Hello, Future Investor: How Funds Work with Yanjie Long
Hello, Future Investor: How Funds Actually Work
Join us for the next webinar in our Hello, Future Investor series with Yanjie Long — CFO of 20VC, one of Europe's most active and widely followed venture firms.
Funds, SPVs, syndicates, carry, LP economics — the language of fund structures surrounds angel investors from day one. But how many of us actually understand what's happening behind the scenes? Who's making the operational decisions, how capital really moves, and what it would take to run a vehicle yourself?
If you want to go beyond the basics and understand how the machinery of venture actually works — whether you're investing through it or thinking about building your own — this session is for you.
Yanjie will share her knowledge on how funds work, followed by a moderated conversation and live audience Q&A. No prior expertise required — just curiosity and a desire to understand how the other side of the table operates.
How the session will work
First 40 minutes: Yanjie's journey into fund operations, her role as CFO, and what she's learned about how funds work
Live Q&A: Your questions, real-world dilemmas, and anything you've always wanted to ask someone who actually runs this
What you'll learn
The difference between fund structures and vehicles you'll encounter as an angel — SPVs, syndicates, crowdfunding platforms, and more
How capital actually flows inside a VC fund — and what that means for you as an investor
The economics of fund management: carry, fees, LP relationships, and what makes a fund viable
What it takes to go from angel to solo GP — and whether it's the right move
Common misconceptions about fund structures and how to read them more clearly
How to use this knowledge to make better decisions in your own investing
Who is this for?
LUMUS members and all curious minds who:
want to understand the structures behind the deals they're already doing
are curious about what running a fund or SPV actually involves
want to speak the language of fund managers — and know what questions to ask
This is education, not financial advice.
About Yanjie
Yanjie Long is CFO of 20VC, one of Europe's most recognised venture platforms led by Harry Stebbings. In her role, she oversees the financial operations and fund administration behind one of the most active early-stage investment programmes in the ecosystem — giving her a front-row seat to how funds are built, run, and scaled.
About LUMUS
LUMUS is a female angel investing collective focused on building long-term investment confidence through education, community, and shared learning. We believe great investors are made — not born — and that understanding how capital works is fundamental to investing with clarity and conviction.
This webinar is part of our ongoing educational programme for angels and aspiring investors who value clarity over hype and perspective over prediction.