Brian Murphy

Matt Kaufman just wrote a post on Collaborative Fund’s first fund. It returned over 4x. Top decile for its vintage. But here’s the real story: It took 10 years. Most of the returns came from a few companies. It looked slow until it didn’t. This is how venture works when it works. Read it here: https://lnkd.in/gzim5QgF

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Revel, a Los Angeles, CA-based provider of a software platform for hardware test and control, raised $150M in Series B funding. The round was led by Index Ventures, with major participation from Redpoint Ventures, Capital, Felicis, Abstract Ventures, Dylan Field. The company intends to use the funds to support team expansion, continued product development, and broader market deployment. Founded by CEO Scott Morton, Revel is a provider of a unified software platform for hardware test and control enabling teams across aerospace, defense, robotics, and advanced energy to develop, deploy, and monitor complex physical systems.

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ASVLP 2026 | EMERGING FUND MANAGERS ROUNDTABLE Navigating the 2026 VC Cycle: Opportunities, Constraints & Competitive Edge for Emerging Fund Managers Raising and deploying capital as an emerging fund manager in 2026 is no longer about momentum. It’s about positioning, credibility, and structural advantage. LP expectations have tightened. Capital formation is slower and more selective. And differentiation is no longer declared — it’s demonstrated. At ASVLP — Africa Startup & VC Landscape Preview, this high‑signal roundtable brings together experienced investors, capital allocators, and ecosystem leaders to unpack what it truly takes to compete — and survive — as a new fund manager in the current cycle. This is not a discussion about starting funds. It is a candid examination of how capital is actually being allocated, where emerging managers face real constraints, and what separates those who scale institutional credibility from those who stall. Speakers Emmie van Halder — @/MPower Netherlands Varun Turlapati — Chaanakya Capital Abiola Adediran, MBA, FCA, FIMC, CMC, M.CIoD — GENEA FAMILY OFFICE Emmanuel Adegboye — Madica Mope Abudu — AfriGloCal VC Zachariah George — Launch Africa Ventures Amb. Dr. Dunston P. — Private Office of H.H. Sheikh Ahmed Bin Faisal Al‑Qassimi Moderator Maha M. — COREangels MEA The conversation will explore: • What LPs are truly underwriting in emerging managers today • Where structural constraints — not talent — limit fund performance • How new managers can build defensible edge in portfolio construction, signalling, and partnerships • What must change for emerging funds to graduate into durable institutions Who should attend Emerging fund managers, LPs, DFIs, and ecosystem builders focused on shaping Africa & MENA’s next generation of venture capital — with discipline, not hype. ASVLP 2026 Participation is FREE but strictly by invitation. To join: Repost and comment #ASVLP2026 — your registration link will be sent via DM. This Session is Powered by COREangels MEA

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Headline LT flows, while largely known, were -$2bn of outflows (~-$27bn of inflows net of $29bn in reinvested distributions) and included ~$7bn of outflows related to Western. Excluding Western outflows, BEN saw inflows of $5bn during the quarter. Overall, LT inflows (including the benefit of reinvested distributions) were driven by Equities (+$19.8bn), Multi Asset (+$4.0bn), Alternatives (+$6.6bn), partially offset by Fixed Income (-$2.4bn, or +$2.6bn excluding Western). Within Alts, BEN raised $9.5bn in Private Markets in the quarter (relative to $7.2bn last quarter and $22.9bn in F2025), representing ~16% annualized organic growth on $254.7bn of private markets AUM. In terms of other forward indicators, BEN's Institutional pipeline remained flat q/q at $20.4bn.

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Year-end alert for remote software engineers, tech and life sciences professionals with RSUs: Multistate sourcing can change your tax bill. High-level framework: - California: Nonresidents may still have CA-sourced equity comp if services tied to the vest were performed in CA during the earning period. Allocation formulas and residency determinations are fact-specific—review official state publications on residency and equity compensation. - New York: The “convenience of the employer” doctrine can allocate wages (including RSU income on your W-2) to NY based on your assigned office, even if you worked elsewhere for convenience. Several states (e.g., CT, DE, MA, NE, PA) have similar rules; document necessity vs convenience. - Withholding: RSUs commonly use federal supplemental wage methods; your actual liability may differ at filing. Year-end checklist: - Confirm assigned office and applicable state rules. - Map vest dates to where services were performed. - Pull year-to-date pay statements/payroll portal summaries for RSU withholding. - Coordinate estimated payments to manage underpayment risk. This is general information, not tax, legal, or investment advice. SKP Wealth is a fee-only Registered Investment Adviser. Consult a qualified professional. Message on LinkedIn to discuss your year-end RSU sourcing questions. #RSU #EquityCompensation #RemoteWork #YearEndPlanning

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I’ve spoken to over 2 dozen MDs at PE firms I can confidently say that the arb of figuring out how to implement Vertical AI at portfolio companies is very real right now It will fundamentally change underwriting for those who can do it predictably and unlock generational returns. Most are aware they need to act. Very few have.

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I stopped fighting the sequential nature of development capital. Once I understood that approvals, contracts, and permits clear in sequence rather than simultaneously, everything changed about how I structure deals. Now I build capital deployment around this reality instead of hoping for different investor behavior. Two investor profiles taught me this. Partner A was comfortable coming in during entitlements, moving through the process with us. They understood that risk items clear over time and wanted the upside that comes with early investment. Partner B? Institutional group that wouldn't commit until every entitlement and permit was locked down. Both approaches make perfect sense. The workstreams ran in parallel for months: → Operating agreement negotiations  → Business plan attachments → GC contract reviews → Loan document finalization  → Pro forma tightening Here's what I learned: capital arrives at defined milestones because underlying risk items clear in sequence, not all at once on day one. This changes how you approach funding entirely. Instead of presenting a complete package and hoping investors jump in immediately, you map capital deployment to natural risk progression. Some investors want early entry with higher returns reflecting entitlement risk. Others prefer later entry once permits are secured. Neither is wrong.  Understanding this sequence allows you to structure deals that work for different investor comfort levels while maintaining project momentum. It sounds obvious once you see it... but it took me years to stop fighting this natural flow.

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