Gillian and Anne explore how venture capital funds form, market, and express their investment theses. Founders need to know which VC to pitch for capital, just as investors want to find funds that align with their principles and goals. A fund’s investment thesis lays out just how it will make money for its investors, their Limited Partners (LPs), by naming the focus of investments, geography, and startup stage. Doing so differentiates a venture fund from others, providing clear guidance to investors and entrepreneurs.