Unmatched Capital: private markets, unfiltered
Private equity or venture capital: the same fund structure, opposite ways to lose money
Private equity and venture capital funds share one structure but lose money in opposite ways.
Read the analysisThe numbers
Every figure with its source and its date- ~60%Share of total returns generated by about 6% of investments (4.5% of dollars invested), across the hundreds of venture capital funds Horsley Bridge invested in from 1985Andreessen Horowitz, publishing Horsley Bridge data, 8 June 2015
- 22%How far apartment values stood below their 2022 peak on Green Street's Commercial Property Price Index, September 2026 releaseGreen Street, as reported by REJournals, 8 September 2026
Analysis
- Private equity
Private equity or venture capital: the same fund structure, opposite ways to lose moneydraft
Private equity and venture capital funds share one structure but lose money in opposite ways.
28 September 2026 · 10 min - Private real estate
Real estate syndication: who takes which fee, and what happens when the deal goes wrongdraft
Sponsors take 1% to 2% to buy a property, a yearly fee and 1% to 2% to sell it, a law firm estimates, then a share of profit above a preferred return.
28 September 2026 · 9 min
How Unmatched Capital works
Unmatched Capital is a private markets podcast and newsletter, published by Swelv. It covers what the brochures leave out: how each strategy actually makes and loses money, what every fee does, and what happens when a deal goes wrong.
Every number is sourced in the sentence that uses it. Estimates are labelled as estimates, and vendor figures as vendor figures. Pages on tax, trusts and pensions are reviewed by a named practitioner before they are published.
The numbers, sourced and dated
A short letter from Unmatched Capital: what happens, who pays, and what the figures really say.