Asset Management

Angel checks range $25K-$350K, VC spans $500K seed to $200M late-stage, PE requires $50M+ ARR — and investment banks aren't investors at all. A full map of who funds what, at each stage, and how to actually reach them.

Investment banks can't predict whether a drug will work — 50-70% of Phase 2 drugs fail before Phase 3, yet banks price pre-Phase 3 biotech IPOs on a 16-20 week timeline anyway. VC, IB, and PE each play a genuinely different role — only one is actually built to judge the science.

A PE-owned nursing home chain study found a 10% rise in resident mortality — over 20,000 additional deaths — while financial metrics kept improving. Why private equity can be excellent at what it does and still be structurally unable to catch a scientific inflection before it's too late.

BlackRock earns $24.2 billion a year — not by picking better stocks, but by collecting a fraction of a percent on $13.9 trillion in assets. Understanding why the platform always wins reveals a genuinely liberating conclusion for individual investors.

A $500M fund returning $2B in profits generates $300M in carry — but GPs only get paid after LPs recover their full capital first. Why the "VCs invest their own money" assumption is wrong, and what that fiduciary structure actually means for founders, LPs, and anyone trying to break into venture.