Friday Letter

Women of Influence honors women have made remarkable strides in their careers. They have set an example for young women thinking about careers in finance and knocked down obstacles for others who may follow.

There is some good news for investors worried about the drive by Republican state legislatures to divest or prohibit investments in funds with environmental and sustainability goals. Some public pensions – the deep pockets that have fueled the rise of ESG funds – are pushing back against lawmakers who want to tie their hands.

Representatives of AP4, CalPERS, the European Investment Fund, IH International, StepStone Group and Railpen share their insights for GPs with funds focused on sustainability.

Any VC firm that thinks it doesn't have to worry about the SEC because it's an 'exempt' reporting adviser should think again. The feds are paying closer attention to ERAs and bringing more enforcement actions.

Industry Ventures founder Hans Swildens has started to hear from LPs at risk of defaulting on capital calls from venture funds because of lack of liquidity – something he hasn’t seen since 2009-2010.

Big names like Hamilton Lane, KKR and Partners Group have embraced tokenization for private equity funds, so why haven't any large VC firms followed suit?

Now is a particularly good time for VCs to invest because the carpetbaggers are streaming for the exits.

On top of excelling in their primary roles, many of this year’s Rising Stars spend significant amounts of time helping to bring underrepresented groups into the industry.

Fundraising will get harder for VC funds because they compete with other private funds for investors’ PE allocations – and those allocations may get trimmed as fixed income investments become more attractive.

Institutional investors are pulling back from venture funds and spending more time managing their private equity portfolios through secondary sales, a new Probitas Partners survey says.