143.png) @pavelprata Pavel Prata

Pavel Prata posts on X about investment, linkedin, ipo, ai the most. They currently have [-----] followers and [---] posts still getting attention that total [---------] engagements in the last [--] hours.

### Engagements: [---------] [#](/creator/twitter::1384106988871643143/interactions)
![Engagements Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1384106988871643143/c:line/m:interactions.svg)


### Mentions: [--] [#](/creator/twitter::1384106988871643143/posts_active)
![Mentions Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1384106988871643143/c:line/m:posts_active.svg)


### Followers: [-----] [#](/creator/twitter::1384106988871643143/followers)
![Followers Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1384106988871643143/c:line/m:followers.svg)


### CreatorRank: [-------] [#](/creator/twitter::1384106988871643143/influencer_rank)
![CreatorRank Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1384106988871643143/c:line/m:influencer_rank.svg)

### Social Influence

**Social category influence**
[finance](/list/finance)  [technology brands](/list/technology-brands)  [social networks](/list/social-networks)  [stocks](/list/stocks)  [vc firms](/list/vc-firms)  [currencies](/list/currencies)  [countries](/list/countries)  [exchanges](/list/exchanges)  [gaming](/list/gaming)  [celebrities](/list/celebrities) 

**Social topic influence**
[investment](/topic/investment), [linkedin](/topic/linkedin), [ipo](/topic/ipo), [ai](/topic/ai), [money](/topic/money), [fund manager](/topic/fund-manager), [acquisition](/topic/acquisition), [vcs](/topic/vcs) #2921, [lp](/topic/lp), [$uber](/topic/$uber)

**Top accounts mentioned or mentioned by**
[@a16z](/creator/undefined) [@uber](/creator/undefined) [@ycombinator](/creator/undefined) [@cartainc](/creator/undefined) [@databricks](/creator/undefined) [@murphcapital](/creator/undefined) [@credistick](/creator/undefined) [@instacart](/creator/undefined) [@samirkaji](/creator/undefined) [@peterjwalker](/creator/undefined) [@foundersfund](/creator/undefined) [@firstround](/creator/undefined) [@usv](/creator/undefined) [@harrystebbings](/creator/undefined) [@bhorowitz](/creator/undefined) [@jaltma](/creator/undefined) [@beezer232](/creator/undefined) [@cupazhou](/creator/undefined) [@spacex](/creator/undefined) [@snapchat](/creator/undefined)

**Top assets mentioned**
[Uber Technologies, Inc. (UBER)](/topic/$uber) [DoorDash Inc. (DASH)](/topic/doordash) [Spotify Technology (SPOT)](/topic/$spot) [8B People vs [-----] Billionaires (8B)](/topic/$8b) [Coinbase Global Inc. (COIN)](/topic/coinbase) [Alphabet Inc Class A (GOOGL)](/topic/$googl)
### Top Social Posts
Top posts by engagements in the last [--] hours

"Clear communication sets top startup founders apart"  
[X Link](https://x.com/pavelprata/status/1699173909017362442)  2023-09-05T21:33Z [---] followers, [---] engagements


"@ericbahn Play soccer with your college bros there 💔"  
[X Link](https://x.com/pavelprata/status/1699365799238996421)  2023-09-06T10:15Z [---] followers, [---] engagements


"It's preferable to have the same terms for all investors in a round. However if you are oversubscribed or trying to close missing $$$ - you can raise with different terms. @ycombinator provides a quick guide on how to raise with single or multiple SAFE's terms 👇"  
[X Link](https://x.com/pavelprata/status/1699369058368434346)  2023-09-06T10:28Z [---] followers, [---] engagements


"1/ I was born and raised in Belarus with a dream of becoming a banker. It wasn't the best place to do business until the IT boom in [----] when companies like @pandadoc @wargaming_net and @Viber emerged. While others pursued IT to repeat the success my passion lay elsewhere"  
[X Link](https://x.com/pavelprata/status/1699733310597972401)  2023-09-07T10:36Z [---] followers, [--] engagements


"2/ I was a huge soccer fan playing and watching it all my free time. When I realized that I won't become a pro athlete I went to the business school with the goal of becoming a sports agent. However I ended up opening a small local sports marketing agency with @gera7799"  
[X Link](https://x.com/pavelprata/status/1699733312674136340)  2023-09-07T10:36Z [---] followers, [--] engagements


"3/ [--] months after I was hired by @SCORUM_en - a web3 sports blogging platform (raised $5.63M on ICO in 2018). I became a Product Marketer. I gained valuable experience working closely with engineering teams and got first knowledge about how startups work under the hood"  
[X Link](https://x.com/pavelprata/status/1699733315316531458)  2023-09-07T10:36Z [---] followers, [--] engagements


"💡Another insight from @cartainc In [----] median Series C was about 29X more valuable than the median Seed that year. Today the median Series C is only about 15X as valuable as the median Seed. Valuation multiple reduced significantly in just [--] years"  
[X Link](https://x.com/pavelprata/status/1700131882531500493)  2023-09-08T13:00Z [---] followers, [---] engagements


"Last @ycombinator batch was impressive. So I decided to collect [----] startups (W21-W23) and put them in one @airtable DB. I hope this will connect more investors and founders creating new funding opportunities. Want to get it FOR FREE Follow me and tag "+" below 👇"  
[X Link](https://x.com/pavelprata/status/1701670111948525678)  2023-09-12T18:52Z [---] followers, [--] engagements


"According to @explodingtopics around60% of businessesin the US use SaaS. But how did we get to this point And what does the SaaS market look like today Ive put EVERYTHING you should know in ONE thread 👇"  
[X Link](https://x.com/pavelprata/status/1702339464016925099)  2023-09-14T15:12Z [---] followers, [--] engagements


"3/ Achieving profitability andcontrolling cash burnwere second-order concerns as long as valuations and round sizes grew. Therefore SaaS has become the hottest sector with tons of megarounds such as @databricks $1.6B Series H and @Articulate $1.5B Series A"  
[X Link](https://x.com/pavelprata/status/1702339471650517064)  2023-09-14T15:12Z [---] followers, [--] engagements


"5/ Value of leading Public SaaS companies is down more than 60% from the peak. Private markets have also been severely affected. IPO market shut. And exits have dried up"  
[X Link](https://x.com/pavelprata/status/1702339477606396222)  2023-09-14T15:12Z [---] followers, [--] engagements


"6/ However the public emergence of AI in the same year was a kay event in the SaaS industry. @OpenAI launched ChatGPT to the public in Nov [----] and acquired 1M users in just [--] days. This led to a massive attacks on AI apps which in turn generated a huge interest from VCs"  
[X Link](https://x.com/pavelprata/status/1702339480613691770)  2023-09-14T15:12Z [---] followers, [--] engagements


"7/ The AI/ VC tourists will likely exit the market soon but this tech shift has helped the SaaS industry to stop declining and even grow. So In Q4 [----] the total size of $$$ in AI apps was $450M. In Q1 [----] the investment already reached $11B (besides $5B for @OpenAI)"  
[X Link](https://x.com/pavelprata/status/1702339483159671193)  2023-09-14T15:12Z [---] followers, [--] engagements


"7/ SAFE. This is a doc (by @ycombinator) that allows investors to convert their SAFE into equity in the liq event or priced round and get a specific # of stocks determined by: - VALUATION CAP - or DISCOUNT - or MFN (most favorable terms offered to investors in the next PR)"  
[X Link](https://x.com/pavelprata/status/1704879231677653449)  2023-09-21T15:24Z [---] followers, [--] engagements


"8/ Convertible Note. This is a form of DEBT that allows investors to convert it into equity in the liq event or priced round and get a specific # of stocks determined by: - VALUATION CAP - or DISCOUNT - or MATURITY CAP It also includes terms such as MATURITY and INTEREST RATE"  
[X Link](https://x.com/pavelprata/status/1704879233372127668)  2023-09-21T15:24Z [---] followers, [--] engagements


"VCs after [--] IPOs and $28B @splunk M&A last week"  
[X Link](https://x.com/pavelprata/status/1705546790009782395)  2023-09-23T11:36Z [---] followers, [--] engagements


"Every year @ycombinator gets 40000+ applications. Their acceptance rate is around 1-2%. So many founders are forced to choose other programs. These [--] TIPS will help you select the accelerator properly 👇"  
[X Link](https://x.com/pavelprata/status/1707346397324849660)  2023-09-28T10:47Z [---] followers, [---] engagements


"Pre-seed is about team. Seed is about product. Series A is about traction"  
[X Link](https://x.com/pavelprata/status/1708210800698016110)  2023-09-30T20:02Z [---] followers, [--] engagements


"@HarryStebbings @ycombinator @nathanbenaich It takes years to gain a solid DPI and build a strong differentiation. Any advice for first-time fund managers"  
[X Link](https://x.com/pavelprata/status/1708788592997269618)  2023-10-02T10:18Z [---] followers, [--] engagements


"3/ The first killer apps emerged. ChatGPT reached 100M MAU in [--] weeks the fastest ever. @character_ai has an av session time of [--] hours. @github Copilot boosts productivity by 55%. @midjourney has generated hundreds of millions in revenue"  
[X Link](https://x.com/pavelprata/status/1709952121620074990)  2023-10-05T15:22Z [---] followers, [--] engagements


"4/ The bottleneck is on the supply side. The demand for GPUs exceeded their supply. Availability of the latest @nvidia GPUs became the main obstacle for company growth. Long waiting periods led to a new business model: paying a subscription fee to skip the queue"  
[X Link](https://x.com/pavelprata/status/1709952123461370049)  2023-10-05T15:22Z [---] followers, [--] engagements


"6/ Intense competition and quick responses to risks. Last year some categories were overcrowded (e.g. Image Gen) but overall the market had growth potential. Today there are much less opportunities. + fast responses from companies like @Google have increased competition"  
[X Link](https://x.com/pavelprata/status/1709952127164948564)  2023-10-05T15:22Z [---] followers, [--] engagements


"Due diligence is not just a formality. It serves as an investor's shield against regret"  
[X Link](https://x.com/pavelprata/status/1712413593889554474)  2023-10-12T10:23Z [---] followers, [--] engagements


"Founders (as well as investors) may find VALUATION confusing. What is valuation and how can a company be valued from Pre-Seed to Series B I've compiled EVERYTHING you need to know about valuations in ONE thread 👇"  
[X Link](https://x.com/pavelprata/status/1712472859132760306)  2023-10-12T14:18Z [---] followers, [---] engagements


"1/ Obviously a valuation should be correlated with startup's metrics (e.g. revenue growth) as they determine its value. However in practice (especially in VC) valuation often results from NEGOTIATION. It's like the supply of your round and investor demand for it"  
[X Link](https://x.com/pavelprata/status/1712472864224645426)  2023-10-12T14:18Z [---] followers, [--] engagements


"2/ I took this comparison from @dunkhippo33 thread about valuations. Highly recommend following her and the entire @HustleFundVC squad as they write a lot about VC in simple words. P.S. They didn't pay me for this ad"  
[X Link](https://x.com/pavelprata/status/1712472884202119259)  2023-10-12T14:18Z [---] followers, [----] engagements


"7/ But do valuations matter I think YES. VCs are responsible for ROI and high valuations can reduce it. That's why sometimes VCs pass on great startups. But it's not bad. By passing on a top company at a $40M pre VCs still can invest in [--] smaller startups at $4M pre"  
[X Link](https://x.com/pavelprata/status/1712472946604929139)  2023-10-12T14:19Z [---] followers, [--] engagements


"8/ What valuation approaches exist Startup valuation methods are just THE BEGINNING of a negotiation. The stage at which startups are also greatly impacts the valuation method. So let's consider the main techniques used for Pre-Seed to Series B companies"  
[X Link](https://x.com/pavelprata/status/1712472949138362590)  2023-10-12T14:19Z [---] followers, [--] engagements


"12/ Multiple Valuation (Series A). We calculate valuation based on a startup financial metric (e.g. Revenue orEBITDA) and we apply an industry average multiple. However some factors (such as growth rates customer segmentation etc) can increase or decrease the valuation"  
[X Link](https://x.com/pavelprata/status/1712472978741776592)  2023-10-12T14:19Z [---] followers, [--] engagements


"13/ Discounted Cashflow Method (Series B+) When using DCF investor estimate valuation by summing up all expected future cash flows. Then they are discounted using a discount rate to determine their present value. It is typically used in later stages when companies are mature"  
[X Link](https://x.com/pavelprata/status/1712472981467979905)  2023-10-12T14:19Z [---] followers, [--] engagements


"What are the best communities newsletters and media outlets for VC fund managers"  
[X Link](https://x.com/pavelprata/status/1713949169516167333)  2023-10-16T16:05Z [---] followers, [---] engagements


"4/ In 62% of cases first-time funds were at the top of the graph. In 77% of cases they were among the top [--] funds. When establish funds aim to be in the top [--] and top [--] in 30.7% and 61.5% of cases respectively"  
[X Link](https://x.com/pavelprata/status/1715041919460376649)  2023-10-19T16:27Z [---] followers, [--] engagements


"5/ Young funds invest early. Small funds invest in startups early large funds invest in the growth phase when capital needs increase. According to statistics the top 10% of investors account for 90% of unicorn investments at the Seed stage"  
[X Link](https://x.com/pavelprata/status/1715041921234530711)  2023-10-19T16:27Z [---] followers, [--] engagements


"8/ Emerging VCs firms focus on trends at an early stage. The younger funds have made 6.1% of their investments in decentralised ledger technologies such as the blockchain the older ones only 1.6%"  
[X Link](https://x.com/pavelprata/status/1715041927215673515)  2023-10-19T16:27Z [---] followers, [--] engagements


"9/ New background. 71.8% of new VCs are driven by founders or ex-operatos compared to 49.9% for established VC firms. There is less difference in the areas of investing or finance suggesting that startup background is becoming a key factor for success among first-time VCs"  
[X Link](https://x.com/pavelprata/status/1715041930273276149)  2023-10-19T16:27Z [---] followers, [--] engagements


"10/ However it was interesting to see the opposing opinion published by @prequin. They examine the emerging funds landscape from a macro perspective and tells that first-time VCs face challenges in terms of survival. Let's review the statistics and examine their graphs"  
[X Link](https://x.com/pavelprata/status/1715041932366213181)  2023-10-19T16:27Z [---] followers, [--] engagements


"11/ LPs move in favor of funds run by more seasoned GPs. From [----] to [----] we observed that the amount of capital raised by VC firms increased by approximately [--] times while the percentage of first-time funds remained the same (6%)"  
[X Link](https://x.com/pavelprata/status/1715041934073295079)  2023-10-19T16:27Z [---] followers, [--] engagements


"Fund managers are also founders. LPs are also investors. Who among these investors is the @a16z/@ycombinator"  
[X Link](https://x.com/pavelprata/status/1716859596797825353)  2023-10-24T16:50Z [---] followers, [--] engagements


"Id also add: - Check sizes - Control rights - Focus on LP Relations - Focus on DPI & IRR"  
[X Link](https://x.com/pavelprata/status/1717144817551991090)  2023-10-25T11:43Z [---] followers, [--] engagements


"@HarryStebbings In fundraising inclusivity wins"  
[X Link](https://x.com/pavelprata/status/1717471021282771413)  2023-10-26T09:19Z [---] followers, [--] engagements


"@Samirkaji "This page is private - try signing in with a different email or letting the author know they've linked to a private page". Can you share it publicly"  
[X Link](https://x.com/pavelprata/status/1717472742620959112)  2023-10-26T09:26Z [---] followers, [--] engagements


"Fund of funds hasn't been popular in recent years. But everything might change soon. @a16z is preparing to launch a new FoF. @BainCapVC and @insightpartners have already used FoFs to access early-stage deal flow. Ive put all info you need to know about FoF in one thread 👇"  
[X Link](https://x.com/pavelprata/status/1720145465486766327)  2023-11-02T18:26Z [---] followers, [--] engagements


"5/ At the same time according to @Mountside_V and their latest FoF report the [--] biggest frustrations when VCs pitch their fund are: - Lack of differentiation. - Poor relationship building. - Dishonesty"  
[X Link](https://x.com/pavelprata/status/1720145475045585167)  2023-11-02T18:26Z [---] followers, [--] engagements


"6/ The main benefits of FoFs are: - Diversification. - More balanced returns (standard deviation in theIRRs for FOFs are significantly lower compared to VCs). - Access to exclusive VC funds. - An additional layer of fund management expertise"  
[X Link](https://x.com/pavelprata/status/1720145476744290428)  2023-11-02T18:26Z [---] followers, [--] engagements


"7/ However if the benefits seem impressive LPs also consider the following risk factors: - Whether the additional fees are worth it. - Potential overlap reducing diversification. - Fund manager skills"  
[X Link](https://x.com/pavelprata/status/1720145478396883111)  2023-11-02T18:26Z [---] followers, [--] engagements


"9/ This also means that LPs in FoFs must bear two layers of fees - first from the portfolio fund and second from the FoF. Funds of funds fees are now required by the SEC to be disclosed in a line item called "Acquired Fund Fees and Expenses.""  
[X Link](https://x.com/pavelprata/status/1720145481873912110)  2023-11-02T18:26Z [---] followers, [--] engagements


"10/ While the standard practice for VCs is to have a 2+20 fee structure FoFs cannot afford to follow this model. It would prevent them from providing a satisfactory IRR to their LPs. So FoFs often use a 1+10 structure and might act as a special LP with a smaller MF size"  
[X Link](https://x.com/pavelprata/status/1720145483404865770)  2023-11-02T18:26Z [---] followers, [--] engagements


"11/ When analyzing fund performance for FoF investing in US and European VCs early vintages show strong ROI across all quartiles. Later vintages (2016 onwards) also show reasonable performances despite being in early stages of their fund lifecycle according to @prequin"  
[X Link](https://x.com/pavelprata/status/1720145485296501032)  2023-11-02T18:26Z [---] followers, [--] engagements


"12/ At the same time over the past decade vehicles that invested in VC and other PEoutperformed FoFs according to @PitchBook. The 15-year horizon IRR for funds of funds was 10.4% compared to 11.8% for VC funds"  
[X Link](https://x.com/pavelprata/status/1720145487934713962)  2023-11-02T18:26Z [---] followers, [--] engagements


"14/ However I believe that FoFs will find their place in the VC ecosystem. Market volatility which leads capital to be distributed to more established funds coupled with rapidly increasing competition among them stimulates VCs to access early-stage deal flow"  
[X Link](https://x.com/pavelprata/status/1720145492615569531)  2023-11-02T18:26Z [---] followers, [--] engagements


"15/ So the next logical step might be a solid funding of sector-specific MicroVCs Solo GPs with unfair superpowers. And these examples from @a16z @BainCapVC and @insightpartners will further compel the industry to reconsider the FoF model"  
[X Link](https://x.com/pavelprata/status/1720145494184239111)  2023-11-02T18:26Z [---] followers, [--] engagements


"Kudos to all who have been following the @OpenAI drama and providing timely summaries with the latest updates. Thanks to your efforts I've been able to spend quality time with my family and friends get a good night's sleep and avoid mental exhaustion. Keep going 🫡"  
[X Link](https://x.com/pavelprata/status/1727003940649042365)  2023-11-21T16:40Z [---] followers, [--] engagements


"@WizLikeWizard @Beezer232 @MKRocks @Samirkaji @DurationFX @jtxesquibel @cdouvos @asedelson @pt I don't have much experience as an IR GP or LP and a lot of data-driven arguments however based on what I have heard from fund managers in my network a GOOD fund profile usually includes a DPI of 3X+ and an IRR of 20%+"  
[X Link](https://x.com/pavelprata/status/1729119249300607049)  2023-11-27T12:45Z [---] followers, [---] engagements


"Don't confuse VC Firms and VC Funds. These are two distinct entities. A VC Firm is an organization that manages a VC Fund. The VC fund is a pool of money that the firm collects from LPs and invests in startups"  
[X Link](https://x.com/pavelprata/status/1731419360726519876)  2023-12-03T21:05Z [---] followers, [---] engagements


"The new chapter has begun. I'm excited to announce that I've started a new position as an Investor Relations at R136 Ventures - a multi-stage VC firm focused on growth. Stay tuned"  
[X Link](https://x.com/pavelprata/status/1731716707083825250)  2023-12-04T16:46Z [---] followers, [---] engagements


"I believe that being a GP is harder than being a founder. As a founder you can be mediocre but also use a low-code stack and show solid traction which will lead you to initial checks. However its almost impossible to raise $$$ from LPs if you are a mediocre fund manager"  
[X Link](https://x.com/pavelprata/status/1752031819988422683)  2024-01-29T18:11Z [---] followers, [--] engagements


"If you had 1M$ which VC fund would you invest in and why"  
[X Link](https://x.com/pavelprata/status/1752400612904362121)  2024-01-30T18:37Z [---] followers, [--] engagements


"If you want to be a good fund manager - think like an LP first. If you want to be a great fund manager - think like a FoF manager first Good job and great episode @MKRocks 🫡 my guy @MKRocks back on @twistartups -- understanding fund of funds (FoF) -- the rise of micro VCs -- the pre-seed stage and its growing appeal to LPs -- seed as the new series a pre-seed as the new seed -- portfolio management strategies -- building a why' for https://t.co/cHWd4whqa4 my guy @MKRocks back on @twistartups -- understanding fund of funds (FoF) -- the rise of micro VCs -- the pre-seed stage and its growing"  
[X Link](https://x.com/pavelprata/status/1753144844518564268)  2024-02-01T19:54Z [---] followers, [--] engagements


"One of the greatest benefits of having a personal brand as an angel investor is the leverage you can gain by raising your first fund. How does personal branding benefit you as an angel investor For starters what is personal branding: Its the concept of simply sharing your thoughts externally and connecting with others in a way that creates meaningful dialogue and connection. The relationships that result How does personal branding benefit you as an angel investor For starters what is personal branding: Its the concept of simply sharing your thoughts externally and connecting with others in a"  
[X Link](https://x.com/pavelprata/status/1754988732707483873)  2024-02-06T22:01Z [---] followers, [--] engagements


"The problem with today's VC firms (especially early-stage) is that they use content as an attribute not as an instrument"  
[X Link](https://x.com/pavelprata/status/1756017006493544733)  2024-02-09T18:07Z [---] followers, [---] engagements


"1/ VC Sandbox is the ultimate @NotionHQ venture capital guide now includes top hacks from leading venture-backed startups and VC firms like @ycombinator @cartainc @tryramp @loom and others"  
[X Link](https://x.com/pavelprata/status/1856360618397192394)  2024-11-12T15:37Z [---] followers, [--] engagements


"2/ This resource can save you 1000+ hours of VC education and help you close your next funding round up to 10X faster. Since its launch in [----] VC Sandbox has been purchased by 100+ founders and investors worldwide"  
[X Link](https://x.com/pavelprata/status/1856360619542241390)  2024-11-12T15:37Z [---] followers, [--] engagements


"@Samirkaji Fascinating dinner insights @Samirkaji I think we need a complete rethinking of liquidity: more efficient secondary markets better GP-led continuation vehicles novel fund structures or perhaps even permanent capital vehicles for certain strategies"  
[X Link](https://x.com/pavelprata/status/1897786292664254699)  2025-03-06T23:08Z [---] followers, [--] engagements


"@Samirkaji The current mismatch creates misaligned incentives for everyone - founders feel pressured for premature exits GPs face fundraising challenges with illiquid portfolios and LPs get locked into extended timelines they never signed up for"  
[X Link](https://x.com/pavelprata/status/1897786330127441924)  2025-03-06T23:08Z [---] followers, [--] engagements


"@MattWilsonYYC Good point. It won't just give you great coinvestment opportunities but also builds a solid foundation to launch your own fund. The best investors I know started by learning alongside others before striking out on their own"  
[X Link](https://x.com/pavelprata/status/1899250069095719151)  2025-03-11T00:04Z [---] followers, [--] engagements


"The most dangerous words in venture: "If it's good enough for Sequoia.". Their portfolio construction reserves strategy and follow-on capability create a completely different risk profile. Build your strategy around your own strengths instead. What LPs/GPs sometime forget when following tier-1 firms in co-investing is that those firms are probably playing a different game than you. What LPs/GPs sometime forget when following tier-1 firms in co-investing is that those firms are probably playing a different game than you"  
[X Link](https://x.com/pavelprata/status/1899252627533091094)  2025-03-11T00:14Z [---] followers, [--] engagements


"Is starting a VC fund right for you With so many new managers entering venture it's critical to consider all your options before committing to a 10-year journey. Here's a decision framework to help you decide 👇"  
[X Link](https://x.com/pavelprata/status/1899613297340482016)  2025-03-12T00:07Z [---] followers, [--] engagements


"First-time fund manager Start here: - Write consistently. - Angel invest. - Host dinners. - Build relationships. Then wait [--] years. Then raise"  
[X Link](https://x.com/pavelprata/status/1901654485404950706)  2025-03-17T15:18Z [---] followers, [--] engagements


"@MeghanKReynolds @hamilton_lane I think this signals a fundamental restructuring of private markets rather than just a cycle. I bet we will see more "evergreen TOKENIZED funds" in the next [--] years. Do you see these "below the surface" growth areas eventually overtaking traditional fund structures"  
[X Link](https://x.com/pavelprata/status/1901731667271680423)  2025-03-17T20:25Z [---] followers, [--] engagements


"4/ Traditional VCs provide "value-add" through board meetings and intro emails. @ProjectEurope_s model provides ACTUAL value through 1:1 mentorship from founders who've solved the EXACT problems these startups will face. This is the difference between theory and practice"  
[X Link](https://x.com/pavelprata/status/1902042646844994028)  2025-03-18T17:01Z [---] followers, [--] engagements


"5/ The LP side is fascinating too. Founders of @Klarna @MistralAI and @SoundCloud aren't investing for purely DPI. They're investing to: - Strengthen EU tech ecosystem. - Combat talent drain to US. - Build their future acquisition pipeline. - Create their legacy"  
[X Link](https://x.com/pavelprata/status/1902042648589762639)  2025-03-18T17:01Z [---] followers, [--] engagements


"6/ This creates a fundamentally different incentive structure than traditional VC: - Less pressure for quick exits. - More emphasis on building category leaders. - Continental pride is a motivating factor. - Success isn't measured in 7-year IRR alone"  
[X Link](https://x.com/pavelprata/status/1902042650439504211)  2025-03-18T17:01Z [---] followers, [--] engagements


"7/ The data shows this model could work. According to @atomico European startup investment grew 10x from 2015-2024. What's been missing isn't money - it's the knowledge of how to scale beyond Series B without selling to US acquirers"  
[X Link](https://x.com/pavelprata/status/1902042652595343558)  2025-03-18T17:01Z [---] followers, [--] engagements


"The first-time fund manager's playbook. "Always be fundraising" starts [--] years BEFORE you pitch. Here's the timeline that actually works 👇"  
[X Link](https://x.com/pavelprata/status/1902793815380910326)  2025-03-20T18:46Z [---] followers, [--] engagements


"2/ Year 2-3: - Track your investments. - Document your lessons. - Build LP relationships. - Refine your strategy"  
[X Link](https://x.com/pavelprata/status/1902793818229051901)  2025-03-20T18:46Z [---] followers, [--] engagements


"3/ Year 3: - Launch your fund. - Leverage existing network. - Show early wins. - Scale gradually. Remember: Your first fund is about credibility not size"  
[X Link](https://x.com/pavelprata/status/1902793819617210444)  2025-03-20T18:46Z [---] followers, [--] engagements


"4/ Find this valuable Like and repost to help others ❤ Follow me (@pavelprata) for more posts on VC fund building"  
[X Link](https://x.com/pavelprata/status/1902793820950995163)  2025-03-20T18:46Z [---] followers, [--] engagements


"10 data points that will change how you think about VC fund performance. @cartainc's fresh data from [----] VC funds shows how the fundraising game has fundamentally changed. Here's what you need to know 👇"  
[X Link](https://x.com/pavelprata/status/1904545065025806817)  2025-03-25T14:45Z [---] followers, [--] engagements


"12/ Read the full report on @PeterJ_Walker's page or on @cartainc's website: https://lnkd.in/dCNm5qzR https://lnkd.in/dCNm5qzR"  
[X Link](https://x.com/pavelprata/status/1904545080712573435)  2025-03-25T14:45Z [---] followers, [--] engagements


"13/ Find this valuable Like and repost to help others ❤ Follow me (@pavelprata) for more posts on VC fund building"  
[X Link](https://x.com/pavelprata/status/1904545082021232763)  2025-03-25T14:45Z [---] followers, [--] engagements


"VC Fund sizes: - Small: Need home runs. - Medium: Need strong networks. - Large: Need brand power"  
[X Link](https://x.com/pavelprata/status/1905000736049746250)  2025-03-26T20:55Z [---] followers, [--] engagements


"12/ Winners in this environment won't be those who predicted the tariffs but those who built resilient systems capable of absorbing shocks from any direction. Operational agility is the new alpha. What are your thoughts on the new US tariff policy"  
[X Link](https://x.com/pavelprata/status/1910061319778169131)  2025-04-09T20:04Z [---] followers, [--] engagements


"13/ Find this valuable Like and repost to help others ❤ Follow me (@pavelprata) for more posts on VC fund building"  
[X Link](https://x.com/pavelprata/status/1910061321120624713)  2025-04-09T20:04Z [---] followers, [--] engagements


"11/ Read the full report by @cartainc: https://carta.com/data/vc-fund-performance-q4-2024-full-report/ https://carta.com/data/vc-fund-performance-q4-2024-full-report/"  
[X Link](https://x.com/pavelprata/status/1912512837580206294)  2025-04-16T14:26Z [---] followers, [--] engagements


"12/ Find this valuable Like and repost to help others ❤ Follow me (@pavelprata) for more posts on VC fund building"  
[X Link](https://x.com/pavelprata/status/1912512838943244718)  2025-04-16T14:26Z [---] followers, [--] engagements


"6/ I see [--] critical functions AI agents will transform: - Deal flow (10X throughput). - Due diligence (100X deeper analysis). - Portfolio support (24/7 availability). - LP relations (personalized at scale)"  
[X Link](https://x.com/pavelprata/status/1922330411511759069)  2025-05-13T16:37Z [---] followers, [--] engagements


"7/ The VC firms most at risk: Mid-sized funds ($50-300M) with generic strategies. Too large to be nimble too small to have massive resources. AI-native competitors will eat their lunch from both directions"  
[X Link](https://x.com/pavelprata/status/1922330412732358821)  2025-05-13T16:37Z [---] followers, [--] engagements


"13/ The winners won't be those with the best AI. They'll be VCs who perfect the human-AI partnership leveraging uniquely human qualities (creativity judgment empathy) while augmenting everything else. What are your thoughts on full-stack AI funds"  
[X Link](https://x.com/pavelprata/status/1922330420873453902)  2025-05-13T16:37Z [---] followers, [--] engagements


"14/ Find this valuable Like and repost to help others ❤ Follow me (@pavelprata) for more posts on VC fund building and ops"  
[X Link](https://x.com/pavelprata/status/1922330422135955903)  2025-05-13T16:37Z [---] followers, [--] engagements


"11/ The bottom line: management fee recycling is the closest thing to "free money" in venture. It puts more capital to work reduces the required multiple for success and aligns GP-LP interests perfectly. What do you think about recycling"  
[X Link](https://x.com/pavelprata/status/1924848176051212526)  2025-05-20T15:22Z [---] followers, [--] engagements


"12/ Find this valuable Like and repost to help others ❤ Follow me (@pavelprata) for more posts on VC fund building"  
[X Link](https://x.com/pavelprata/status/1924848177330491845)  2025-05-20T15:22Z [---] followers, [--] engagements


"@a16z @bhorowitz Do you know any examples of platform-first funds of funds that help emerging managers become world-class GPs"  
[X Link](https://x.com/pavelprata/status/1924877873065685347)  2025-05-20T17:20Z [---] followers, [---] engagements


"16/ For emerging managers: share how your firm is evolving. Include new initiatives team additions strategy refinements and community building efforts. LPs want to see you're thoughtfully building an enduring institution"  
[X Link](https://x.com/pavelprata/status/1925762561523261520)  2025-05-23T03:55Z [---] followers, [--] engagements


"17/ Find this valuable Like and repost to help others ❤ Follow me (@pavelprata) for more posts on VC fund building"  
[X Link](https://x.com/pavelprata/status/1925762563750441261)  2025-05-23T03:55Z [---] followers, [--] engagements


"VCs face a paradox: Generate DPI to please LPs or hold promising assets to maximize returns The power law nature of venture means selling winners too early can devastate fund performance"  
[X Link](https://x.com/pavelprata/status/1925929724594835822)  2025-05-23T15:00Z [---] followers, [--] engagements


"9/ For LPs the math is interesting: You get cleaner structures and full upside capture. But you sacrifice liquidity and predictable cash flows. Perfect for patient capital. Terrible if you need distributions on schedule"  
[X Link](https://x.com/pavelprata/status/1927383707100303668)  2025-05-27T15:17Z [---] followers, [--] engagements


"10/ The takeaway Fund structures should match investment reality not historical convenience. If you're backing companies that compound for decades your capital structure should do the same. Sometimes the biggest innovation isn't in what you invest in but how you invest"  
[X Link](https://x.com/pavelprata/status/1927383708992000240)  2025-05-27T15:17Z [---] followers, [--] engagements


"11/ For founders: Ask your VCs about their fund timeline. Are they incentivized to push for premature exits Or can they support your long-term vision The structure of their capital affects the trajectory of your company. What do you think about evergreen VC funds"  
[X Link](https://x.com/pavelprata/status/1927383710657065234)  2025-05-27T15:17Z [---] followers, [--] engagements


"12/ Find this valuable Like and repost to help others ❤ Follow me (@pavelprata) for more posts on VC fund building"  
[X Link](https://x.com/pavelprata/status/1927383716533358778)  2025-05-27T15:17Z [---] followers, [--] engagements


"4/ Thats why Im launching @murphcapital an AI-powered engine that helps discover and fund alpha-generating managers through data with the support of brand and community. While the product is still early I want to start delivering value NOW"  
[X Link](https://x.com/pavelprata/status/1928132023459135532)  2025-05-29T16:51Z [---] followers, [--] engagements


"5/ So Im launching a Substack focused on insights into VC fund building and ops for both GPs and LPs. In the last few weeks my LinkedIn posts reached 200K+ impressions and Ive pulled together the top [--] posts to give you a taste of whats coming in the newsletter"  
[X Link](https://x.com/pavelprata/status/1928132024767824300)  2025-05-29T16:51Z [---] followers, [--] engagements


"9/ Why @sequoia bet their $85B empire on an evergreen structure: https://x.com/pavelprata/status/1927383686271439037 @sequoia bet their $85B empire on a structure most VCs think is crazy. Here's why 👇 https://t.co/kEO8J9n5xf https://x.com/pavelprata/status/1927383686271439037 @sequoia bet their $85B empire on a structure most VCs think is crazy. Here's why 👇 https://t.co/kEO8J9n5xf"  
[X Link](https://x.com/pavelprata/status/1928132031394763092)  2025-05-29T16:51Z [---] followers, [--] engagements


"10/ [--] data points that will change how you think about VC fund performance: https://x.com/pavelprata/status/1904545065025806817 https://x.com/pavelprata/status/1904545065025806817"  
[X Link](https://x.com/pavelprata/status/1928132032766349659)  2025-05-29T16:51Z [---] followers, [--] engagements


"12/ How @ProjectEurope_ is rewriting EU VC story: https://x.com/pavelprata/status/1902042637441638430 [---] European tech founders just pooled $10M to back founders under [--]. No traditional LPs. No institutional money. Just founder-to-founder investment. @ProjectEurope_ is rewriting VC story. Here's why it matters 👇 https://t.co/8kaVcALJNw https://x.com/pavelprata/status/1902042637441638430 [---] European tech founders just pooled $10M to back founders under [--]. No traditional LPs. No institutional money. Just founder-to-founder investment. @ProjectEurope_ is rewriting VC story. Here's why it"  
[X Link](https://x.com/pavelprata/status/1928132035807211522)  2025-05-29T16:51Z [---] followers, [--] engagements


"13/ Is starting a VC fund right for you The decision framework to help you decide: https://x.com/pavelprata/status/1899613297340482016 Is starting a VC fund right for you With so many new managers entering venture it's critical to consider all your options before committing to a 10-year journey. Here's a decision framework to help you decide 👇 https://x.com/pavelprata/status/1899613297340482016 Is starting a VC fund right for you With so many new managers entering venture it's critical to consider all your options before committing to a 10-year journey. Here's a decision framework to help"  
[X Link](https://x.com/pavelprata/status/1928132037153575128)  2025-05-29T16:51Z [---] followers, [--] engagements


"14/ [--] red flags in GPs' pitches that should make LPs walk away: https://x.com/pavelprata/status/1897791148451635409 [--] red flags in GPs pitches that should make you walk away. After years working in HNWI and family office circles I've seen countless investment opportunities that should never have reached an investor's inbox. Here are the warning signs to watch for 👇 https://x.com/pavelprata/status/1897791148451635409 [--] red flags in GPs pitches that should make you walk away. After years working in HNWI and family office circles I've seen countless investment opportunities that should never"  
[X Link](https://x.com/pavelprata/status/1928132038592262522)  2025-05-29T16:51Z [---] followers, [--] engagements


"15/ [--] tools for VC fund management in 2025: https://x.com/pavelprata/status/1890099884839346245 I've collected [--] tools for VC fund management in [----]. Private market AUM is over $13T expected to double by [----]. Yet tools remain archaic. Here are the best tools I had to use 👇 https://t.co/SzzMgkP2d9 https://x.com/pavelprata/status/1890099884839346245 I've collected [--] tools for VC fund management in [----]. Private market AUM is over $13T expected to double by [----]. Yet tools remain archaic. Here are the best tools I had to use 👇 https://t.co/SzzMgkP2d9"  
[X Link](https://x.com/pavelprata/status/1928132040123175240)  2025-05-29T16:51Z [---] followers, [--] engagements


"3/ LPAC A small group of LPs who advise the fund on tricky stuff like conflicts or big changes. Accredited Investor someone legally allowed to invest in private deals and funds based on SEC guidelines (to protect non-professional investors)"  
[X Link](https://x.com/pavelprata/status/1929954351667200341)  2025-06-03T17:32Z [---] followers, [--] engagements


"4/ Capital Call When a fund asks LPs to send in their committed money. Happens in chunks over time not all at once (this may hurt IRR since unused capital just sits idle). Carry (Carried Interest) The GPs share of profits (usually 20%) after investors get their money back"  
[X Link](https://x.com/pavelprata/status/1929954353009270909)  2025-06-03T17:32Z [---] followers, [--] engagements


"5/ Management Fees A yearly fee (usually 2%) paid to the fund managers to keep the fund running. Waterfall The order in which profits get paid out. LPs get theirs first then GPs. Can be calculated on a deal-by-deal basis (American) or overall fund performance (European)"  
[X Link](https://x.com/pavelprata/status/1929954354380825071)  2025-06-03T17:32Z [---] followers, [--] engagements


"9/ TVPI A funds total value (realized + unrealized) divided by money invested. Over [---] = gain. DPI realized cash returned to LPs divided by what they invested. This is the actual money-out metric"  
[X Link](https://x.com/pavelprata/status/1929954360059920875)  2025-06-03T17:32Z [---] followers, [--] engagements


"10/ MOIC A funds total value divided by money actually invested (excludes fees). Also shows growth. IRR The annual growth rate of an investment adjusted for time. Helps compare fund performance with other investment products"  
[X Link](https://x.com/pavelprata/status/1929954361376997615)  2025-06-03T17:32Z [---] followers, [--] engagements


"11/ View the extended list of terms here: 👉By @signatureblock_: 👉By @HustleFundVC: What would you add to this ESSENTIAL list https://www.hustlefund.vc/post/vc-terminology https://www.signatureblock.co/articles/vc-terms-you-need-to-know https://www.hustlefund.vc/post/vc-terminology https://www.signatureblock.co/articles/vc-terms-you-need-to-know"  
[X Link](https://x.com/pavelprata/status/1929954362652045661)  2025-06-03T17:32Z [---] followers, [--] engagements


"12/ Find this valuable Like and share this post to help others ❤ Follow me for a front-row seat to the world of VC fund managers and LPs. X: @pavelprata Linkedin: Substack: https://murphcapital.substack.com/ https://www.linkedin.com/in/pavelprata/ https://murphcapital.substack.com/ https://www.linkedin.com/in/pavelprata/"  
[X Link](https://x.com/pavelprata/status/1929954364174537040)  2025-06-03T17:32Z [---] followers, [--] engagements


"12/ What advice would you give to your future self and to other emerging managers about fundraising "Back yourself have the courage of your convictions and keep going it's a numbers game after all. Start with your existing network and work outwards""  
[X Link](https://x.com/pavelprata/status/1930289755347886262)  2025-06-04T15:45Z [---] followers, [--] engagements


"13/ Learn more about @Nascent_VC Fund II: https://contxto.com/en/venture-capital-es/operator-led-nascent-vc-announces-the-launch-of-its-15-million-fund-ii/ https://contxto.com/en/venture-capital-es/operator-led-nascent-vc-announces-the-launch-of-its-15-million-fund-ii/"  
[X Link](https://x.com/pavelprata/status/1930289756849545493)  2025-06-04T15:45Z [---] followers, [--] engagements


"14/ Find this valuable Like and share this post to help others ❤ Follow me for a front-row seat to the world of VC fund managers and LPs. Linkedin: X: @pavelprata Substack: https://murphcapital.substack.com/ https://www.linkedin.com/in/pavelprata/ https://murphcapital.substack.com/ https://www.linkedin.com/in/pavelprata/"  
[X Link](https://x.com/pavelprata/status/1930289758120345865)  2025-06-04T15:45Z [---] followers, [--] engagements


"10/ My take: We're not witnessing the death of VC funds. We're seeing its evolution into something more sophisticated flexible and aligned with how innovation actually happens in the modern economy. What do you think about VCs' RIA status"  
[X Link](https://x.com/pavelprata/status/1930650977981354180)  2025-06-05T15:40Z [---] followers, [--] engagements


"11/ Find this valuable Like and share this post to help others ❤ Follow me for a front-row seat to the world of VC fund managers and LPs. Linkedin: X: @pavelprata Substack: https://murphcapital.substack.com https://linkedin.com/in/pavelprata/ https://murphcapital.substack.com https://linkedin.com/in/pavelprata/"  
[X Link](https://x.com/pavelprata/status/1930650979675852911)  2025-06-05T15:40Z [---] followers, [--] engagements


"Never count a portfolio company out. The best founders pull rabbits out of hats when their backs are against the wall. Stay engaged - your next fund returner might be hiding in plain sight"  
[X Link](https://x.com/pavelprata/status/1931003143598563563)  2025-06-06T15:00Z [---] followers, [--] engagements


"These [--] accounts will make you a better VC fund manager (and LP). Turn your feed into a competitive edge by following these people 👇"  
[X Link](https://x.com/pavelprata/status/1932516872517497199)  2025-06-10T19:15Z [---] followers, 15.7K engagements


"7/ Matt Curtolo Veteran LP-GP advisor with 20+ years in private markets. Previously Head of Investments at @joinallocate Matt helps emerging managers build durable fund strategies with institutional polish. https://www.linkedin.com/in/matt-curtolo-caia/ https://www.linkedin.com/in/matt-curtolo-caia/"  
[X Link](https://x.com/pavelprata/status/1932516884940751193)  2025-06-10T19:15Z [---] followers, [---] engagements


"8/ @cupazhou Former IR lead at @AlchemistAcc and host of @SuperclustersLP David spotlights under-the-radar managers and LPs offering real talk on capital raising diligence and LP psychology"  
[X Link](https://x.com/pavelprata/status/1932516887180763237)  2025-06-10T19:15Z [---] followers, [---] engagements


"16/ Which people did I miss on my personal list Tag them below 👇"  
[X Link](https://x.com/pavelprata/status/1932516901575401895)  2025-06-10T19:15Z [---] followers, [---] engagements


"17/ Find this valuable Like and share this post to help others ❤ Follow me for a front-row seat to the world of VC fund managers and LPs. Linkedin: X: @pavelprata Substack: https://murphcapital.substack.com/ https://www.linkedin.com/in/pavelprata/ https://murphcapital.substack.com/ https://www.linkedin.com/in/pavelprata/"  
[X Link](https://x.com/pavelprata/status/1932516902745579533)  2025-06-10T19:15Z [---] followers, [---] engagements


"2/ Since early [----] traditional liquidity dried up: - IPO markets effectively shut down. - M&A activity collapsed. - Secondary pricing reset dramatically. This mismatch between LP expectations and reality created serious tension"  
[X Link](https://x.com/pavelprata/status/1933181212840829026)  2025-06-12T15:14Z [---] followers, [--] engagements


"3/ The core paradox emerged: LPs desperately wanted distributions but rushing exits can destroy returns. Venture's power law nature means selling winners too early devastates fund performance. Many GPs faced impossible choices"  
[X Link](https://x.com/pavelprata/status/1933181214950871104)  2025-06-12T15:14Z [---] followers, [--] engagements


"4/ But liquidity is cyclical. Always has been. Historical patterns over [--] years: - 1997-2000: Boom - 2001-2003: Bust - 2018-2021: Peak - 2022-2025: Drought"  
[X Link](https://x.com/pavelprata/status/1933181217160954185)  2025-06-12T15:14Z [---] followers, [--] engagements


"5/ Then everything shifted in Q1-Q2 2025: - @CoreWeave went public in March at $20B. - @eToro then listed on @Nasdaq at a $4.2B valuation (our fund @R136Ventures is the 2nd largest investor in this company) - @circle followed in June closing at $18B valuation"  
[X Link](https://x.com/pavelprata/status/1933181219115864118)  2025-06-12T15:14Z [---] followers, [--] engagements


"12/ For LPs new due diligence questions: - What's your historical liquidity approach - How aligned are you with LP distribution needs - Do you have frameworks beyond fundraising pressure"  
[X Link](https://x.com/pavelprata/status/1933181230415229148)  2025-06-12T15:14Z [---] followers, [--] engagements


"13/ Bottom line: - Winners have real fundamentals. - Smart GPs have disciplined liquidity strategies. - LPs are waiting for portfolio markups. - Major IPOs may be on the horizon: @Chime @databricks @discord. What are your thoughts on the current state of VC liquidity"  
[X Link](https://x.com/pavelprata/status/1933181231878803506)  2025-06-12T15:14Z [---] followers, [--] engagements


"14/ Find this valuable Like and share this post to help others ❤ Follow me for a front-row seat to the world of VC fund managers and LPs. Linkedin: X: @pavelprata Substack: https://murphcapital.substack.com/ https://www.linkedin.com/in/pavelprata/ https://murphcapital.substack.com/ https://www.linkedin.com/in/pavelprata/"  
[X Link](https://x.com/pavelprata/status/1933181233376473440)  2025-06-12T15:14Z [---] followers, [--] engagements


"12/ Waterfalls aren't just accounting - they're strategic decisions affecting every stakeholder. - As LP: Understand structure before investing. - As GP: Your choice signals confidence. P.S. Kudos to @investing_law for great illustrations"  
[X Link](https://x.com/pavelprata/status/1935035929288393083)  2025-06-17T18:04Z [---] followers, [--] engagements


"13/ Find this valuable Like and share this post to help others ❤ Follow me for a front-row seat to the world of VC fund managers and LPs. Linkedin: X: @pavelprata Substack: https://murphcapital.substack.com/ https://www.linkedin.com/in/pavelprata/ https://murphcapital.substack.com/ https://www.linkedin.com/in/pavelprata/"  
[X Link](https://x.com/pavelprata/status/1935035930923942199)  2025-06-17T18:04Z [---] followers, [--] engagements


"@BlackRock and @FTI_US are tokenizing funds. Here's what this means for the future of VC (with [--] predictions)👇"  
[X Link](https://x.com/pavelprata/status/1935727728700846278)  2025-06-19T15:53Z [---] followers, [--] engagements


"2/ The market is accelerating FAST: - Tokenized funds hit $2B+ AUM by late [----]. - Real-world asset (RWA) tokenization has grown 85%+ in just two years. - Virtual asset holders represent $290B+ in potential demand"  
[X Link](https://x.com/pavelprata/status/1935727731972374879)  2025-06-19T15:53Z [---] followers, [--] engagements


"3/ @BlackRock's BUIDL and @FTI_USs FOBXX arent just tokenized funds theyre strategic signals. When giants go on-chain it legitimizes the space for pensions endowments and family offices sparking a flywheel of adoption new products and growing LP demand"  
[X Link](https://x.com/pavelprata/status/1935727733121642625)  2025-06-19T15:53Z [---] followers, [--] engagements


"8/ Today there are [--] primary approaches to tokenization: - Digital twins via STOs fast but expensive - Natively tokenized funds simpler but you need to build new LP pipelines (my near-term bet) - Convert existing funds scalable but operationally complex"  
[X Link](https://x.com/pavelprata/status/1935727741342793818)  2025-06-19T15:53Z [---] followers, [--] engagements


"9/ Regulation was the main blocker but the landscape is clarifying rapidly: - Singapore and Liechtenstein leading with clear frameworks - The U.S. is warming up via institutional adoption and new @realDonaldTrump's rules - KYC-enabled wallets and permissioned protocols solve key compliance gaps"  
[X Link](https://x.com/pavelprata/status/1935727742965747897)  2025-06-19T15:53Z [---] followers, [--] engagements


"12/ My predictions for the next [--] years: - Tokenized VC becomes the norm - LP liquidity is a core differentiator - Crypto-native LPs traditional HNWIs - SEC greenlights on-chain fund structures - Real-time on-chain NAV - Fully automated fund ops - 5-min no-PDF LP onboarding - $100B+ in secondary trading - Legacy fund admins disrupted - Fundraising goes continuous What do you think about tokenized VCs"  
[X Link](https://x.com/pavelprata/status/1935727748154028130)  2025-06-19T15:53Z [---] followers, [--] engagements


"13/ Find this valuable Like and share this post to help others ❤ Follow me for a front-row seat to the world of VC fund managers and LPs. Linkedin: X: @pavelprata Substack: https://murphcapital.substack.com https://linkedin.com/in/pavelprata/ https://murphcapital.substack.com https://linkedin.com/in/pavelprata/"  
[X Link](https://x.com/pavelprata/status/1935727749504651727)  2025-06-19T15:53Z [---] followers, [--] engagements


"What are the main types of VC fund fees and expenses Here's a complete breakdown 👇"  
[X Link](https://x.com/pavelprata/status/1937545039975981338)  2025-06-24T16:15Z [---] followers, [---] engagements


"3/ Management fees come directly from committed capital and cover: - 60-70%: Team salaries and benefits - 15-20%: Office rent and operations - 10-15%: Travel and deal sourcing - 5-10%: Legal compliance and admin These are paid whether the fund performs or not"  
[X Link](https://x.com/pavelprata/status/1937545045579649204)  2025-06-24T16:15Z [---] followers, [--] engagements


"4/ Fund expenses are separate from management fees and include: - Organizational expenses - Legal fees for investments - Annual audits and tax prep - Banking and custodian fees - Insurance costs These are paid directly by LPs on a pro-rata basis from the fund account"  
[X Link](https://x.com/pavelprata/status/1937545047257547138)  2025-06-24T16:15Z [---] followers, [--] engagements


"9/ Best practice strategies I've seen: - Set annual fund expense caps (beyond management fees) - Pay questionable expenses from management fees not fund - Track everything quarterly with receipts - Create policies for consistent treatment year-over-year New managers often underestimate how much this matters to LPs"  
[X Link](https://x.com/pavelprata/status/1937545055989809313)  2025-06-24T16:15Z [---] followers, [--] engagements


"10/ The real cost breakdown for a $100M fund: - Management fees: $20M over [--] years (paid from commitments) - Fund expenses: $5M over life (paid by LPs pro-rata) - Setup costs: $100K (one-time often reimbursed to GPs) Total LP cost before any returns: $25M+ just to operate the fund"  
[X Link](https://x.com/pavelprata/status/1937545057642729845)  2025-06-24T16:15Z [---] followers, [--] engagements


"14/ Red flags in fee structures: - Management fees above 2.5% - Excessive administrative costs - Unclear carry calculations - No key person provisions What are your top fund fees and expenses structuring strategies"  
[X Link](https://x.com/pavelprata/status/1937545063967461572)  2025-06-24T16:15Z [---] followers, [--] engagements


"15/ Find this valuable Like and share this post to help others ❤ Follow me for a front-row seat to the world of VC fund managers and LPs. Linkedin: X: @pavelprata Substack: https://murphcapital.substack.com https://linkedin.com/in/pavelprata/ https://murphcapital.substack.com https://linkedin.com/in/pavelprata/"  
[X Link](https://x.com/pavelprata/status/1937545065486008673)  2025-06-24T16:15Z [---] followers, [--] engagements


"Do Fund of Funds make sense for LPs in [----] Here is the answer 👇"  
[X Link](https://x.com/pavelprata/status/1938281082342011311)  2025-06-26T16:59Z [---] followers, [---] engagements


"2/ First let's understand the economic reality. For emerging VC managers ($250M funds) performance dispersion is massive: - Top decile: 38.4% returns - Bottom decile: -4.2% returns That's a [----] percentage point spread. Manager selection is life or death"  
[X Link](https://x.com/pavelprata/status/1938281086791905541)  2025-06-26T16:59Z [---] followers, [--] engagements


"3/ The old FoF model focused on diversification across established managers. The new model Specialized emerging manager selection. Why Because accessing the top 3-5% of emerging managers delivers alpha that far exceeds the additional fee layer"  
[X Link](https://x.com/pavelprata/status/1938281088440246761)  2025-06-26T16:59Z [---] followers, [--] engagements


"4/ Let's break down the [----] economics for a $5M allocation: DIY approach: - 400-500 hours of work - $60K-$75K opportunity cost - Limited access to oversubscribed funds Professional FoF: - 1% + 5% fees - Institutional access and relationships - Professional due diligence"  
[X Link](https://x.com/pavelprata/status/1938281089870512546)  2025-06-26T16:59Z [---] followers, [--] engagements


"6/ Historical data supports the FoF model. 2005-2019 performance: - FoFs outperformed direct VC in [--] of [--] vintage years - Average outperformance: 0.68x TVPI despite double fees - Bottom quartile FoFs never went below 1x returns Access trumps fees when dispersion is this wide"  
[X Link](https://x.com/pavelprata/status/1938281093242781897)  2025-06-26T16:59Z [---] followers, [--] engagements


"7/ The [----] FoF winners are hyper-specialized: - @CendanaCapital (premier emerging manager FoF) - (top 3% of emerging GPs in EU) - @PatternVentures ($5M-$50M AUM specialists) They're not picking funds they're picking fund pickers. http://allocator.one http://allocator.one"  
[X Link](https://x.com/pavelprata/status/1938281094723371238)  2025-06-26T16:59Z [---] followers, [--] engagements


"8/ What's driving the emerging manager FoF renaissance Market volatility Capital flows to established funds Increased competition Need for better deal flow Sector-specific microVCs become valuable The giants are starting to play in this sandbox too"  
[X Link](https://x.com/pavelprata/status/1938281096392937696)  2025-06-26T16:59Z [---] followers, [--] engagements


"9/ The risk factors haven't disappeared: - Double fee structure still impacts net returns - Fund manager skill varies significantly - Potential portfolio overlap reduces diversification - Market timing affects all approaches But for most LPs the benefits outweigh the costs"  
[X Link](https://x.com/pavelprata/status/1938281098103910804)  2025-06-26T16:59Z [---] followers, [--] engagements


"10/ Who should consider FoFs in [----] - Family offices seeking VC exposure without full-time staff - Institutional investors lacking emerging manager networks - LPs who want diversification but lack $25M+ minimums - Anyone prioritizing risk-adjusted returns over gross returns"  
[X Link](https://x.com/pavelprata/status/1938281099399938209)  2025-06-26T17:00Z [---] followers, [--] engagements


"11/ The hybrid approach is gaining traction: Use FoF as your diversification anchor (60-70% of allocation) + make a few direct investments for relationship building and learning. This balances professional management with maintaining agency in the ecosystem"  
[X Link](https://x.com/pavelprata/status/1938281100826087642)  2025-06-26T17:00Z [---] followers, [--] engagements


"12/ Key questions to ask any FoF in 2025: - What's your emerging manager selection methodology - How do you access oversubscribed funds - What co-investment rights do you secure - How has your performance compared to direct investing - What value do you add beyond diversification"  
[X Link](https://x.com/pavelprata/status/1938281102528892933)  2025-06-26T17:00Z [---] followers, [--] engagements


"13/ The bottom line for 2025: The generic "spray and pray" FoF model is dead. But specialized emerging manager FoFs that can consistently access top-tier talent are more valuable than ever. The question isn't whether to pay fees it's whether the manager is worth them. What do you think about Fund of Funds"  
[X Link](https://x.com/pavelprata/status/1938281104445747668)  2025-06-26T17:00Z [---] followers, [--] engagements


"14/ Find this valuable Like and share this post to help others ❤ Follow me for a front-row seat to the world of VC fund managers and LPs. Linkedin: X: @pavelprata Substack: https://murphcapital.substack.com/ https://www.linkedin.com/in/pavelprata/ https://murphcapital.substack.com/ https://www.linkedin.com/in/pavelprata/"  
[X Link](https://x.com/pavelprata/status/1938281106031223097)  2025-06-26T17:00Z [---] followers, [--] engagements


"Interesting to see the mix of operator-turned-investor vs. career investor backgrounds here. The legend suggests different sourcing patterns - would love to see how the pre-seed to growth vs pre-seed seed focus correlates with their investment thesis and portfolio construction. solo gps are reshaping early stage investing this is the third post in our series mapping the people and firms driving the next wave of venture we broke down [--] standout solo GPs and what theyre backing some iconic some on the rise all worth watching breakdown below 👇 https://t.co/LeXYmHrqGr solo gps are reshaping"  
[X Link](https://x.com/pavelprata/status/1938690578654327199)  2025-06-27T20:07Z [---] followers, [---] engagements


"Quality deal flow in VC requires time: time to build networks time for proper diligence and time to understand the asset class. There are no shortcuts especially for family offices without dedicated teams"  
[X Link](https://x.com/pavelprata/status/1939700466906251330)  2025-06-30T15:00Z [---] followers, [---] engagements


"@credistick Interesting Is it applicable to all fund sizes (early-stage vs growth-stage vs late-stage stage)"  
[X Link](https://x.com/pavelprata/status/1939783100499743138)  2025-06-30T20:28Z [---] followers, [--] engagements


"@credistick And what about Series B C etc funds Do you think that the optimal portfolio construction should include 20+ companies"  
[X Link](https://x.com/pavelprata/status/1939812966024847589)  2025-06-30T22:27Z [---] followers, [--] engagements


"Edition #2: [--] New Funds Launched Q1 Fund Performance Benchmark Endowment VC Sales. Just dropped June [----] @murphcapital newsletter my monthly brain-dump of the most useful stuff Ive come across as an operator in the GP/LP world. What's inside 👇 Top [--] Twitter insights: - Q1 [----] VC benchmarks: Net IRR TVPI and DPI data (h/t @PeterJ_Walker) - [--] standout solo GPs and their investment focus (h/t @alexklein0x) - A complete breakdown of VC fund fees and expenses (my post) - Why endowments are dumping VC stakes on secondary markets (h/t @MeghanKReynolds) - What does risk management in VC mean"  
[X Link](https://x.com/pavelprata/status/1940051850692038853)  2025-07-01T14:16Z [---] followers, [---] engagements


"How to construct a Pre-Seed VC fund in [----] Here is the answer 👇"  
[X Link](https://x.com/pavelprata/status/1940810466848395550)  2025-07-03T16:30Z [---] followers, [---] engagements


"7/ This creates what I call the Emerging Manager Death Spiral: - Want more ownership (lower exit multiple needed) - Increase check size (more ownership = more capital per deal) - Need bigger fund (maintain company count) - Bigger fund harder to raise for first-time GP - Must reduce portfolio size (same budget bigger checks) - Lower probability of unicorn hit"  
[X Link](https://x.com/pavelprata/status/1940810479690985618)  2025-07-03T16:30Z [---] followers, [--] engagements


"8/ I think the answer is BALANCE. You need to maximize diversification while preserving ownership. The question isn't "How much can I raise" it's "How much do I need to not fail""  
[X Link](https://x.com/pavelprata/status/1940810481159360735)  2025-07-03T16:30Z [---] followers, [--] engagements


"9/ Rely more on diversification if you're: - First-time GP without proven track record - Limited deal access - taking what's available - Risk-averse strategy - need to prove ability for Fund II"  
[X Link](https://x.com/pavelprata/status/1940810482841276822)  2025-07-03T16:30Z [---] followers, [--] engagements


"10/ Rely more on ownership if you have: - Proven edge - domain expertise or operational background - Strong conviction framework with ability to spot non-consensus opportunities - Larger fund ($30M+) with sophisticated LP base"  
[X Link](https://x.com/pavelprata/status/1940810484355420584)  2025-07-03T16:30Z [---] followers, [--] engagements


"11/ In practical numbers: - $15M fund: non-lead pre-seed minimal ownership basic survival - $25M fund: non-lead/lead pre-seed/seed 20-30 companies reasonable odds - $40M fund: lead pre-seed/seed solid diversification strong ownership + follow-on budget What do you think about pre-seed fund construction"  
[X Link](https://x.com/pavelprata/status/1940810486250873089)  2025-07-03T16:30Z [---] followers, [--] engagements


"12/ Find this valuable Like and share this post to help others ❤ Follow me for a front-row seat to the world of VC fund managers and LPs. Linkedin: X: Substack: Notion VC guide: https://vcsandbox.co/ https://murphcapital.substack.com/ https://x.com/pavelprata https://www.linkedin.com/in/pavelprata/ https://vcsandbox.co/ https://murphcapital.substack.com/ https://x.com/pavelprata https://www.linkedin.com/in/pavelprata/"  
[X Link](https://x.com/pavelprata/status/1940810488407117980)  2025-07-03T16:30Z [---] followers, [--] engagements


"Strange-looking deals created the biggest exits. Airbnb: Sleep in stranger's homes. Bitcoin: Magic internet money. The future always looks weird. That's the point"  
[X Link](https://x.com/pavelprata/status/1942237168518287552)  2025-07-07T15:00Z [---] followers, [--] engagements


"How to create an LPA for your VC fund Here is a complete breakdown + template 👇"  
[X Link](https://x.com/pavelprata/status/1942605242773954784)  2025-07-08T15:22Z [---] followers, [---] engagements


"16/ Here's the template developed by @adeoressi you can use for your fund: But before using any template consult with your attorney. Every fund situation is unique and requires proper legal review. https://govclab.com/2024/02/04/cornerstone-lpa-v3/ https://govclab.com/2024/02/04/cornerstone-lpa-v3/"  
[X Link](https://x.com/pavelprata/status/1942605268023664932)  2025-07-08T15:22Z [---] followers, [--] engagements


"17/ Find this valuable Like and share this post to help others ❤ Follow me for a front-row seat to the world of VC fund managers and LPs. Linkedin: X: @pavelprata My Substack: My Notion VC guide: https://vcsandbox.co/ https://murphcapital.substack.com/ https://www.linkedin.com/in/pavelprata/ https://vcsandbox.co/ https://murphcapital.substack.com/ https://www.linkedin.com/in/pavelprata/"  
[X Link](https://x.com/pavelprata/status/1942605269583679657)  2025-07-08T15:22Z [---] followers, [--] engagements


"2/ So what exactly is QSBS Qualified Small Business Stock = Section [----] of the tax code that lets you exclude capital gains from federal taxes when you sell startup equity. It was designed to encourage investment in risky early-stage companies"  
[X Link](https://x.com/pavelprata/status/1943328923737297262)  2025-07-10T15:18Z [---] followers, [--] engagements


"3/ The original deal was simple but brutal: Hold qualified stock for 5+ years get 100% federal tax exclusion up to $10M per company. Hold for [--] years and [--] months You get zero tax benefit. QSBS [---] just changed everything"  
[X Link](https://x.com/pavelprata/status/1943328925431611588)  2025-07-10T15:18Z [---] followers, [--] engagements


"4/ Change #1: Graduated Exit Timelines BEFORE: 5+ year cliff for 100% benefit AFTER: - [--] years 50% tax-free gains - [--] years 75% tax-free gains - [--] years 100% tax-free gains This fundamentally changes fund economics. VCs can now deliver tax-advantaged returns earlier in the fund lifecycle"  
[X Link](https://x.com/pavelprata/status/1943328927503589847)  2025-07-10T15:18Z [---] followers, [--] engagements


"5/ Change #2: Higher Per-Taxpayer Caps BEFORE: $10M lifetime limit per taxpayer per company AFTER: $15M lifetime limit (50% increase) Translation: Larger exits now qualify for tax benefits. More upside for successful investments"  
[X Link](https://x.com/pavelprata/status/1943328930187837523)  2025-07-10T15:18Z [---] followers, [--] engagements


"6/ Change #3: Expanded Asset Limits BEFORE: Companies with $50M+ in gross assets disqualified AFTER: $75M+ gross asset threshold This brings Series A/B companies into scope. The median Series B raise is under $75M so way more deals qualify"  
[X Link](https://x.com/pavelprata/status/1943328931878244667)  2025-07-10T15:18Z [---] followers, [--] engagements


"13/ Want to learn more about QSBS [---] Read @ChrisHarveyEsq's full post on his Substack that inspired this thread: What do you think about this new act https://shorturl.at/mJiR5 https://shorturl.at/mJiR5"  
[X Link](https://x.com/pavelprata/status/1943328947355422980)  2025-07-10T15:18Z [---] followers, [--] engagements


"14/ Find this valuable Like and share this post to help others ❤ My Linkedin: My Substack: My Notion VC guide: Follow me for a front-row seat to the world of VC fund managers and LPs. https://vcsandbox.co/ https://murphcapital.substack.com/ https://www.linkedin.com/in/pavelprata/ https://vcsandbox.co/ https://murphcapital.substack.com/ https://www.linkedin.com/in/pavelprata/"  
[X Link](https://x.com/pavelprata/status/1943328949498495006)  2025-07-10T15:18Z [---] followers, [--] engagements


"The narrative shift from 0% to 66% in [--] years is unprecedented. But I believe the real question for fund managers: are you building expertise in AI due diligence or just following the herd And while mega-funds fight over $110B in AI deals there's still $57B in overlooked opportunities. AI is hot. But it's not all of VC. 📊 AI captured 66% of VC dollars ($110B of $167B total) in [----] on track for same or more in [----] 📈 But: 1Non-AI still drew $57B in investment 2Peak VC year (2021) was $268B total 3AI was 0% of VC just [--] years ago The narrative isn't https://t.co/uragxyqa5P AI is hot. But"  
[X Link](https://x.com/pavelprata/status/1944858544597295485)  2025-07-14T20:36Z [---] followers, [---] engagements


"2005: "We wanted flying cars instead we got [---] characters." @peterthiel started @foundersfund with a manifesto that broke every VC rule. [--] years later: $17B AUM @SpaceX at $18B value and a philosophy that changed Silicon Valley forever. This is their contrarian story 👇"  
[X Link](https://x.com/pavelprata/status/1945151102074146831)  2025-07-15T15:58Z [---] followers, [---] engagements


"3/ Their first manifesto was pure Silicon Valley heresy: - "Don't compete for deals" - "Don't rush to scale teams" - "Don't follow the crowd" Instead:: - "Back founders who think differently" - "Bet on secrets others can't see" - "Build monopolies not businesses" I believe this was revolutionary"  
[X Link](https://x.com/pavelprata/status/1945151109057651185)  2025-07-15T15:58Z [---] followers, [--] engagements


"4/ 2004: Before founding @foundersfund @peterthiel made the most contrarian bet in history. $500000 for 10.2% of an unknown college social network called "The Facebook." Everyone thought he was crazy. College kids sharing photos That $500k became $1 billion. The manifesto was working"  
[X Link](https://x.com/pavelprata/status/1945151111050010889)  2025-07-15T15:58Z [---] followers, [--] engagements


"5/ 2008: The first real test of their philosophy. While other VCs panicked during the financial crisis @foundersfund made their boldest bet yet: @SpaceX. "Private space company Impossible" said everyone. I think @peterthiel saw what others missed: @elonmusk wasn't building rockets. He was building the future"  
[X Link](https://x.com/pavelprata/status/1945151112622825475)  2025-07-15T15:58Z [---] followers, [--] engagements


"6/ The @SpaceX investment story reveals their genius. - 2008: First institutional investor in @SpaceX - 2012: Follow-on rounds as rockets started working - 2020: @SpaceX became most valuable private company - 2025: FF's stake worth $18.2B 252x return on their biggest bet"  
[X Link](https://x.com/pavelprata/status/1945151114103386362)  2025-07-15T15:58Z [---] followers, [--] engagements


"7/ 2008-2016: The hot streak that redefined venture capital. Based on my analysis of their returns: - @PalantirTech: 18.5x multiple $3.1B distributions - @creditkarma: 252.9x return - @stripe: $3.9B stake value - @Spotify: $239M return - Stemcentrx: $1.1B return Gross multiples: 26.5x 15.2x 15x across three funds"  
[X Link](https://x.com/pavelprata/status/1945151115604935075)  2025-07-15T15:58Z [---] followers, [--] engagements


"8/ Their secret weapon The "PayPal Mafia" network. - @reidhoffman (@LinkedIn) - @elonmusk (@Tesla/@SpaceX) - @mlevchin (@Affirm) - @DavidSacks (Yammer) All connected through FF. I think they turned entrepreneurship into a multi-generational flywheel"  
[X Link](https://x.com/pavelprata/status/1945151116972355627)  2025-07-15T15:59Z [---] followers, [--] engagements


"11/ 2020: The ultimate validation of their strategy. While other funds struggled with huge sizes @foundersfund raised $3B easily. Why LPs realized: They weren't just investing in companies. They were investing in the future itself. Performance justified everything"  
[X Link](https://x.com/pavelprata/status/1945151121279930751)  2025-07-15T15:59Z [---] followers, [--] engagements


"12/ Their current phase represents something bigger. Recent $4.6B growth fund shows they're not just early-stage anymore. They're backing companies from seed to IPO. Like Berkshire Hathaway but for technology monopolies"  
[X Link](https://x.com/pavelprata/status/1945151122605228070)  2025-07-15T15:59Z [---] followers, [--] engagements


"15/ The lesson for emerging managers: Don't try to copy @foundersfund. That's exactly what they'd say NOT to do. Instead ask @peterthiel's question: "What important truth do very few people agree with you on" Build your fund around that answer"  
[X Link](https://x.com/pavelprata/status/1945151126908633269)  2025-07-15T15:59Z [---] followers, [--] engagements


"16/ Find this valuable Like and share this post to help others ❤ My Linkedin: My Substack: My Notion VC guide: Follow me for a front-row seat to the world of VC fund managers and LPs. https://vcsandbox.co https://murphcapital.substack.com https://linkedin.com/in/pavelprata/ https://vcsandbox.co https://murphcapital.substack.com https://linkedin.com/in/pavelprata/"  
[X Link](https://x.com/pavelprata/status/1945151128611541049)  2025-07-15T15:59Z [---] followers, [--] engagements


"1/ The numbers are staggering: [----] was the peak year with $172.8B raised by US VC funds. First-time VC raised $22B in funding (2X the median value) the year before. These funds had 3-5 years to deploy capital that suddenly became worth 70% less"  
[X Link](https://x.com/pavelprata/status/1945884486438154316)  2025-07-17T16:33Z [---] followers, [--] engagements


"2/ I think the biggest problem isn't just the money - it's the expectations. LPs who committed $ to a [----] vintage fund expected: - 25%+ IRRs - 3-5x fund returns - Portfolio companies going public at billion-dollar valuations None of that is happening"  
[X Link](https://x.com/pavelprata/status/1945884487780299181)  2025-07-17T16:33Z [---] followers, [--] engagements


"3/ The wake-up call started in 2022: - Public market multiples collapsed 60-80% - IPO market basically shut down - M&A activity dropped to decade lows - LPs stopped writing new checks Suddenly the "growth at all costs" strategy looked insane"  
[X Link](https://x.com/pavelprata/status/1945884489181282473)  2025-07-17T16:33Z [---] followers, [--] engagements


"4/ Here's what I'm seeing with specific fund strategies: - Growth equity funds (worst hit): Can't find companies growing fast enough to justify [----] valuations - Late-stage: Almost frozen - no exits no growth - Early-stage: Actually doing okay because Series A valuations reset faster"  
[X Link](https://x.com/pavelprata/status/1945884490812801267)  2025-07-17T16:33Z [---] followers, [--] engagements

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