Every piece we have published is listed in order across these pages, each with the line that says what it covers. The newest pieces are on the pages before this one.
Page 2 of 3, newest first.
In a two-partner firm, the key person provision, the GP commitment and its source of funds work as one alignment mechanism. ILPA's Model LPA and Principles 3.0 set the market form.
Read this pieceA quality-of-earnings review of a pre-revenue biotech or diagnostics company replaces EBITDA with burn quality, grant accounting, milestone recognition and clinical accruals.
Read this pieceA continuation fund puts the sponsor on both sides of a sale. With the SEC fairness-opinion rule vacated, the fiduciary duty, the LPA and ILPA's 2023 guidance govern the choice.
Read this pieceAn SPV, a pooled fund and a direct co-investment can hold the same shares, but each answers the Investment Company Act, Regulation D and adviser questions differently.
Read this pieceA minority growth investor works through four levers: a board seat, information rights, protective provisions and operating engagement. Each has a documented use and a documented limit.
Read this pieceThe healthcare middle market stated as six constraints, from revenue and ownership to leverage and state review, measured against the NCMM and PitchBook definitions.
Read this pieceLeverVenture invests across five life sciences and healthcare sectors, each with one underwriting gate, and treats artificial intelligence as the accelerant inside all five.
Read this pieceFDA device classification works as a filter for AI claims. On the FDA's December 2025 AI-enabled device list, 1,304 of 1,357 entries were 510(k) clearances.
Read this pieceRisk-adjusted NPV weights each cash flow by the chance a drug program survives to it. Single-rate shortcuts break because clinical risk resolves in steps at phase gates.
Read this pieceThe firm's working due diligence checklist for a life-sciences growth round, eight sections in order, with the clinical, regulatory and reimbursement items tied to their governing rules.
Read this pieceA venture repricing shows up in preference stacks and flat rounds before it shows up in a press release. Here is how a reset moves through a cap table.
Read this pieceFour 2024-25 biopharma takeovers, restated on one basis: the median premium is 102.5% cash only, 120.6% with CVRs risk-weighted, 214.4% if every milestone pays.
Read this pieceSecondary markets hit all-time highs in the first half of 2025, with transaction volume above $103 billion. Growth equity investors gain new routes to liquidity.
Read this pieceThe Rule of 40 flattens very different SaaS businesses into one score. Retention composition, cohort payback, margin trend and burn multiple tell them apart.
Read this pieceWe built LeverVenture on the premise that the best long-term returns come from companies that create value for all stakeholders. ROI² measures return and impact together.
Read this pieceQuantum computing has entered its "crossing the chasm" moment. For growth equity investors, the technology is real, but commercial timelines remain uncertain and capital requirements are enormous.
Read this piecePrecision medicine is five different businesses, not one market. Margin sits with regulatory linkage and proprietary data, not with sequencing throughput.
Read this pieceCo-investment is an allocation decision before it is an offer. Section 206 requires the conflict be disclosed for informed consent, and examiners found policies that went unfollowed.
Read this pieceThe binding constraint on precision oncology isn't the drugs — it's the biomarker test that has to happen first, and often doesn't in time.
Read this piecePlatform strategies rarely fail on deal pricing. They fail because integration capacity, not deal flow, is the real constraint on how many acquisitions a platform can absorb.
Read this pieceOperating partners shifted from advisory presence to accountable ownership. The real design question is how compensation and authority are structured, not who is hired.
Read this pieceThe middle market is not buyout in miniature. Less intermediated sourcing, operational rather than financial leverage, and a wider exit set explain why.
Read this pieceDemand was never the constraint in mental health tech. Who pays, through which channel, and whether they renew is what separates durable companies from churn.
Read this pieceAn app is not a clinician. Mental health access is a workforce and licensure problem — task-shifting and interstate compacts expand capacity; booking software does not.
Read this pieceThe first edition of our read on the passage between venture capital and private equity: who is funding it, what it costs, and where the companies that stall in it actually stall.
Free, no form. The findings, the method and every chart that carries one — complete, not a teaser, and the same text that opens the full report.
Sixty-four pages, this first edition, released to a named reader. One form, one reply, and no list you did not ask to be on.
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