Andre's newsletter, Data Driven VC, features insights on venture capital trends and effective investment strategies. One key takeaway is from Peter Walker’s analysis of dilution data, which challenges the notion that giving up 30% equity at the seed stage is standard. Using data from 3,112 US priced rounds, he found that fewer than 10% of software seed rounds in 2025 involved such heavy dilution. The median dilution at seed is 20% for software and 21% for deep tech but drops further to 14% and 16% by Series B. This trend indicates that high dilution is becoming an outlier, especially in software, as aggressive deal terms are also declining. John Rikhtegar discusses capital recycling's role in enhancing net returns for LPs without altering a fund’s gross multiple. He illustrates this with the example of USV Fund I, which raised $125M but deployed $140M by recycling early liquidity. A fund that recycles 20% of capital can increase LP distributions significantly, showing that disciplined fund management can yield better outcomes without needing to raise more funds. The article also breaks down fund distribution mechanics, emphasizing that distribution decisions are crucial for maintaining LP trust. Distributions typically follow a waterfall structure, starting with a return of capital and progressing through various tiers. Liquidity events like M&As and IPOs trigger these distributions, but over 60% of 2019 vintage VC funds hadn’t returned any capital after five years. Lastly, a survey by MostlyMetrics reveals a lack of consensus in Customer Success team structures across tech companies, highlighting inconsistencies in how teams are sized, compensated, and managed. This underscores the importance of clear strategies in driving customer retention and overall performance.