MONO · 2026 / 04A FIELD GUIDE
[ MONO ]
FIRST.PRINCIPLES.
MONO · 2026 / 04AGENDA02 / 30
AGENDA · SIX PARTS
SIX SHORT SECTIONS.
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01
FIRST PRINCIPLES
What we mean by patient capital.
04 / 30
SECTION 01 · 1.1THE NUMBER04 / 30
WITHDRAWN FROM EUROPEAN VC FUNDS, Q1 2026 — THE FASTEST QUARTER ON RECORD.
SECTION 01 · 1.2FOUR NUMBERS05 / 30
KEY METRICS
FOUR NUMBERS. IN THIS ORDER.
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CYCLE TIME
−47%
Days from first contact to term sheet.
SECTION 01 · 1.3A QUOTE06 / 30
"THE FASTEST INVESTOR HAS STOPPED READING."
— PETRA ADELMANN
PARTNER · KARST CAPITAL · MARCH 2026
SECTION 01 · 1.4A COMPARISON07 / 30
2016
SPEED.
The fund that returned a term sheet by Friday usually won the round, regardless of price.
2026
PATIENCE.
Diligence cycles have stretched from four weeks to fourteen. Median: 94 days, up from 24.
SECTION 01 · 1.5THREE PRINCIPLES08 / 30
THREE PRINCIPLES
WHAT WE LOOK FOR. IN ORDER.
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01
CASH THAT COMPOUNDS.
Margin profile that pays for the next bet. We treat free cash flow as the only durable form of optionality.
SECTION 01 · 1.6STANDING CHECKLIST09 / 30
STANDING CHECKLIST
FIVE QUESTIONS. EVERY MONDAY.
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01
What did we learn that changed our minds?
Force a written answer, not a verbal one.
SECTION 02 · 2.1A STORY11 / 30
A CONVERSATION
A NINE-HOUR MEETING. NO LAPTOPS.
Nobody left to take a call. Nobody opened a laptop. The conversation that followed reshaped the next vintage.
image · 4 : 5
SECTION 02 · 2.2A METHOD12 / 30
image · 4 : 5
A METHOD
TWENTY MINUTES. NO SLIDES.
Our committee opens each meeting with twenty minutes of silent reading. A pre-circulated memo, no shorthand.
SECTION 02 · 2.3TIMELINE13 / 30
A SHORT HISTORY · 2018 — 2026
EIGHT YEARS, MAPPED.
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2018
Fund I closes — €18M raised.
First three commitments in October. Family offices in Munich.
SECTION 02 · 2.4CHART 01 · BAR14 / 30
CHART 01
RETURNS FLATTEN. THEN BEND.
SOURCE · ECB · Q1 2026
SECTION 02 · 2.5CHART 02 · LINE15 / 30
CHART 02
DISTRIBUTIONS OVERTAKE DEPLOYMENT.
SOURCE · PITCHBOOK · 2026
SECTION 02 · 2.6PROCESS16 / 30
FOUR GATES · NO EXCEPTIONS
FOUR GATES. IN SERIES.
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GATE 01
SOURCE
Inbound or warm intro only. No outbound this cycle.
SECTION 02 · 2.7TABLE 0117 / 30
TABLE 01 · FUND VINTAGES
SIX VINTAGES. TWELVE YEARS.
| FUND |
VINTAGE |
SIZE |
DPI |
TVPI |
NET IRR |
| MONO I |
2014 |
€18M |
2.4× |
3.1× |
22.4% |
image · full-bleed
CASE 01 · LARK & FELLER
A LOGISTICS COMPANY THAT REFUSED TO GROW.
SECTION 03 · 3.1VOICES20 / 30
FROM THE PORTFOLIO
UNPROMPTED.
SECTION 03 · 3.2A PARTNER21 / 30
portrait · 1 : 1
"PATIENCE IS A SYSTEM YOU BUILD. THEN DEFEND, EVERY MONDAY."
— R. LANSING
FOUNDING PARTNER · 22 YRS
SECTION 03 · 3.3MAP 0122 / 30
MAP 01
FOUR OFFICES. TWENTY-THREE.
SECTION 03 · 3.4THE DESK23 / 30
THE DESK
SIX PEOPLE. NO COMMITTEES.
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3:4
MARIT KOVALEVA
MGT PARTNER
SECTION 03 · 3.5PORTFOLIO24 / 30
THE PORTFOLIO · 23 COMPANIES
COMPANIES WE BACK.
SECTION 03 · 3.6ENGAGEMENT25 / 30
HOW WE WORK · THREE WAYS
THREE CHEQUES. ONE PHILOSOPHY.
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SEED
€500K
First cheque · 6 — 12 mo
For the founder still writing the memo to themselves. We co-write it with you.
SECTION 04 · 4.1Q & A27 / 30
A FEW LAST QUESTIONS
WHAT YOU KEEP ASKING.
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Q · 01
WHY HAS CYCLE TIME GONE UP SO MUCH?
Because reading takes the time it takes. We have stopped pretending it doesn't.
SECTION 04 · 4.2RECAP28 / 30
FOUR TAKEAWAYS
FOUR SENTENCES.
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01
Patience compounds where conviction holds.
A FINAL WORDMONO29 / 30
READ TWICE.WRITE BACK.
RESEARCH@MONO.PARTNERS
MONO.PARTNERS
MAXIMILIANSTRASSE 12 · MUNICH
SECTION 04 · CCOLOPHON30 / 30
COLOPHON
THANK YOU.
A small team of patient readers, on schedule, with one coffee break.
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EDITORIAL
MARIT KOVALEVA
ROLAND LANSING
PETRA ADELMANN