# 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** **Date:** December 2025 **Title:** 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** **Date:** January 2025 **Title:** 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** **Date:** March 2026 **Title:** 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. [Download](/content/learn/resources/starting-vc-fund-playbook/?ir=learn-fund-formation-collection/index.html) ## 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. ## Popular tools **LP pitch deck template** [View tool](/content/learn/private-funds/management/portfolio-management/investor-pitch-deck/index.html) **IRR calculator** [View tool](/content/learn/private-funds/management/fund-performance/irr/index.html) **VC regulatory playbook** [View tool](/content/learn/private-funds/regulations/playbook/index.html) **Investor update template** [View tool](/content/learn/private-funds/management/portfolio-management/investor-updates/index.html) ## Portfolio management **How to write an investment memo** [View tool](/content/learn/private-funds/management/portfolio-management/investment-memo/index.html) **What is a tear sheet?** [View tool](/content/learn/private-funds/management/portfolio-management/tear-sheets/index.html) **How to write an investment thesis** [View tool](/content/learn/private-funds/management/portfolio-management/investment-thesis/index.html) **What is a fund closing?** [View tool](/content/learn/private-funds/management/portfolio-management/fund-closing/index.html) **The venture capital regulatory playbook** Discover your end-to-end resource for understanding the basics in venture capital regulation. [Download](/content/learn/resources/starting-vc-fund-playbook/?ir=learn-fund-formation-collection/index.html) ## Fund structures **Venture capital fund structures overview** [View tool](/content/learn/private-funds/structures/index.html) **Limited partner (LP)** [View tool](/content/learn/private-funds/structures/limited-partner/index.html) **General partner (GP)** [View tool](/content/learn/private-funds/structures/general-partner/index.html) **Limited partnership agreement (LPA)** [View tool](/content/learn/private-funds/structures/limited-partner/lpa/index.html) ## 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** **Date:** November 2025 **Title:** Carried interest Learn how carried interest works for private funds, including fee structures, waterfall models, and tax treatment for fund managers. **Investors** **Date:** July 2025 **Title:** 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** **Date:** November 2025 **Title:** 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** [View tool](/content/learn/private-funds/management/fund-performance/index.html) **Sharing your track record as an emerging VC** [View tool](/content/learn/private-funds/management/track-record/index.html) **Internal Rate of Return: How to calculate IRR** [View tool](/content/learn/private-funds/management/fund-performance/irr/index.html) ## 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** **Date:** November 2025 **Title:** 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** **Date:** February 2026 **Title:** 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** **Date:** August 2022 **Title:** 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** **Date:** June 2025 **Title:** Schedule K-1 tax form A Schedule K-1 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** **Date:** February 2026 **Title:** Qualified small business stock (QSBS) Understand the qualified small business requirements and how to take advantage of QSBS tax treatment for eligible stock options.