VC Masterclass: Navigating Liquidity and LP Communication in 2026

The 2025 venture market was defined by extended hold periods and limited DPI. While M&A and IPO activity saw moderate growth, the overall exit environment remained restricted as funds continued to deploy capital, particularly into the AI sector.

This environment has complicated fund operations and intensified the need for strong investor relations in 2026.

In this recording, Carta's Head of Insights, Peter Walker, Hannah Grey’s Founding Partner, Kate Beardsley, and Kline Hill Partners’ Managing Director, Chris Bull, analyze the 2025 Fund Performance Report and discuss operational strategies for managing LP expectations when liquidity is constrained.

What you will learn:

2025 Fund Performance Review: A data-driven analysis of fund performance, including trends in DPI, and comparisons of current vintages to historical benchmarks
Liquidity Strategy: An assessment of M&A and IPO activity and practical applications of secondaries to manage capital deployment
LP Communication: Proven approaches for providing updates when exits are delayed, explaining capital deployment activity, and maintaining stakeholder engagement during periods of low market sentiment

The VC Masterclass virtual event series is your guide to starting and managing a fund. Watch the first four sessions in the series here:

Featuring

Kate Beardsley
Founding Partner, Hannah Grey

Chris Bull
Managing Director, Kline Hill Partners

Peter Walker
Head of Insights, Carta

This event is presented on behalf of eShares, Inc., dba Carta, Inc. (“Carta”). The content of this event is not, and no opinions or comments shared in this event should be treated or construed as, accounting, business, financial, investment, legal, tax, or other professional advice or services. This event is for information purposes only. The content of this event is not intended as a recommendation, offer or solicitation for the purchase or sale of any security. Carta does not assume any liability for reliance on the information provided herein and undertakes no obligation to update content. The opinions of the guests and host are their own and do not reflect the view of Carta or Carta’s affiliates. All product names, logos, and brands are property of their respective owners in the U.S. and other countries, and are used for identification purposes only. Use of these names, logos, and brands does not imply affiliation or endorsement.