Capital F built its LP base before it built its $17M fund

Work the European figures against each other and the gap turns out to be about size rather than headcount alone: women are 15% of general partners in European venture ^[6] but manage 9% of assets ^[5], which puts assets per female GP at roughly 0.6 times the per-GP average ^[19]. That is a cheque-size problem before it is a representation problem, and cheque size is decided by whoever sits on the other side of the wire. Which is the whole of Capital F's argument, and the reason the salon programme is more than an anecdote about networking ^[9].

The disclosed ratio, though, counts partners and not dollars. Take it at face value and 80% of $17M is $13.6M ^[18], but that arithmetic only holds if the female share of the people equals the female share of the money, and it stops holding the moment one anchor LP is larger than the rest. Capital F published a headcount, not a split of committed capital ^[1], and nobody has published an LP count either, so the average cheque is unknown. The comparison to Araya Sie's just-over-50% ^[2] and Auxxo's more-than-half ^[4] sits on the same measure, which at least makes the thirty-point margin like-for-like ^[3].

Against the thesis it is sold on, $17M is small. Dobras and Coblentz put the addressable market at $15 trillion ^[8], and Dobras said the markets that matter most to women remain underbuilt and underfunded ^[14]; the fund is one dollar for every $882,000 of the market it names ^[20]. Assume a 2% management fee, which I am assuming rather than reporting, and $17M yields about $340,000 a year ^[21] to carry two general partners ^[15]. That number, not portfolio maturity, sets the clock on fund II, because Xella Health, Heatseeker, Hey Jane and Stardust are all early ^[10].

This is probably wrong, but I think the LP-side fix scales through individuals to about fund III and then meets a wall, because the capital that would actually move a 9% AUM figure is institutional, and the same reporting has a VC saying LPs still treat female investors as higher risk than men ^[12], while European Women in VC lists the absence of allocation targets for female-led funds among the structural causes ^[17]. Or rather, the more interesting version of the objection: LPs recruited one at a time through salons are cheap to acquire and expensive to service, and they are the capital most likely to sit out a drawdown, so the re-up rate is the only real test of the model. The counter-case is that a base built deliberately behaves better than a base assembled from whoever showed up, and that first-time LPs who wrote a first cheque at $17M write a larger second one.

What would settle it is dull and specific: a fund II that closes materially larger from the same LPs at the same composition, or a disclosed price on Big Sur AI, the one portfolio company already acquired by Google, with no terms in the report ^[11]. Until European managers report composition at close the way this fund did, the 9% figure has nothing to be checked against ^[13].