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Welcome to the Blog
Welcome to the AM Conseil Patrimoine Blog—an informative and thought-provoking space dedicated to insights from the world of Venture Capital and Private Equity. Here, you’ll find a collection of articles exploring trends, analyses, and strategies that shape these dynamic investment sectors, blending professional insights with a passion for the high-stakes, high-reward landscape of VC and PE.
Please note that the information shared on this blog is for educational and reflective purposes only. It does not constitute investment advice or recommendations. Investing, especially in high-growth private markets, carries the risk of capital loss. Therefore, it is essential to approach each investment with strategies suited to your unique financial needs and capabilities.
Andrew Merle, Private Wealth Manager and Financial Advisor - Regulated profession.
#20 « The Art of Early-Stage Investing »
The New Rules of Due Diligence: Data, AI and Founder Psychology Introduction – From intuition to augmented judgement Early-stage investing has always lived at the intersection of uncertainty, conviction and asymmetry of information. For decades, Venture Capitalists and Business Angels have relied on pattern recognition, network effects and personal instinct to navigate an environment where financial statements are thin and product-market fit remains aspirational. Yet the rule
Andrew Merle
Jan 24 min read
#19 «Why VCs Spend More Time Evaluating Founders Than You Might Believe. »
In venture capital, the debate never truly ends. Is success driven by the brilliance of an idea, the timing of a market, or the superiority of a product? After decades of data, capital deployed across thousands of startups, and countless post-mortems, the answer has become remarkably consistent: it is neither the idea, nor the market, nor even the product that best predicts success. It is the founder. This conclusion is not philosophical. It is empirical. Investors who have a
Andrew Merle
Dec 16, 20254 min read
#18 "Phantom Valuations: How Startups Still Inflate Their Numbers ?"
In recent years, the proliferation of startup funding instruments such as SAFEs, convertible notes and other structured-debt rounds has quietly ushered in a wave of what one might call “phantom valuations.” Under the veneer of impressive round sizes and lofty paper valuations, the reality of what a company is truly worth — or will eventually be worth — has become increasingly opaque. For seasoned venture capitalists, business angels, and founders alike, mastering a critical e
Andrew Merle
Dec 2, 20255 min read
#17 « The Venture Capital Secondary Market: Secret Weapon of Liquidity ? »
Introduction In the traditional vision of venture capital, investments are long-term, illiquid bets: business angels, limited partners (LPs), and VCs commit capital, ride the growth curve, and hope for a generous exit via an IPO or acquisition. Yet, as the private markets evolve — and as many companies remain private far longer — a parallel and often opaque world is gaining traction: the secondary market for VC stakes. Once a niche backwater, secondaries are now being hailed
Andrew Merle
Dec 2, 20256 min read
#16 “LPs vs GPs: who really holds the power in VC ?”
Introduction The relationship between Limited Partners (LPs) and General Partners (GPs) is the institutional backbone of venture and private capital. LPs supply the capital and set the mandate; GPs deploy that capital and convert it into exits (or not). In times of plentiful exits and easy fundraising the reciprocal relationship is relatively frictionless: LPs accept illiquidity and alignment constraints in exchange for access to top managers and superior long-term returns, w
Andrew Merle
Nov 19, 20255 min read
#15 "The Great Reset of Venture Capital: A Shift Toward Financial Discipline"
Over the past few years, venture capital has undergone a quiet but profound transformation. The era of “growth at all costs” — once celebrated as the essence of startup culture — is being replaced by a new mantra: discipline, efficiency, and profitability. In the wake of the 2021 funding boom and the subsequent market correction, investors have begun to reassess what truly creates long-term value. On forums like Reddit and in newsletters such as Term Sheet , debates rage over
Andrew Merle
Nov 11, 20255 min read
#14 “UK & FR vs US Venture Capital : A Question of Mindset”
Part 1 – A Cultural Difference When you peer across the Atlantic at the venture capital landscape, two worlds emerge : one in the United...
Andrew Merle
Sep 24, 202512 min read
#13 "Charisma May Raise Venture Capital, but It Can’t Always Bridge the Gap to Profitability."
« Don’t be fooled by CEO salespeople with millions of followers; fancy titles, bravado, and past successes can be deceptive. » Yes, it’s...
Andrew Merle
Aug 28, 20253 min read
#12 “SAND HILL ROAD - THE AVENUE AT 350 BILLIONS DOLLARS AUM”
Silicon Valley is renowned for hosting a significant concentration of venture capital (VC) investors, with Sand Hill Road in Menlo Park...
Andrew Merle
Aug 22, 20254 min read
#11 IS THE VENTURE CAPITAL INDUSTRY GOING THROUGH HARD TIMES
The venture capital industry, once the engine behind some of the world’s most successful companies — such as Facebook, Uber, and Airbnb —...
Andrew Merle
Aug 15, 20256 min read
#10 “WHAT IS THE DUE DILIGENCE RAN BY A VENTURE CAPITAL BEFORE FUNDING A STARTUP”
What is the Due Diligence Run by a Venture Capital Before Funding a Startup? Introduction Securing venture capital (VC) funding is a...
Andrew Merle
Mar 16, 20256 min read
#9 “ARE YOU ACTUALLY BUILDING A BUSINESS OR JUST PLAYING ENTREPRENEUR”
Are You Actually Building a Business or Just Playing Entrepreneur? The Difference Between Real Entrepreneurship and Playing Business Many...
Andrew Merle
Feb 9, 20255 min read
#8 HOW TO CHOOSE THE RIGHT GPs (GENERAL PARTNER) AND LPs (LIMITED PARTNERS) IN A VENTURE CAPITAL FUND.
Understanding the Structure of a Venture Capital Fund The venture capital ecosystem is a cornerstone of innovation and entrepreneurial...
Andrew Merle
Dec 30, 202412 min read
#7 TERME SHEET AND LIQUIDITY PREFERENCES
Source : AI ChatGPT Understanding the Term Sheet and Liquidity Preference in Venture Capital In the dynamic world of venture capital,...
Andrew Merle
Dec 27, 202410 min read
#6 BOOTSTRAPPING
INTRODUCTION The Rise of Bootstrapping: Why Startups Are Embracing Independence in a VC-Driven World. In the dynamic world of...
Andrew Merle
Dec 21, 20247 min read
#5 THE CLUB DEAL
INTRODUCTION : Understanding Club Deals in Venture Capital: A Collaborative Path to Investment Success In the dynamic and ever-evolving...
Andrew Merle
Dec 15, 20249 min read
#4 THE CONCEPT AND IMPORTANCE OF THE INTRODUCTION IN THE VENTURE CAPITAL WORLD
The Concept and importance of introductions in Venture Capital In the fast-paced world of venture capital (VC), introductions are often...
Andrew Merle
Dec 7, 20247 min read
#3 EARLY STAGE START-UP INVESTMENT, IS A LONG ROAD TO SUCCESS.
Unlocking Potential : A Guide to Early-Stage Startup Investments Investing in early-stage startups is a journey into uncharted territory...
Andrew Merle
Nov 24, 20249 min read
#2 "YOUR COMPANY NEEDS TO SELL FOR $1 - $2 Billion"
For every entrepreneur, securing seed capital is a defining milestone often the first significant leap from vision to execution. But...
Andrew Merle
Nov 17, 202415 min read
#1 HOW TO CREATE YOUR OWN VENTURE CAPITAL FUND AND UNDERSTAND THE STARTUP FUNDING INDUSTRY
Image by ANNA VITAL - ADIOMA Before diving in « How to create your own VC fund ? », let me give you an over look of the business and its...
Andrew Merle
Nov 10, 20249 min read
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