## 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:_

- [_VC Masterclass: Building an Investment Track Record_](/content/events/vc-masterclass-track-record/?&utm_medium=product&utm_source=carta-web&utm_campaign=ve-20260407-amer-ipe26-vc-investors-vc_masterclass_liquidity_lp_comms&utm_content=ve5/index.html)

- [_VC Masterclass: Designing a Fund Thesis_](/content/events/vc-masterclass-fund-thesis/?&utm_medium=product&utm_source=carta-web&utm_campaign=ve-20260407-amer-ipe26-vc-investors-vc_masterclass_liquidity_lp_comms&utm_content=ve5/index.html)

- [_VC Masterclass: Setting a Target Fund Size_](/content/events/vc-masterclass-fund-size/?&utm_medium=product&utm_source=carta-web&utm_campaign=ve-20260407-amer-ipe26-vc-investors-vc_masterclass_liquidity_lp_comms&utm_content=ve5/index.html)

- [_VC Masterclass: Sourcing and Nurturing LP Relationships_](/content/events/vc-masterclass-lp-relationships/?&utm_medium=product&utm_source=carta-web&utm_campaign=ve-20260407-amer-ipe26-vc-investors-vc_masterclass_liquidity_lp_comms&utm_content=ve5/index.html)

## Featuring

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Kate Beardsley

Founding Partner

Hannah Grey

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Chris Bull

Managing Director

Kline Hill Partners

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Peter Walker

Head of Insights

Carta