Insights
Research & perspectives from The Side Letter
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Framework
4 Ways an SPV Lands in Your Inbox
A family office recently asked us: if this deal is so good, why is there room for me?
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Market Map
GPs Backing GPs: Venture’s Hidden Cap Table
Venture firms don’t only invest in startups. We mapped the 50 firms best known for writing LP checks into other funds.
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Research
How VC Fund of Funds Differentiate
Direct into funds, or fund of funds? We mapped 114 pure-play venture funds of funds by their primary value prop.
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Market Map
The YC Fund Landscape
22 YC-specialist funds (+ YC itself) are now hunting for the outliers within each batch. We mapped them, grouped by how they pick.
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Research
Notable VC Firms That Started Under $10M
Many name-brand firms started with funds under $10M. A first fund does not need to look like a polished franchise. It needs to show line of sight to one.
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Guide
Side Letters in Venture Capital
Venture capital side letter standards for LPs and emerging managers. Analysis of standard, negotiable, and non-market terms to minimize governance risk and alignment.
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Framework
Emerging Manager Evaluation Framework
The TSL framework for evaluating emerging managers across strategy, GP quality, sourcing edge, portfolio construction, and investment risk.