The venture capital industry is 60 years old and set in its ways. That is about to change.

VC terms are frozen in time. GPs offer self-liquidating LP funds, with a 2 and 20 list price, and a 10 year fund lifespan. The first fund with this structure was offered in 1958.

Since then the deal documents have become optimized around use of cash, incentives, and taxes. It works! Assets in LP funds have ballooned to over $5T, with over $1B in venture capital. …

Andy Singleton

SaaS entrepreneur/engineer. Founder of MAXOS, Real World DeFi. Previously founded Assembla, PowerSteering Software, on team at SNL Financial.

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