/ THE CAPITAL CONDUCT INDEX™ · VOLUME I · 2026

How does this VC actually behave?

A rating system for every major seed and early-stage investor. 65 firms rated across five dimensions — Term Sheet Honesty, Founder-Friendliness, Follow-On Discipline, Exit Support, and Network Quality. Sourced from PitchBook outcomes data, SEC Form D filings, PACER court records, public founder testimonials, and PANDA's proprietary cohort survey. Updated quarterly.

65 investors rated 5 subscore dimensions 6 independent data sources Q2 2026 edition
Grade
Investor
Score
Risk Band
A
Benchmark Capital
Tier 1 VC · Seed · Series A · Equal-partner model
93/100
Excellent
→
A
First Round Capital
Tier 1 Seed Fund · Seed · Pre-seed
92/100
Excellent
→
A-
Sequoia Capital (Seed)
Tier 1 VC · Seed · Series A · Series B
91/100
Excellent
→
B+
Andreessen Horowitz (Seed)
Tier 1 VC · Seed · Series A · Series B
85/100
Good
→
B+
Founders Fund
Tier 1 VC · Seed · Series A · Growth
86/100
Good
→
B+
Greylock Partners
Tier 1 VC · Seed · Series A · Series B
85/100
Good
→
B
Khosla Ventures
Tier 1 VC · Seed · Series A · Growth
80/100
Good
→
B+
Bessemer Venture Partners
Tier 1 VC · Seed · Series A · Growth
84/100
Good
→
B
Lightspeed Venture Partners
Tier 1 VC · Seed · Series A · Growth
81/100
Good
→
B+
General Catalyst
Tier 1 VC · Seed · Series A · Growth
83/100
Good
→
A-
True Ventures
Tier 1 Seed Fund · Seed · Pre-seed
89/100
Excellent
→
A-
Floodgate
Tier 1 Seed Fund · Seed · Pre-seed
88/100
Excellent
→
A-
Homebrew
Tier 1 Seed Fund · Seed
88/100
Excellent
→
B+
Initialized Capital
Tier 1 Seed Fund · Seed · Pre-seed
85/100
Good
→
A-
Founder Collective
Tier 1 Seed Fund · Seed
87/100
Excellent
→
B+
Forerunner Ventures
Tier 1 Seed Fund · Seed · Series A
85/100
Good
→
A-
Cowboy Ventures
Tier 1 Seed Fund · Seed
87/100
Excellent
→
B+
Lerer Hippeau
Tier 1 Seed Fund · Seed
83/100
Good
→
B+
Felicis Ventures
Tier 1 Seed Fund · Seed · Series A
84/100
Good
→
B+
Bedrock Capital
Tier 1 Seed Fund · Seed
83/100
Good
→
A-
Union Square Ventures
Tier 1 VC · Seed · Series A
89/100
Excellent
→
B+
Index Ventures
Tier 1 VC · Seed · Series A · Growth
83/100
Good
→
B
Bain Capital Ventures
Tier 1 VC · Seed · Series A · Series B
80/100
Good
→
C
Tiger Global Management
Aggressive Late-Stage · Series B+ · Growth
62/100
Mixed
→
C+
Coatue Management
Aggressive Late-Stage · Series B+ · Growth
65/100
Mixed
→
D+
SoftBank Vision Fund
Aggressive Late-Stage · Series B+ · Growth
48/100
High Risk
→
B
AngelList Ventures
Platform / Syndicate · Seed · Syndicate-led
80/100
Good
→
B+
Hustle Fund
Pre-Seed Fund · Pre-seed
83/100
Good
→
B
Susa Ventures
Pre-Seed Fund · Seed · Pre-seed
80/100
Good
→
B
ENIAC Ventures
Pre-Seed Fund · Pre-seed
79/100
Good
→
B-
Right Side Capital
Pre-Seed Fund · Pre-seed · Very-early
76/100
Good
→
B
Maven Ventures
Pre-Seed Fund · Pre-seed
78/100
Good
→
B
Defy.vc
Pre-Seed Fund · Pre-seed · Seed
77/100
Good
→
A-
BoxGroup
Pre-Seed Fund · Pre-seed · Seed
87/100
Excellent
→
B
Compound
Pre-Seed Fund · Pre-seed · Seed
79/100
Good
→
B+
Paradigm
Crypto-Native VC · Seed · Series A · Growth
85/100
Good
→
B-
Multicoin Capital
Crypto-Native VC · Crypto · Token + equity
74/100
Good
→
B
Pantera Capital
Crypto-Native VC · Crypto · Token + equity
78/100
Good
→
B
Coinbase Ventures
Crypto-Native VC · Crypto · Token + equity
79/100
Good
→
C
Binance Labs
Crypto-Native VC · Crypto · Token + equity
62/100
Mixed
→
B+
Y Combinator (as fund)
Accelerator-Fund · Pre-seed · YC graduates
85/100
Good
→
B-
Techstars (as fund)
Accelerator-Fund · Pre-seed
74/100
Good
→
A-
Naval Ravikant
Solo Angel · Angel · Seed
87/100
Excellent
→
A-
Reid Hoffman
Solo Angel + Partner · Angel · Series A
88/100
Excellent
→
B
Vinod Khosla (Personal Angel)
Solo Angel + Partner · Angel + Khosla Ventures
78/100
Good
→
A-
Elad Gil
Solo Angel · Angel · Seed
86/100
Excellent
→
B+
Lachy Groom
Solo Angel · Angel · Seed
83/100
Good
→
B
Sahil Lavingia
Solo Angel · Angel · Seed
78/100
Good
→
B+
Sequoia Scouts
Scout Program · Pre-seed · Seed
82/100
Good
→
B
FirstMark Capital
Tier 1 Seed Fund · Seed · Series A
81/100
Good
→
B
Insight Partners
Growth-Stage Fund · Series B · Growth
79/100
Good
→
B+
Accel
Tier 1 VC · Seed · Series A · Growth
84/100
Good
→
B+
Thrive Capital
Tier 1 VC · Seed · Series A · Growth
83/100
Good
→
B
New Enterprise Associates (NEA)
Tier 1 VC · Seed · Series A · Growth
78/100
Good
→
B-
Kleiner Perkins
Tier 1 VC · Seed · Series A · Growth
75/100
Good
→
B
Seedcamp
International Seed Fund · Pre-seed · Seed
80/100
Good
→
B+
Point Nine Capital
International Seed Fund · Seed
83/100
Good
→
B
Matrix Partners India
International VC · Seed · Series A
78/100
Good
→
B-
Monashees
International VC · Seed · Series A
76/100
Good
→
B-
Jason Calacanis
Solo Angel · Angel
74/100
Good
→
B
Balaji Srinivasan
Solo Angel · Angel · Crypto
78/100
Good
→
B+
Bling Capital
Pre-Seed Fund · Pre-seed · Seed
83/100
Good
→
B
Contrary Capital
Pre-Seed Fund · Pre-seed
79/100
Good
→
B
SaaStr Fund
Vertical Specialist · Seed · Series A
78/100
Good
→
B-
Village Global
Pre-Seed Fund · Pre-seed
76/100
Good
→

The right cap-table compounds. The wrong one poisons.

A term sheet that looks identical at signing can play out radically differently over five years. The Capital Conduct Index makes the actual conduct visible — so founders can build cap-tables that compound, and avoid the ones that bring partner behavior they'd never have accepted at signing.

See the methodology Institutional API