Over the past few weeks, we have shared the six fund-level liquidity structures every GP should understand. Today, we are giving you the next step: a practical Academy path connecting those options to direct secondaries, fund modelling and strategy stress-testing.

As Kristaps Ronis, Partner at Ion Pacific, explained in Unlocking investor liquidity: Fund-level secondary strategies for venture capital, liquidity decisions affect distributions, ownership, LP alignment and fundraising.

Choosing a structure is only the beginning. The Academy resources below build on that foundation.

Start with The secondaries market: Key insights, strategies and applications with Alberto Chalon, Founding Partner at Giano Capital.

Learn how single-company secondaries are sourced, diligenced and priced, and how alignment between founders, boards and shareholders shapes execution.

Continue with Marc Penkala, General Partner at āltitude, and his five-part Fund modelling in VC series. It moves from foundations and assumptions to portfolio construction, exits, fund metrics and LP reporting.

For the closest continuation of the liquidity topic, prioritise Fund modelling in VC: Portfolio construction & decomposition and VC fund terms & KPIs: Mastering metrics for fund success. Work through the complete series for the underlying system.

Use the Fund Returner Simulator to test whether a single portfolio outcome can return the fund. Then use the VC Monte Carlo Simulator to see how ownership, dilution, follow-ons and portfolio construction behave across thousands of possible outcomes.

Together, these resources connect liquidity decisions to the broader mechanics of building and managing a fund.