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Hot Off the Cap Table with Charlotte Ketelaar

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by HOTC

5 episodes

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Podcast Overview

Two shows, one cap table. Hot Off the Cap Table is your weekly 15-minute cheat sheet from Charlotte Ketelaar, CEO of Capwave AI, live from San Francisco. For founders raising pre-seed through Series B (Mondays): What investors are thinking right now, decoded from the VC podcasts, newsletters, and conversations that matter for your raise. For emerging managers (Thursdays): Your eyes and ears on the ground in Silicon Valley. How to build your LP edge, what to say to LPs right now, and what founders are building at the earliest stages.

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3/23/2026

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Recent Episodes

April 9, 2026

LP Edge #2: The Great Concentration: Why 5 Funds Captured Half of Venture Capital in One Quarter

In this episode Charlotte breaks down Q1 2026's record $80B+ fundraising quarter and reveals the uncomfortable truth underneath the headline: five mega-funds captured more than half of all US venture capital raised in 2025 in a single quarter. Charlotte digs into what Kleiner Perkins' $3.5B raise actually tells LPs about manager selection, why the secondary market just hit $226B, and the Carta data that proves the middle of venture capital is a dead zone. Key Topics <ul><li>Q1 2026 shattered fundraising records at $80B+, but the top five funds absorbed $35B of it, revealing an unprecedented capital concentration that's structurally closing the market for emerging managers</li><li>Kleiner Perkins' $3.5B raise is a masterclass in what makes LPs say yes: thesis clarity, demonstrated conviction, proof points like Figma's $1.4B+ in profits, and a rebuilt team</li><li>The secondary market hit $226B in 2025 with continuation vehicles representing 43% of total volume, as LPs enter year four of a distribution drought and demand real liquidity</li><li>Carta's Q4 2025 data shows only a third of 2021-vintage funds have returned any capital to LPs, and the TVPI spread between top decile and median managers is a chasm</li><li>The "Quarterly Signal" framework: how emerging GPs can stand out in LP inboxes with thesis-first communication, proactive transparency, and proprietary market insights</li></ul> Links & Sources Follow Charlotte: LinkedIn - <a href="https://www.linkedin.com/in/charlotte-ketelaar/">https://www.linkedin.com/in/charlotte-ketelaar/</a> X (Twitter) - <a href="https://x.com/CZJPKW">https://x.com/CZJPKW</a> TikTok - <a href="https://www.tiktok.com/@capwave.ai">https://www.tiktok.com/@capwave.ai</a> Investor tools waitlist: Capwave AI for VCs - <a href="https://capwave.ai/vc">https://capwave.ai/vc</a> Reports referenced in this episode: Q1 2026 US Fund Activity: $80B+ Record VC and PE Fundraising - <a href="https://www.thevccorner.com/p/q1-2026-us-fund-activity-record-fundraising">https://www.thevccorner.com/p/q1-2026-us-fund-activity-record-fundraising</a> Carta VC Fund Performance Q4 2025 - <a href="https://carta.com/data/vc-fund-performance-q4-2025/">https://carta.com/data/vc-fund-performance-q4-2025/</a> VC Is Performing Better Than Ever. Then Why Are So Few First-Time Funds Being Raised? (PitchBook) - <a href="https://pitchbook.com/news/articles/vc-is-better-than-ever-why-so-few-first-time-funds">https://pitchbook.com/news/articles/vc-is-better-than-ever-why-so-few-first-time-funds</a> Emerging GPs No Longer Closing More VC Funds Than Experienced Peers (PitchBook) - <a href="https://pitchbook.com/news/articles/emerging-managers-close-fewer-funds-than-experienced-manager-for-first-time-in-a-decade">https://pitchbook.com/news/articles/emerging-managers-close-fewer-funds-than-experienced-manager-for-first-time-in-a-decade</a> 2026 Outlook: Private Equity and Venture Capital Views (Cambridge Associates) - <a href="https://www.cambridgeassociates.com/insight/2026-outlook-private-equity-venture-capital-views/">https://www.cambridgeassociates.com/insight/2026-outlook-private-equity-venture-capital-views/</a> The Continuation Vehicle Boom: Structural Shift or Liquidity Patch? (CAIA) - <a href="https://caia.org/blog/2026/02/11/continuation-vehicle-boom-structural-shift-or-liquidity-patch">https://caia.org/blog/2026/02/11/continuation-vehicle-boom-structural-shift-or-liquidity-patch</a> 'Our Funds Are 20 Years Old': LPs Confront VCs' Liquidity Crisis (TechCrunch) - <a href="https://techcrunch.com/2025/11/18/our-funds-are-20-years-old-a-look-inside-the-liquidity-crisis-reshaping-venture-capital/">https://techcrunch.com/2025/11/18/our-funds-are-20-years-old-a-look-inside-the-liquidity-crisis-reshaping-venture-capital/</a> VC Firms Rarely Reinvent Themselves. Kleiner Perkins Did. (Fortune) - <a href="https://fortune.com/2026/03/27/vc-firms-rarely-reinvent-themselves-kleiner-perkins-did-3-5-billion/">https://fortune.com/2026/03/27/vc-firms-rarely-reinvent-themselves-kleiner-perkins-did-3-5-billion/</a> With $3.5B in Fresh Capital, Kleiner Perkins Is Going All In on AI (TechCrunch) - <a href="https://techcrunch.com/2026/03/24/with-3-5b-in-fresh-capital-kleiner-perkins-is-going-all-in-on-ai/">https://techcrunch.com/2026/03/24/with-3-5b-in-fresh-capital-kleiner-perkins-is-going-all-in-on-ai/</a> Kleiner Perkins Raises AI-Focused Funds (Crunchbase) - <a href="https://news.crunchbase.com/venture/kleiner-perkins-raises-ai-focused-funds/">https://news.crunchbase.com/venture/kleiner-perkins-raises-ai-focused-funds/</a> GP-Led Secondaries and Continuation Vehicles Boost DPI and LP Liquidity (Dechert) - <a href="https://www.dechert.com/knowledge/onpoint/2025/11/gp-led-secondaries-and-continuation-vehicles-boost-dpi.html">https://www.dechert.com/knowledge/onpoint/2025/11/gp-led-secondaries-and-continuation-vehicles-boost-dpi.html</a> Hot Off the Cap Table: Spotify - <a href="https://open.spotify.com/show/0ohcC6FrwuVIEbaKsY4IZp">https://open.spotify.com/show/0ohcC6FrwuVIEbaKsY4IZp</a> Substack - <a href="https://charlotteketelaar.substack.com/">https://charlotteketelaar.substack.com/</a>

April 6, 2026

HOTC #3: Fortune Wrote Their Obituary. They Just Raised $3.5B.

Kleiner Perkins' dramatic comeback tells founders where the biggest growth capital is heading. Plus: why OpenAI, Anthropic, and Meta are racing to acquire distribution instead of technology, and what Q1 2026's record-shattering $300B in venture funding really means for early-stage founders. Segments: <ol><li>Deal Lens: The Kleiner Perkins Comeback — From Fortune's obituary to a $3.5B raise, how Mamoon Hamid and Ilya Fushman rebuilt the firm around AI conviction. Led Saronic's $1.75B Series D for autonomous warships.</li><li>Market Read: The Distribution Land Grab — OpenAI's 6 acquisitions in 2026 (TBPN, io/Jony Ive, rumored Pinterest) reveal the new M&A playbook: buy users, not technology. Anthropic's Coefficient Bio and Meta's Manus follow the same pattern.</li><li>The Numbers: Q1 2026 Broke Everything — $300B globally, 80% to AI, 4 of 5 largest rounds ever. Seed deal count down 30% while dollars up 31%. $19B in dry powder across recent vintages.</li></ol> Key Sources:<ul><li><a href="https://fortune.com/2026/03/27/vc-firms-rarely-reinvent-themselves-kleiner-perkins-did-3-5-billion/">Fortune: VC firms rarely reinvent themselves. Kleiner Perkins did.</a></li><li><a href="https://techcrunch.com/2026/03/24/with-3-5b-in-fresh-capital-kleiner-perkins-is-going-all-in-on-ai/">TechCrunch: Kleiner Perkins $3.5B</a></li><li><a href="https://www.cnbc.com/2026/03/31/autonomous-boat-startup-saronic-raises-1point75-billion-.html">CNBC: Saronic $1.75B Series D</a></li><li><a href="https://techcrunch.com/2026/04/02/openai-acquires-tbpn-the-buzzy-founder-led-business-talk-show/">TechCrunch: OpenAI acquires TBPN</a></li><li><a href="https://finance.yahoo.com/news/openai-may-buy-pinterest-could-221543067.html">Yahoo Finance: OpenAI may buy Pinterest</a></li><li><a href="https://news.crunchbase.com/venture/record-breaking-funding-ai-global-q1-2026/">Crunchbase: Q1 2026 record-breaking funding</a></li><li><a href="https://carta.com/data/vc-fund-performance-q4-2025/">Carta: VC Fund Performance Q4 2025</a></li><li><a href="https://carta.com/data/state-of-pre-seed-2025/">Carta: State of Pre-Seed 2025</a></li><li><a href="https://news.crunchbase.com/ma/data-openai-2023-2026-acquisitions-open-source-astral-promptfoo/">Crunchbase: OpenAI acquisitions data</a></li></ul> About the hostCharlotte Ketelaar is the CEO and co-founder of Capwave AI, the fundraising intelligence platform used by thousands of founders and investors. Follow for more: <ul><li>Hot Off the Cap Table: HOTC Founders (Mondays) & LP Edge (Thursdays) - https://open.spotify.com/show/0ohcC6FrwuVIEbaKsY4IZp?si=h0GVDyVbRMmTgNyj7EIsNA</li></ul><ul><li>Substack - https://charlotteketelaar.substack.com/</li></ul>

April 2, 2026

LP Edge #1: Marc Andreessen Says "Diamonds in the Rough" Is BS: What It Actually Means for Emerging Managers

Charlotte Ketelaar, CEO and co-founder of Capwave AI, breaks down the five biggest takeaways from Marc Andreessen's new 20VC interview with Harry Stebbings and what each one means for emerging GPs and LPs. From why introspection might be killing your deal judgment, to whether a16z going public would reshape the entire venture landscape, to a portfolio triage framework every GP should run this week. This episode reframes Andreessen's mega-fund worldview through the lens of the managers actually building funds right now. Key Topics<ul><li>Marc Andreessen says "diamonds in the rough" is BS in VC, but his argument accidentally makes the case FOR emerging managers with differentiated sourcing</li><li>Why Andreessen thinks introspection is dangerous for investors, and how your lack of historical baggage might actually be a structural advantage</li><li>a16z going public would mean permanent capital, stock-based acquisitions, and a competitive moat that makes the platform model look small</li><li>Andreessen says AI won't replace VCs because relationships are timeless, but the real split is between GPs who automate everything around the relationships and those who don't</li><li>The Adam Neumann $300M bet and what Andreessen's IQ-courage-drive framework means for how you evaluate founders</li><li>The Series A revenue bar just doubled to $3.3M ARR and what that means for your fund model and DPI timeline</li><li>Why vertical AI is a portfolio construction signal, not just a deal story, with three characteristics that matter for fund construction</li></ul> Timestamps(00:00) Cold Open: Andreessen says your sourcing strategy is wrong(00:38) Intro: Welcome to HOTC LP Edge(01:05) "Diamonds in the Rough" is BS: What Andreessen gets right and wrong(03:30) Why introspection is dangerous for VCs, and why your short track record is an asset(05:15) Will a16z go public? What a $15B+ listed venture firm means for emerging managers(07:00) AI won't replace VCs, but it will separate the winners from everyone else(08:45) The Adam Neumann bet: Evaluating founders on traits vs. outcomes(10:00) SVB data: Series A bar doubled to $3.3M ARR and your portfolio triage framework(12:30) Vertical AI as a portfolio construction signal: Legora, defensibility, and exit paths(14:30) The Numbers: a16z $15B, Kleiner Perkins $3.5B, Gradient AI $220M, Science Corp $230M, DPI drought(17:00) Capwave: Fund-level intelligence for emerging managers(18:30) Outro Links & SourcesFollow Charlotte:LinkedIn - <a href="https://www.linkedin.com/in/charlotteketelaar/">https://www.linkedin.com/in/charlotteketelaar/</a>X (Twitter) - <a href="https://x.com/czjpkw">https://x.com/czjpkw</a> Investor tools waitlist:Capwave AI for VCs - <a href="https://capwaveai.typeform.com/vcwaitlist">https://capwaveai.typeform.com/vcwaitlist</a> Referenced in this episode:20VC: Marc Andreessen on The Future of Venture Capital - <a href="https://www.youtube.com/watch?v=c4tvVKDhpiY">https://www.youtube.com/watch?v=c4tvVKDhpiY</a>The Twenty Minute VC (20VC) - <a href="https://www.thetwentyminutevc.com/">https://www.thetwentyminutevc.com/</a>a16z Raises $15B, Captures 18% of US VC Market - <a href="https://techcrunch.com/2026/01/09/the-venture-firm-that-ate-silicon-valley/">https://techcrunch.com/2026/01/09/the-venture-firm-that-ate-silicon-valley/</a>Marc Andreessen on Building a16z Into a Lasting Company - <a href="https://techcrunch.com/2025/02/15/marc-andreessen-dreams-of-making-a16z-a-lasting-company-beyond-partnerships/">https://techcrunch.com/2025/02/15/marc-andreessen-dreams-of-making-a16z-a-lasting-company-beyond-partnerships/</a>Marc Andreessen on AI and the Future of VC Jobs - <a href="https://fortune.com/article/mark-andreessen-venture-capitalism-ai-automation-a16z/">https://fortune.com/article/mark-andreessen-venture-capitalism-ai-automation-a16z/</a>SVB State of the Markets H1 2026 - <a href="https://www.svb.com/trends-insights/reports/state-of-the-markets-report/">https://www.svb.com/trends-insights/reports/state-of-the-markets-report/</a> Hot Off the Cap Table:Podcast (Spotify) - <a href="https://open.spotify.com/show/0ohcC6FrwuVIEbaKsY4IZp?si=h0GVDyVbRMmTgNyj7EIsNA">https://open.spotify.com/show/0ohcC6FrwuVIEbaKsY4IZp?si=h0GVDyVbRMmTgNyj7EIsNA</a>Substack - <a href="https://charlotteketelaar.substack.com/">https://charlotteketelaar.substack.com/</a>

5 total episodes available

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What is Hot Off the Cap Table with Charlotte Ketelaar?: Two shows, one cap table. Hot Off the Cap Table is your weekly 15-minute cheat sheet from Charlotte Ketelaar, CEO of Capwave AI, live from San Francisco.

For founders raising pre-seed through Series B (Mondays): What investors are thinking right now, decoded from the VC podcasts, newsletters, and conversations that matter for your raise.

For emerging managers (Thursdays): Your eyes and ears on the ground in Silicon Valley. How to build your LP edge, what to say to LPs right now, and what founders are building at the earliest stages.
How often does this podcast release new episodes?: This podcast updates daily.
Where can I listen to this podcast?: This podcast is available on 4 platforms including Apple Podcasts, Spotify, and more. You can also use the RSS feed directly.
Does this podcast accept guests?: No, this podcast does not typically feature guests.

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