Carta

With a new Congress and Administration in place, policy shifts are coming fast. For private equity professionals, staying informed isn’t optional—it’s strategic. The Carta Policy Team is launching a new series that provides deep dives into the changing policy landscape and what it all means for investors across the innovation economy. We’re breaking down the key issues, decoding the players and power dynamics, and offering real, actionable insights. Up first in the series? Tax policy 💸 Inside our tax policy deep dive: 📊 The macro view 📉 Tax Cuts and Jobs Act – and how to pay for it ⚙️ Process and key dynamics 📍 Policy priorities and next steps 🔥 Topics like: Carried interest, QSBS, R&D expensing, and Section 199A This isn't just policy talk—it’s intel for investors navigating a high-stakes environment. 👀 Get the full breakdown on tax reform: https://lnkd.in/gWbVuXbP And stay tuned—carried interest, retirement regs, antitrust, and more are coming soon. #PrivateEquity #TaxReform #CapitalMarkets #PolicyInsights

We are excited to present our latest issue of Sponsor Sync. Our editorial team and contributors have been hard at work, delving into the topics that matter most to you, today. As you peruse our pages, we trust you’ll find the knowledge and strategies necessary to thrive amid today’s challenges, in a user-friendly and digestible format. We pride ourselves on cutting through legal jargon and presenting Sponsor Sync specifically for business leaders and deal professionals. In this issue, we feature our second ever issue-within-an issue, tackling the complexities of liability management exercises (LMEs), sharing our unique vantage point and actionable insights. Our special issue includes an interview with Justin D. Lee, Weil’s Global Head of Liability Management, who shares his expert views on the future of LME, and runs through the nuts and bolts of a modern LME transaction. This issue includes the following articles: • Global Leveraged Finance Market Update by Benton Lewis, Heather Emmel, Danielle Cepelewicz, Gabriella Leonovicz and Laura Ceitlin from New York and Alex Eagle, Andrew Hagan, Chris McLaughlin, Nicola Noël, Gilles Teerlinck and Adebayo Lanlokun from London • Jumping on the Texas Bandwagon: New York Stock Exchange Announces Launch of NYSE Texas by Corey Chivers, Heather Emmel, Claudia Lai, Parker D. Collins and Edward Martin • The Continued Rise of the Continuation Fund by Alexander Miachika and Ackneil M. Muldrow, III (Trey) • A New Dawn for UK Merger Control by Jenine Hulsmann and Chris Chapman • Identifying the Landmines of Franchised Business by David Koch from Plave Koch PLC, David Gail and Luke Laumann • Partner Perspectives – Weil/Carta Insights: Employee Equity Incentive Plans by Jackie (Falk) Ammon and Hamza S. from Carta, Amanda Rotkel and Brittany Butwin • Sector-by-Sector Breakdown: Key Deal Terms in Sponsor-Backed Transactions by Arnie Fridhandler and Brittany Butwin • Partner Perspectives – Thinking Outside the Box: NAV Finance for Management Companies by Dane Graham and George Lee from 17Capital and Cassie Kimmelman • CTA Reporting Obligations Eliminated for U.S. Entities by Carson Parks • Glenn’s Corner – On the Meaning of “Material” by Glenn West Read Weil Private Equity Sponsor Sync below and here: https://lnkd.in/ecpU4rpx #PrivateEquity

🌸 CARTA SPRING SUMMIT 2025 – WHAT A DAY! 🌸 A fresh season of ideas, energy, and growth – thank you for joining us at Carta Spring Summit London! 🇬🇧 Our goal: fuel the UK private capital ecosystem with fresh data, honest conversation, and new connections – and thanks to YOU, we did just that. 🧠 Agenda Highlights: 💡 Data Stories with our director of insights, Ashley (Howard) Neville — unveiled exclusive European startup data you won’t find anywhere else 🚀 Raising Funds for Your Startup — real-world fundraising tips to help founders pitch with impact, navigate shifting investors expectations, and raise confidently 💸 Funding Venture: The LP Perspective — unfiltered insights into what it takes to lock in LP commitments 🤖 Unpacking Policy: What’s Next for the UK and AI? — a timely conversation on policy shifts shaping UK and European venture, AI innovation, and tech ecosystem resilience 🍸 Plus: A buzzing Genius Bar for Carta product demos, and an amazing drinks reception to wrap it all up 📣 Overheard at the Summit: ✨ “Super engaging panel discussions + incredible networking” ✨ “Great buzz, and a really top-tier crowd” ✨ “Already looking forward to the next one – more please!” 💬 A huge thank-you to our speakers, panelists, team, product experts, and every attendee who made the event vibrant, valuable, and visionary. 📍 Until next time, Silicon Roundabout! #VentureCapital #PrivateCapital #UKTech #AngelInvesting #LPInsights #AIPolicy #CartaUK #Founders #LondonTech

Excited to co-host this event on May 8 in San Francisco 🎉 📅

Crunching Numbers to Change Lives (And Yes, I Still Love Excel!) My world is a series of models on Tactyc by Carta, financial reports from portfolio companies, and market analyses across industries and asset classes. Numbers might seem impersonal, but I see how carefully allocated funding creates jobs and solves real-world problems in a volatile market. The impact is undeniable—almost as satisfying as a hard-earned win by your favorite team (Huskies gotta eat). My career has always been about one thing: financial inclusion. It's not just a job for me; it's a personal mission. I've spent years developing and evaluating platforms and strategies, all with the goal of making a real impact. The data we collect supports our mission and paves the way for transformative policies. I'm particularly proud of our work at Tundra, and I can't wait to share our 2024 Fund I Impact Report with you later this month. I'm thrilled to share more about how data can drive meaningful change in the world of inclusive capitalism. Are you eager to be the first to read our report? Let me know in the comments for early access. #ImpactMetrics #DataDriven #InclusiveGrowth

What a day at the Wharton Private Equity & Venture Capital Conference! Started off moderating an incredible panel on how technology and AI are shaping Private Equity & Venture Capital with Will Chen, Joshua Selip, and Erica V. Then had the chance to catch the closing keynote with Bill Ackman, who offered invaluable insights on navigating the rollercoaster market we're currently in. Loved spending time on Friday connecting with MBA students, sharing Carta's vision for the ERP for Private Capital, and leading a lively discussion with these industry stalwarts.

In our first session of Founder’s Journey 101, we heard from Joe Carney  (ZIYNX) and Robert W. (Zeck) about navigating product-market fit, early-stage fundraising, and building key investor relationships. The crowd showed up (founders, we see you)—and it sparked exactly the kind of real talk founders need. Now we’re moving to the next chapter of the founder experience: going from early traction to sustainable, scalable growth 💥 On April 22, join us for Founder’s Journey 101: Accelerating Growth, where we’ll cover real-world strategies for going from Series A to B-D and beyond. 🎙️ In this upcoming virtual session: 🔹 Kacper Nowicki, CEO of Nomagic, will share what it takes to scale a high-growth company in uncertain markets. 🔹 Shubhi Nigam, Director of Product at Carta, will tackle the growth metrics that matter—and how to build high-performance teams that can keep up with explosive demand. You’ll learn: 📊 Growth-stage KPIs and tracking what really matters 📈 Tactical fundraising advice beyond Series A 👥 Leadership practices that scale with your business If you’re a founder looking to scale smartly — not chaotically — this one’s for you. 🗓️ Save your seat now: https://lnkd.in/gXdh-pMH #FounderJourney101 #venturecapital #fundraising #startupgrowth #leadership #productmarketfit #seriesB #founderlife

When Eduardo Zaldivar and Julien Ham-Ying launched Mosaic ETA in 2024, they weren’t just setting out to invest in companies. They were building a new kind of private equity firm—one that gets deeply involved in helping underserved entrepreneurs acquire and grow small-to-medium-sized businesses through entrepreneurship-through-acquisition (ETA). Mosaic takes a hands-on approach: advising searchers, making key introductions, helping build tech stacks, and rolling up their sleeves on the day-to-day of deal and company building. To stay focused on what matters most—supporting entrepreneurs—they needed a fund operations stack that just worked. That’s where Carta comes in. By streamlining tasks like fund formation, LP onboarding, capital calls, taxes, and accounting, Carta helps the Mosaic team to preserve their most valuable resource: time. 💡 With one centralized system, Mosaic: ✔️ Simplifies LP onboarding and re-investment ✔️ Keeps compliance and communications smooth ✔️ Reduces manual work with automated processes and templates ✔️ Efficiently manages multiple investor relationships “Every moment of time we save allows us to focus on what matters most, which is helping our entrepreneurs.” -Julien Ham-Ying We're proud to support emerging managers like the team at Mosaic ETA as they scale with purpose and invest with impact. 🧡 #ETA #EmergingManagers #PrivateEquity #SearchFunds #FundManagement #CartaCustomers #MosaicETA

Thanks to everyone who joined us for our Q1 ‘25 fund admin product event. We shared big updates—and even bigger vision—for how we’re building the first ERP purpose-built for the Fund CFO’s office. Here’s a quick recap of what we covered: 📊 Tactyc Integration Our first release since acquiring Tactyc means investment data flows automatically—no more data uploads. 📁 Document Repository A centralized, smart system for managing fund documents (and yes, full-text search is here!). 📝 Portfolio Events Dashboard Track critical portfolio company updates—409As, financings, share class changes—all in one place. 🖋️ Custom & Offline Closings Meet LPs where they are with flexible options for both digital and manual fund closings. 💡 What’s Next? More automation, deeper integrations, and smarter workflows—all to help fund managers operate with speed, accuracy, and insight. Catch the replay anytime on LinkedIn: https://lnkd.in/g_EQm9XV #VentureCapital #FundCFO #PrivateMarkets #StartupTools #ProductLaunch

📉 VC Vintage Performance: What the IRR Numbers Are Telling Us It’s no surprise: older VC vintages continue to post stronger median IRRs. The formula for Internal Rate of Return (IRR) reflects the time value of money—so naturally, funds that have had more years to support and grow their portfolio companies tend to show better results. But time alone doesn’t tell the full story. The market reset that began in 2022 has cast a long shadow over recent venture vintages. The 2021 vintage, launched in the exuberance of the pandemic bull market, is now feeling the brunt of that correction. In fact, the 90th percentile IRR for 2021 funds is just 13.1%—the lowest of any vintage in the dataset—indicating even top-performers are lagging behind their historical counterparts. To get a fairer look, we can compare vintages at consistent time intervals (e.g., IRR at the 2-year and 3-year marks). Unfortunately, the picture doesn’t improve much for recent funds: 📌 2021 vintage: Median IRR after 3 years = -0.3% 📌 2022 vintage: Median IRR after 2 years = lowest among the vintages observed These early indicators suggest recent vintages could face a much tougher road to achieving strong returns. While it’s still early days for many of these funds, performance so far underscores the immense impact of timing and macro shifts on venture outcomes. 📣 Want to go deeper on this topic? Join us on April 8 at 10 am PT / 1pm ET for a live virtual event featuring Peter Walker, Head of Insights at Carta, as he dives into the latest data on VC fund performance—including IRR, TVPI, and DPI—plus trends based on fund size. Peter will be joined by two powerhouse LPs in the space: Hunter Walk of Homebrew and Jamie Rhode, CFA of Screendoor. 🔗 Register here: https://lnkd.in/gJSJWXGq #VentureCapital #IRR #EconomicOutlook #VCTrends #PrivateMarkets #FundPerformance #ValuationReset