📶 bad year to raise / good year to vintage

Together with

Good morning 👋

We’ve seen this first-hand over the past three years, but raising a small / first-time fund is pain.

Longer timelines, more meetings, more proof of work - this is the new normal.

Now we have some data to back that claim up.

We break it down in today’s piece.

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Today’s highlights

• Smaller funds aren’t raising like they used to

• What Trump’s win means for AI regulation

• What’s next for crypto

• Chart: The PayPal mafia revisited