THE INVESTOR’S FIELD NOTESVC After Dark.Subscribe
HomeArchiveResourcesQ&AChanged My MindAboutSubscribe →Author sign-in
No. 06October 20, 20261 min readLPs

What a fund's numbers don't show LPs

TVPI and IRR are lagging indicators. Here is what tells you more about a fund in year three.

By Michael Beer

An open door revealing a staircase and a moon

Get the next issue in your inbox

One essay, one chart, one tactic, one changed mind. Every Tuesday.

← Previous

How leads actually price a seed round

VC After Dark.

How the decisions actually get made.

Get the next issue in your inbox

ArchiveResourcesQ&AChanged My MindAboutSubscribePrivacyTerms
© 2026 VC After Dark. All rights reserved.Written by Michael Beer
Edit with