The Investment Thesis You Can Be Held To
A thesis binds only through its exclusions. LeverVenture's investment thesis as one table: what we underwrite and what we do not, by sector and by structure.
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Thought leadership. Every piece carries a name, a date and the evidence it rests on.
Field notes, diligence method, operating and capital
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The archive
Filed by category, with the evidence under each one.
Field notes from the operating work, diligence method, capital structure and the impact ledger. Pick a category or an author to narrow it, or read the whole index below.
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Trial Site Density as an Early Commercial Signal
Recruiting Phase 3 cancer trials that gate eligibility on a biomarker list 92 sites on average against 39 for those that do not, an early read on testing demand.
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The full index
Everything else we have published, newest first. The filter above narrows it too.
How Medtech and Surgical Robotics Founders Should Approach Growth Capital
Medtech and surgical robotics founders face two questions before any capital conversation: the FDA pathway and the reimbursement pathway. This guide walks through both.
Read this pieceGrowth Equity in Life Sciences: 2026 Market Study
Growth equity is absorbing a growing share of life sciences and healthcare capital. This market study breaks down the data, the five sectors in play, and where the financing gap actually sits.
Read this pieceOperational Due Diligence: The GP Checklist Nobody Publishes
Operational due diligence tests whether a manager's documents describe what the firm actually does. The checklist and reference-call script a general partner should expect to answer.
Read this pieceFunding the Longevity Economy: A Growth Capital Guide for Longevity and Neuro Founders
Longevity and neuro science is harder for generalist investors to underwrite. This guide walks founders through the validation, regulatory, and data questions growth-stage capital will ask.
Read this piecePrivate Equity Meets the Mid-Market: Borrowing PE's Discipline Without the Buyout
Private equity and venture are converging in the mid-market. What growth companies should borrow from PE — operational value creation, cash discipline, governance — and what they should refuse: control and leverage.
Read this pieceThe Operating Record: What It Supports and What It Does Not
An operating record shows what partners did inside companies. Read by evidence class, it supports claims about capability and conduct, not returns or causation.
Read this pieceFamily Office Guide to Emerging Growth Equity Managers
A practical framework for family offices evaluating first-time and early-fund growth equity managers: what to check, what to ignore, and the red flags that matter most.
Read this pieceAI Diligence: Eleven Questions, and What the Regulatory Record Answers
Eleven AI due diligence questions for healthcare companies, each answered from a named FDA De Novo or 510(k) record: indication, autonomy, evidence, inputs, change control and holder.
Read this pieceThe Term Sheet Guide for Life Sciences and Healthcare Founders
Term sheets carry more weight than the valuation headline. This guide walks life sciences and healthcare founders through the economic terms, control terms, and sector-specific issues to watch.
Read this pieceThe State of Venture Capital: How the Power Law Broke the Middle — and What Comes Next
Venture capital is a power-law business, and the end of cheap money exposed a missing rung in the ladder — the Series B/C graduation problem. Why DPI is back, and where the orphaned middle finds capital.
Read this pieceWhat a First-Time Fund's Back Office Actually Looks Like
A first-time fund rents most of its back office. The general partner keeps oversight, valuation, the compliance calendar and cash authority, and failures start at the handoffs.
Read this pieceOperator-Led vs. Financial-Sponsor Growth Equity: What an Operating Partner Changes for LPs
Two models of growth capital get lumped together as "private equity." This piece separates operator-led from financial-sponsor growth equity and what the difference means for LPs.
Read this pieceThe Finance of Scaling: A Growth-Stage Operator's Guide to the Metrics That Move Enterprise Value
The financial rules change between the seed round and the buyout. A growth equity guide to unit economics, the Rule of 40, capital structure, cash strategy, and the metrics that actually move enterprise value.
Read this pieceDigital Transformation as an Investment Thesis: Why Most Programs Fail and How Operator-Led Capital Fixes Them
Most digital transformation programs fail because they are scoped as projects, not as changes to unit economics. An operator-led growth equity view of what actually compounds — and how founders can tell the real from the theater.
Read this pieceThe J-Curve Is Different in Life Sciences, and Allocators Should Price It
In life sciences, regulatory clocks set the J-curve. Drug approval takes 10.5 years on average from Phase I, so the trough runs longer and reported value moves in steps.
Read this pieceWhen Your Operational Infrastructure Is the Fundraising Story: What Growth-Stage Founders Actually Get Scrutinized On
Growth-stage founders in life sciences, deep tech, and healthtech are increasingly scrutinized on operational infrastructure before investment history. Here's what that means for you.
Read this pieceDPI Is the Only Number an Allocator Should Trust Right Now
Median DPI for 2018 to 2020 private equity vintages runs from 0.56x down to 0.16x while TVPI and IRR stay high. Most reported value is still a mark; DPI is the figure settled in cash.
Read this pieceAI Infrastructure for Life Sciences and Healthcare Founders: Where to Build, Where to Wait
A tactical breakdown of AI infrastructure decisions for founders in life sciences, digital health, and deep tech — what to own, what to rent, and what to deprioritize.
Read this pieceDual-Use Deep Tech: The Defense-Adjacent Growth-Equity Playbook for Founders
Defense-adjacent deep tech is reshaping how founders in life sciences, clean tech, and AI should structure their commercialization and funding strategy. Here's the operator-level view.
Read this pieceCarried Interest: European and American Waterfalls, Side by Side
On one hypothetical $100 million fund, a deal-by-deal waterfall pays $15 million of carry by year three and a whole-of-fund waterfall pays $10 million. A clawback closes the gap.
Read this pieceEmerging Growth Equity Managers: The Founder's Complete Evaluation Guide for 2026
How founders in life sciences, deep tech, and cleantech should evaluate emerging growth equity managers — track record, fund economics, GP skin-in-the-game, and red flags.
Read this pieceBest Growth Equity Firms for Life Sciences in 2026: A Founder's Field Guide
Who actually funds life sciences growth rounds, what each pool of capital is built for, where the mid-market gap sits, and the questions that vet a partner.
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Research
The State of Growth Equity, 2026 edition.
The first edition of our read on the passage between venture capital and private equity: who is funding it, what it costs, and where the companies that stall in it actually stall.
01
Executive summary
Free, no form. The findings, the method and every chart that carries one — complete, not a teaser, and the same text that opens the full report.
02
The full report
Sixty-four pages, this first edition, released to a named reader. One form, one reply, and no list you did not ask to be on.
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