US

A former US diplomat and a Ukrainian PhD are an unlikely pairing, but their shared obsession with finding great founders has helped them generate a 70 percent IRR for their debut fund.

The early-stage investor reinvests proceeds from previous funds as it raises little, if any, outside capital.

LPs include BNY Mellon, Euroclear, JP Morgan, S&P Global, Jefferies, Deutsche Börse Group, Barclays, Citi and SGX.

The New York firm said its debut fund is anchored by an unnamed Ivy League endowment and its other LPs include Collaborative Fund and former Meta CTO Mike Schroepfer.

The nation's largest pension fund wants to grow VC from about 1.4 percent to 10 percent of its private equity portfolio.

Investors include AIG, Bank of America, Foundry Group, Investinor, JPMorgan, Stardust Equity and Union Square Ventures.

Attorney Carl Hessler of Lowenstein Sandler offers a refresher on deal structuring and fiduciary duties for down rounds.

'The valuation environment is generally more rational now, even at the earliest stages, so it will be hard to justify a larger or even flat fund size, in most cases,' one LP tells Venture Capital Journal.