Venture studios are evolving fast, but what separates those that scale from those that stall?
In this episode of Beyond the Core, Ben Yoskovitz and Marcus Daniels sit down with Sarah Anderson, Founding Partner at Vault Fund, the first fund-of-funds dedicated exclusively to venture studios.
With over a decade of experience in early-stage investing and company building, Sarah breaks down what makes top-performing studios stand out and why liquidity, not just innovation, will define the future of this model.
They dive deep into fund structures, talent pipelines, follow-on capital strategies, and a major warning: studios that can’t return capital won’t survive.
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⏱️ Timestamps
00:00 – Intro: Why a fund-of-funds for venture studios
01:00 – How Vault Fund evolved from general venture to company builders
02:15 – Trends in 2025: Studios adapting faster than traditional VCs
03:52 – Defining the model: Why “company builders” > “venture studios”
05:32 – Category vs. asset class: Where studios fit in VC
06:55 – What makes a studio repeatable? Talent funnel + process
08:00 – Why 5+ builds matter to prove a studio’s efficiency
10:31 – Platform differentiation: Insights from industry-focused builders
12:48 – Generalist vs. specialist builders: What the data says
13:58 – Mud puddles vs unicorns: What most studios miss
14:23 – Sarah’s biggest concern: The liquidity crisis
16:52 – “We’re in the exiting business, not just building”
17:56 – Why secondary sales should be part of the studio playbook
19:03 – Many studios lack institutional investor DNA
21:07 – The learning curve for builders who ignore exits
22:24 – Studio survival: Darwinism and cash returns
23:30 – Real-world liquidity hacks: pre-set secondaries, pharma exits
26:03 – Biotech vs. tech: Why bio builders see faster liquidity
27:28 – Deep tech’s dilemma: Capital intensity without exit buyers
28:32 – Designing for liquidity from day one
29:52 – Vault’s strategy: Side letters requiring exit plans
31:24 – Should studios do follow-ons? Sarah’s honest answer
32:42 – The downside of too much capital early
33:38 – Why ball control matters for value creation
34:58 – The reserves debate: LP pressure vs. portfolio strategy
36:20 – Data maturity: What’s improving and what’s not
37:45 – Ownership banding: From 90% to a healthy 25%
39:10 – Why 2-and-20 models can misalign incentives
40:40 – Fund vs holdco: No one-size-fits-all structure
43:41 – Exit timing, durability, and private asset value erosion
46:46 – Final predictions: New trend, concept creation with existing businesses
48:53 – The PE + venture studio convergence
49:34 – Wrap-up & where the conversation is heading next
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