Fund Formation Collection | Carta
A comprehensive guide for emerging VCs didn't exist, so we built one.
Starting a VC firm is a complex process. Leverage our resources as you build your first fund.
Getting started
Author:Rita Astoor
Date:December 2025
featured article
How to start a venture capital firm
Learn the essential steps for launching a venture capital firm, from developing an investment thesis and structuring your fund to managing the complete fund lifecycle.
Fund Formation
December 2025
The anatomy of a modern fund structure
Learn about fund structures for private investment funds, including the key entities, the flow of economics, and the legal agreements that govern them.
Investors
January 2025
Fund management
Understand the key components of fund management for private equity and venture capital funds. We'll cover how fund management works throughout a fund's lifecycle—from capital allocation, risk management, portfolio company oversight, asset management, and fund administration.
Investors
March 2026
The investment thesis: Your fund’s strategic blueprint
A fund investment thesis is the blueprint for your fund's strategy, guiding everything from fundraising to daily fund management. Learn how to write an investment thesis to develop a winning fund strategy.
The Venture Playbook: Starting a fund
Learn the ins and outs of venture — from launching your firm to supporting your portfolio companies.
VC 101 video course
VIDEO COURSE
Venture Capital 101
Learn the fundamentals of starting a venture capital fund.
VIDEO COURSE
VC regulations
Get familiar with the regulatory landscape by knowing its areas of focus, registration requirements, and exemptions.
VIDEO COURSE
Limited partnerships & management companies
Understand the limited partnership agreement (LPA) and the big role management companies play in VC.
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Portfolio management
How to write an investment memo
How to write an investment thesis
The venture capital regulatory playbook
Discover your end-to-end resource for understanding the basics in venture capital regulation.
Fund structures
Venture capital fund structures overview
Limited partnership agreement (LPA)
Fund management
Author:Rita Astoor
Date:January 2025
featured article
Fund management
Understand the key components of fund management for private equity and venture capital funds. We'll cover how fund management works throughout a fund's lifecycle—from capital allocation, risk management, portfolio company oversight, asset management, and fund administration.
Fund Management
November 2025
Carried interest
Learn how carried interest works for private funds, including fee structures, waterfall models, and tax treatment for fund managers.
Investors
July 2025
Capital calls
When fund managers are ready to invest in a private company, they usually have to make a capital call first. Learn more about capital calls in private equity and venture capital.
Valuations
November 2025
ASC 820: A fund’s guide to fair value measurement
Learn the core principles of ASC 820, including how to apply the fair value hierarchy, select appropriate methodologies, and build an audit-ready process.
Fund performance
How VCs measure fund performance
Sharing your track record as an emerging VC
Internal Rate of Return: How to calculate IRR
Regulations
Author:Holli Heiles Pandol
Date:December 2022
featured article
Venture capital regulations
The SEC regulates most aspects of venture capital funds and fund managers. Learn more about private fund regulation requirements to remain compliant.
Investors
November 2025
AML and KYC: The fund operations mandate
Learn the core compliance requirements for AML and KYC, covering the key definitions, operational processes, and regulations you must follow to protect your fund.
Private Funds
February 2026
Accredited investors: Rules and requirements
Understand the accredited investor rule, including the requirements for qualification, why the requirement exists, and how the accredited investor rules may change.
Investors
August 2022
Regulation D
Regulation D outlines some of the rules private funds and companies can follow to raise money by selling securities without having to register.
Taxes
Author:The Carta Team
Date:March 2026
featured article
Venture capital tax treatment
Learn about the tax treatment of venture capital funds, including the treatment of management fees and carried interest, special considerations like QSBS, and what LPs expect from your fund during tax season.
Carta
June 2025
Schedule K-1 tax form
A Schedule K-1s is a key tax document used by LLCs and other pass-through entities. In this article, we cover important due dates, filing information, and what to include in a Schedule K-1 form.
Educational Essentials
February 2026
Qualified small business stock (QSBS)
Understand the qualified small business requirements and how to take advantage of QSBS tax treatment for eligible stock options.