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Your estate plan can be technically perfect – and still fail. The trust may permit the transfer. The fund documents may not. For private equity and venture capital professionals, estate planning is not merely a trust-and-tax exercise. It sits at the intersection of four systems that are too often handled separately: • fund and firm transfer restrictions • estate planning • tax planning • liquidity and insurance And it must work for two constituencies at once: the individual protecting a family, and the firm protecting its continuity, economics, control and culture. I could not find a resource that brought all of those pieces together. So I built one. Today I am publishing “Estate Planning for Carry, Capital and Firm Value in Private Equity and Venture Capital” – a 52-page special edition of The Fund Formation Primer Series, and the most substantial primer I have written. I have been working on it for a long time, including conversations with scores of estate, tax and insurance specialists. It addresses carried interest, capital interests and firm value; the governing-document restrictions that can derail otherwise sound planning; valuation, timing and liquidity; and the questions that individuals, firms and their advisers should be asking together. It is long by design. This is meant to be a reference – something to save and return to before a transfer is attempted or a crisis makes the planning urgent. The complete special edition is available free, in full, in the first comment. If it is useful, please send it to one partner, client or adviser who should see it – or repost it so this conversation reaches both sides of the table.

Twenty-five years of forming funds. Twenty-five primers to show for it. Nine Tuesdays ago, I started publishing the series I wish someone had handed me at the start of those 25 years — practical field guides to the machinery of venture and private equity funds. Not treatises. Free, in full. How carry actually works (the seven questions hiding inside "20%"). How the GP and management company get built. Side letters, continuation funds, reporting and valuation, global capital deployment — and this week, how corporate venture programs are structured, and why so many die young. Today I'm publishing the whole map. Twenty-five primers in all. Nine are live. Sixteen are coming — one every Tuesday, until the shelf is full. The full curriculum is in the image. The order flexes with the market; the destination doesn't. What I didn't expect when this started: the comment sections. Allocators, CFOs, GCs and colleagues across the market have turned these threads into the best seminar I've attended all year — pushing back, sharpening the frameworks and adding the view from their seats. If some of those unchecked boxes are questions sitting on your desk right now, the follow button is how you're there the Tuesday each one gets answered. Next up, Part 10 — Management Fees. The market-rate question is never just about the rate. Full library so far linked in the comments. #VentureCapital #PrivateEquity #FundFormation #LimitedPartners #EmergingManagers

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