Research
Open-access empirical research on venture capital performance, capital flows, and allocation policy.
Every output is free to read, quote, cite, and redistribute with attribution. Each one states its sample and its limitations in the body, and every one is built on the same published evidence base.
The Architecture of Returns: Why Emerging Venture Capital Managers Are More Risk-Efficient
Emerging managers earn roughly 47% more return for every unit of risk carried. The average emerging fund finishes 28% above the median fund of its own vintage year, against 9% for the average established fund, and the advantage runs roughly three times larger among the strongest funds than the weakest.
Dr. Itzel Moncada · Dr. Mariela Salas
Why Emerging Venture Capital Managers Matter: Rethinking Institutional Portfolio Construction
Institutional venture programs screen managers on firm age, fund sequence, and assets under management. We test those screens and find that they are associated with the exclusion of a durable return advantage.
Dr. Itzel Moncada · Dr. Mariela Salas
What actually makes a VC manager emerging?
Why the Institute uses the term structurally rather than demographically, and what that changes about who gets screened out.
What emerging manager exclusion costs, and what you can do about it
Introduces the two self-assessment diagnostics published with White Paper I, one for allocators and one for managers.
LP Diagnostic and GP Diagnostic
The two free self-assessment tools published with White Paper I. About fifteen minutes each, no account required.
Research principles
How we decide what to publish.
Decision-useful, not theoretical
Every output answers the question a reader will actually ask, which is what decision this changes.
Method-forward
Assumptions, definitions, and limitations are stated in the body, beside the finding they qualify.
Neutral positioning
We describe systems and incentives, never individual firms or people.
Reusable artifacts
We publish what others can apply on their own, including the diagnostics and the full exhibit set.