Origins host Beezer Clarkson, LP at Sapphire Partners and co-founder of OpenLP, and Nick Chirls, GP at Asylum Ventures, unpack their recent conversation with Sarah Tavel, Partner at Benchmark. Together they discuss their takeaways from Sarah’s recent decision to take a step back at Benchmark to fully focus on AI, getting into the lessons they can learn from that approach and what that means for the future of artificial intelligence. They also discuss the current state of venture in light of this decade’s AI boom, and theorize where this will put the ecosystem in the future.
This episode of Origins is supported by Sydecar. Visit https://sydecar.io/origins-podcast to learn more.
Learn more about Sapphire Partners: https://sapphireventures.com/sapphire-partners
Learn more about OpenLP: https://openlp.vc
Learn more about Asylum Ventures: https://asylum.vc
Learn more about Benchmark: https://benchmark.com
Read Sarah’s Substack Posts: https://sarahtavel.com
For a monthly roundup of the latest venture insights, including the newest Origins episodes, subscribe to the OpenLP newsletter – delivered straight to your inbox: https://subscribe.openlp.vc
Sydecar, Inc. (“Sydecar”) has acted as a financial sponsor within this Origins podcast. Sapphire Ventures, LLC (“Sapphire”) is not affiliated with or invested in Sydecar.
CHAPTERS:
0:00 Welcome to Origins
0:48 How Do We Carve Out More Time For Thinking?
3:02 How Are LPs Handling AI Risk?
6:02 Can You Achieve AI Diversity as an LP?
Eight years after becoming the first female partner at Benchmark, Sarah Tavel recently took on a new role as Venture Partner that allows her more time to fully immerse herself in AI, all while continuing to make new investments on behalf of Benchmark and serving her current portfolio. She sat down with Beezer Clarkson, Partner at Sapphire Partners, and Nick Chirls, Partner at Asylum Ventures, to unpack her learnings over the past few months, including what it means to be truly AI native, how the future of AI is social (not solo), and what that means for AI tools and the people who use them. She also discusses the importance of protecting your time as a VC and the advantages of devoting time each week to play.
This episode of Origins is supported by Sydecar. Visit sydecar.io/origins-podcast to learn more.
Learn more about Sapphire Partners: https://sapphireventures.com/sapphire-partners
Learn more about OpenLP: https://openlp.vc
Learn more about Asylum Ventures: https://asylum.vc
Learn more about Benchmark: https://benchmark.com
Read Sarah’s Substack Posts: https://sarahtavel.com
For a monthly roundup of the latest venture insights, including the newest Origins episodes, subscribe to the OpenLP newsletter – delivered straight to your inbox: https://subscribe.openlp.vc
Sydecar, Inc. (“Sydecar”) has acted as a financial sponsor within this Origins podcast. Sapphire Ventures, LLC (“Sapphire”) is not affiliated with or invested in Sydecar.
CHAPTERS:
0:00 Welcome to Origins
1:46 Living & Breathing AI
8:58 AI As Both Solo & Social
16:13 What Does It Mean to be AI Native?
23:19 How Do Our Brains Need to Adapt to AI?
31:37 How AI Immersion Has Changed Sarah’s Investment Strategy
37:56 Looking For AI Frontier Companies & the Businesses Around Them
Origins host Beezer Clarkson, LP at Sapphire Partners and co-founder of OpenLP, and Nick Chirls, GP at Asylum Ventures, dig into their recent conversation with Alex Edelson, LP at Slipstream. They discuss whether a spate of recent 100X multiples means we’re living 2021 all over again, why that’s led people to deploy but not fundraise, and the level of curiosity you need to be an exceptional LP.
This episode of Origins is supported by Sydecar.
Visit https://sydecar.io/origins-podcast to learn more.
Learn more about Sapphire Partners: https://sapphireventures.com/sapphire-partners
Learn more about OpenLP: https://openlp.vc
Learn more about Asylum Ventures: https://asylum.vc
Learn more about Slipstream: https://www.slipstreaminvestors.com/
For a monthly roundup of the latest venture insights, including the newest Origins episodes, subscribe to the OpenLP newsletter – delivered straight to your inbox: subscribe.openlp.vc
Sydecar, Inc. (“Sydecar”) has acted as a financial sponsor within this Origins podcast. Sapphire Ventures, LLC (“Sapphire”) is not affiliated with or invested in Sydecar.
CHAPTERS:
0:00 Welcome to Origins
2:01 Did We Learn Nothing From 2021?
4:09 High Prices, Quick Deployment
6:31 Venture Lives On Bubbles
Alex Edelson’s Slipstream is a fund of funds that focuses on firms that are “difficult to find, evaluate and access.” Together with Beezer Clarkson, Partner at Sapphire Partners, and Nick Chirls, Partner at Asylum Ventures, Alex unpacks his strategy of investing in funds he believes can outperform, how to raise capital as an LP, and how to remain competitive against LPs investing in more established firms. The three of them also dig into a recent blog post by Beezer titled “Is Venture Broken?” - which explores the role of mega-funds in the early-stage market. You can read that here.
This episode of Origins is supported by Sydecar. Visit sydecar.io/origins-podcast to learn more.
Learn more about Sapphire Partners: sapphireventures.com/sapphire-partners
Learn more about OpenLP: openlp.vc
Learn more about Asylum Ventures: asylum.vc
Learn more about Slipstream: slipstreaminvestors.com
For a monthly roundup of the latest venture insights, including the newest Origins episodes, subscribe to the OpenLP newsletter – delivered straight to your inbox: subscribe.openlp.vc
Sydecar, Inc. (“Sydecar”) has acted as a financial sponsor within this Origins podcast. Sapphire Ventures, LLC (“Sapphire”) is not affiliated with or invested in Sydecar.
CHAPTERS:
0:00-Welcome to Origins
2:59-Why Start a Fund of Funds?
7:39-How Do LPs Raise Capital?
16:56-I’m the LP I Wanted to Work With As a GP
21:17-What Is Similar & Different Between Now and 2021?
30:41-What Is an Advantage One Day Is Table Stakes the Next
34:18-You Don’t Need a Big Winner to Have An Amazing Small Fund
39:08-Is Venture Broken?
Origins host Beezer Clarkson, LP at Sapphire Partners and co-founder of OpenLP is rejoined by Nick Chirls, GP at Asylum Ventures to unpack her recent conversation with Sunil Dhaliwal and Mike Dauber of Amplify Partners. They discuss partner dynamics, the importance of maintaining relevance for the long haul, and the different ways curiosity can show up. Plus, Nick & Beezer dig into whether they count as extroverts at work and introverts everywhere else.
Learn more about Sapphire Partners: sapphireventures.com/sapphire-partners
Learn more about OpenLP: openlp.vc
Learn more about Asylum Ventures: asylum.vc
Learn more about Amplify: amplifypartners.com
Subscribe to the OpenLP newsletter for a monthly roundup of the latest venture insights, including the newest Origins episodes, delivered straight to your inbox.
CHAPTERS:
0:00 Welcome to Origins
2:18 ”I’m Not Gonna Be a Solo GP Forever”
6:07 Pushing Decision Making to the Edge at Amplify
9:24 How Are You Relevant Five Years From Now?
13:24 Investors: Introverts or Extroverts?
Sunil Dhaliwal founded Amplify in 2012, and was joined by his longtime friend and colleague Mike Dauber in 2014. Beginning as one of the first solo GP, early-stage, sector-focused funds, Amplify has now grown to a team of 9 partners investing in the next generation of applications tools and platforms for developers, data teams, and ML engineers focused on AI, cloud infrastructure, and data security. Mike and Sunil sit down with Beezer Clarkson, Partner at Sapphire Partners, to discuss their strategy of building for outliers, shaping founders into leaders, and making it easy for their GPs to back non-consensus companies. They also unpack their recent $900 million raise and their first dedicated biotech fund, Amplify Bio.
Learn more about Sapphire Partners: sapphireventures.com/sapphire-partners
Learn more about OpenLP: openlp.vc
Learn more about Asylum Ventures: asylum.vc
Learn more about Amplify: amplifypartners.com
For a monthly roundup of the latest venture insights, including the newest Origins episodes, subscribe to the OpenLP newsletter – delivered straight to your inbox: subscribe.openlp.vc
CHAPTERS:
0:00 Welcome to Origins
2:17 The Origins of Amplify
5:21 Eliminating the Need for “Mr. Business”
10:25 Building Amplify for Outliers
25:08 Being Technical VCs in the Age of AI
28:47 Amplify Bio
36:19 Has Venture Actually Changed At All?
Origins hosts Nick Chirls, GP at Asylum Ventures and Beezer Clarkson, LP at Sapphire Partners and co-founder of OpenLP, dig into their recent conversation with Will Manidis, SVP at Veradigm AI. They discuss the risks AI introduces to tech incumbents, and its potential to reshape both the healthcare system and improve patient outcomes.
Learn more about Sapphire Partners: sapphireventures.com/sapphire-partners
Learn more about OpenLP: openlp.vc
Learn more about Asylum Ventures: asylum.vc
Learn more about Veradigm: veradigm.com/
Subscribe to the OpenLP newsletter for a monthly roundup of the latest venture insights, including the newest Origins episodes, delivered straight to your inbox.
CHAPTERS:
(0:00) Welcome to Origins
(1:41) Humor in Venture?
(3:17) Are Incumbents Finally At Risk?
(6:25) How Extremely Online is Nick?
Before he sold his company to Veradigm, Will Manidis’s Science.io developed an AI model that allowed doctors to translate mountains of medical documents into usable data to improve patient outcomes. Today Will is the SVP of AI at Veradigm, and he sits down with Nick and Beezer to discuss how AI is impacting healthcare, how we can develop health systems with better outcomes, and what the future of venture might look like when compared to traditional merchant banking.
Learn more about Sapphire Partners: sapphireventures.com/sapphire-partners
Learn more about OpenLP: openlp.vc
Learn more about Asylum Ventures: asylum.vc
Learn more about Veradigm: veradigm.com/
For a monthly roundup of the latest venture insights, including the newest Origins episodes, subscribe to the OpenLP newsletter – delivered straight to your inbox: subscribe.openlp.vc
CHAPTERS:
(0:00) Welcome to Origins
(2:01) Human vs. AI Content (Specifically Podcasts)
(6:18) AI And the Future of Healthcare
(17:55) Is Merchant Banking Venture’s Future?
(25:17) When Does Venture Break?
(32:42) “The Only Thing We Should Care About is the Shape of the Return Curve.”
(37:24) “The Constraint Is No Longer Capital.”
Origins hosts Nick Chirls, GP at Asylum Ventures and Beezer Clarkson, LP at Sapphire Partners and co-founder of OpenLP, unpack their conversation with Zach Weinberg, Co-Founder and CEO of Curie.Bio. They discuss the “innovation energy” that drives new breakthroughs and take a closer look at Sapphire’s approach to biotech investing.
Learn more about Sapphire Partners: sapphireventures.com/sapphire-partners
Learn more about OpenLP: openlp.vc
Learn more about Asylum Ventures: asylum.vc
Learn more about Curie.Bio: curie.bio
Subscribe to the OpenLP newsletter for a monthly roundup of the latest venture insights, including the newest Origins episodes, delivered straight to your inbox.
CHAPTERS:
0:00 - Welcome to Origins
1:28 -Building Something That Wouldn’t Exist Otherwise
4:27 - What’s Sapphire Doing in BioTech?
8:38 - The Market & BioTech
10:05 - "Vitamin O"
Zach Weinberg, co-founder and CEO of Curie.Bio, is redefining early-stage biotech investing with an operator’s mindset and a founder-first philosophy. His approach combines funding with operational support and direct access to world-class drug hunters to dramatically increase odds of success. Today, Zach sits down with Nick Chirls, GP at Asylum Ventures and Beezer Clarkson, LP at Sapphire Partners to discuss the massive risk associated with traditional therapeutics startups, how pairing a drug discovery partner with a seed investor solves those inefficiencies, and how biotech, the global economy and the political landscape are all closely connected.
Learn more about Sapphire Partners: sapphireventures.com/sapphire-partners
Learn more about OpenLP: openlp.vc
Learn more about Asylum Ventures: asylum.vc
Learn more about Curie.Bio: curie.bio
For a monthly roundup of the latest venture insights, including the newest Origins episodes, subscribe to the OpenLP newsletter – delivered straight to your inbox: subscribe.openlp.vc
CHAPTERS:
(0:00) Welcome to Origins
(5:08) Was Hunter High School Harder Than Penn?
(10:22) Transitioning From SaaS to Biotech
(20:55) Why Is Building a Biotech Venture Firm So Hard?
(27:55) Building Curie.Bio
(32:24) Zach on Drug Discovery
(43:12) Biotech in China
(49:42) AI in Biotech
(54:51) "The Manhattan Project of Biology"
Origins hosts Nick Chirls, GP at Asylum Ventures and Beezer Clarkson, LP at Sapphire Partners and co-founder of OpenLP, unpack their conversation with Theory Ventures’ Tomasz Tunguz, discussing how strategies that once set firms apart – like pre-seed or founder-centric investing – become industry standards over time. They dive deep on counter-positioning, adaptability, and the power of differentiation in today’s venture world.
CHAPTERS:
(0:00) Welcome to Origins
(1:14) Is Tomasz an n=1?
(5:51) How Do Firms Stay Relevant?
(9:12) Do Founders Like Counter-Positioning?
(11:50) Who Is An Emerging Manager/Nick’s Next Career
Learn more about Sapphire Partners: sapphireventures.com/sapphire-partners
Learn more about OpenLP: openlp.vc
Learn more about Asylum Ventures: asylum.vc
Learn more about Theory Ventures: theory.ventures
Subscribe to the OpenLP newsletter for a monthly roundup of the latest venture insights, including the newest Origins episodes, delivered straight to your inbox.
Tomasz Tunguz, Founder of Theory Ventures, is widely recognized for his analytical approach to venture investing. Now, he’s building Theory with a philosophy rooted in research and data-driven decision-making. Tomasz sits down with Nick Chirls, General Partner at Asylum Ventures and Beezer Clarkson, LP at Sapphire Partners and co-founder of OpenLP, to discuss spinouts and succession in established firms and the value of running high-risk, high-reward experiments at specialist firms like Theory. Tomasz also shares his belief that investors will need to adapt to a future where asking the right questions of LLMs will be critical for success.
CHAPTERS:
(0:00) Welcome to Origins
(4:05) Why Are So Many People Leaving Top Firms?
(12:15) Getting the Probabilities On Your Side
(16:01) Building Highly Concentrated Portfolios
(17:33) Lessons Learned in Fund One
(21:37) Tomasz’s Brand v. Theory’s Brand
(27:15) Using Tech at the Core of Theory
(34:31) Asking the Right Questions in AI
(36:56) Predictions for 2026
Learn more about Sapphire Partners: sapphireventures.com/sapphire-partners
Learn more about OpenLP: openlp.vc
Learn more about Asylum Ventures: asylum.vc
Learn more about Top Tier Capital Partners: ttcp.com
Subscribe to the OpenLP newsletter for a monthly roundup of the latest venture insights, including the newest Origins episodes, delivered straight to your inbox.
Origins host Beezer Clarkson sits down with her colleague Nate Leung, fellow LP and Partner at Sapphire Partners, to riff on her recent conversation with Nina Achadjian, Partner at Index Ventures. Together, Beezer and Nate walk through the steps Index took to become a franchise - the decisions they made and the mistakes they avoided, plus the firm’s ability to pick excellent companies early. They discuss the edge GPs gain by investing with a broader purpose, as well as the LP POV on the need for distributions and consolidation in 2025.
Learn more about Sapphire Partners: sapphireventures.com/sapphire-partners
Learn more about OpenLP: openlp.vc
Learn more about Asylum Ventures: asylum.vc
Learn more about Index Ventures: indexventures.com
Subscribe to the OpenLP newsletter for a monthly roundup of the latest venture insights, including the newest Origins episodes, delivered straight to your inbox.
CHAPTERS:
(0:00) Welcome to Origins2:04-Keeping the Main Thing the Main Thing to Build a Franchise3:43-Liquidity and IPOs
(4:45) 2025 - The Year of Reckoning
(7:13) Let There Be More Distributions9:34-Finding the Great Companies Early
Nina Achadjian is a Partner at Index Ventures, where she invests across seed, venture, and growth stages in AI, enterprise software, and vertical SaaS. She sits down with Beezer Clarkson, LP at Sapphire Partners, and the two discuss Nina’s predictions for M&A in 2025, the importance of product market fit and what Nina looks for in a new hire. Plus, the two dig into Index’s recent IPO with ServiceTitan, and how they managed a high-profile exit in the difficult IPO market of 2024.
Learn more about Sapphire Partners: sapphireventures.com/sapphire-partners
Learn more about OpenLP: openlp.vc
Learn more about Asylum Ventures: asylum.vc
Learn more about Top Tier Capital Partners: ttcp.com
Subscribe to the OpenLP newsletter for a monthly roundup of the latest venture insights, including the newest Origins episodes, delivered straight to your inbox.
CHAPTERS:
(0:00) Welcome to Origins
(1:49) The Trading Floors of London and New York4:54-The ServiceTitan IPO
(15:22) The Exit Window for SaaS Companies in 2025
(17:45) Predictions & AI
(25:10) More M&A vs. IPO
(30:34) Investment Lessons Learned at Index
(34:59) Hiring People Who Become Great Investors
(39:03) Hive & the Armenian Tech Ecosystem
Origins host Beezer Clarkson sits down with her colleague Laura Thompson, fellow LP and Partner at Sapphire Partners, to riff on her recent conversation with Thomas Kristensen, Partner at LGT Capital Partners. Together they discuss 2025’s sluggish exit market, and whether or not that’s a sign that venture is broken. They also discuss the importance of reinventing yourself to stay current with the market - even though LPs don’t love big changes - and if emerging managers can use founder product connectivity to their advantage.
Learn more about Sapphire Partners: sapphireventures.com/sapphire-partners
Learn more about OpenLP: openlp.vc
Learn more about Asylum Ventures: asylum.vc
Learn more about Top Tier Capital Partners: ttcp.com
Learn more about LGT Capital Partners: lgtcp.com
Subscribe to the OpenLP newsletter for a monthly roundup of the latest venture insights, including the newest Origins episodes, delivered straight to your inbox.
CHAPTERS:
(0:00) Welcome to Origins
(1:20) Aren’t We Supposed to Be Investing In Companies That Want to Go Public?
(4:33) Difficulties of Maintaining a Franchise
(6:24) ”There’s Gonna Be Some Really Difficult Vintages”
(7:22) Being Paranoid to Be a Great Investor
(10:33) Reintegrating AI
Thomas Kristensen, Partner at LGT Capital Partners, has decades of experience backing the top players in venture, but as an LP, doesn’t love the term "franchise fund.” He sits down with Bezer Clarkson, Partner at Sapphire Partners, to discuss why GPs can’t rest on their laurels, that being a franchise shouldn’t be every VC’s ultimate goal, and how LPs can dig deep to find firms with a great founder product– and avoid ones that may look like franchises but could have already peaked. The two also share their predictions for 2025 exits and why they think a lot of founders don’t want to be public company CEOs.
Learn more about Sapphire Partners: sapphireventures.com/sapphire-partners
Learn more about OpenLP: openlp.vc
Learn more about Asylum Ventures: asylum.vc
Learn more about LGT Capital Partners: lgtcp.com
For a monthly roundup of the latest venture insights, including the newest Origins episodes, subscribe to the OpenLP newsletter – delivered straight to your inbox: subscribe.openlp.vc
CHAPTERS:
(0:00) Welcome to Origins
(2:00) Are Franchise Funds Really Franchises?
(7:49) What Counts As Performance?
(12:03) How GPs Create (And Spend) Goodwill
(15:45) A Consistent Founder Product
(19:35) “There’s Plenty of Good Firms Out There That I Wouldn’t Necessarily Call Franchise Firms.”
(27:08) Franchise Funds and Succession
(35:43) Resting On Your Laurels
(39:17) “A More Critical Year In Venture Than We Want It to Be.”
Beezer Clarkson, LP at Sapphire Partners, revisits her conversation from 2023 with David Clark, Investment Director at VenCap International plc. In this episode, she and co-host Nick Chirls, Partner at Asylum Ventures, dive into David’s nearly four decades of experience in investing in some of the most established VC funds across the US, Europe, China and India. David shares historical figures on where to find performance in venture and his findings from a recently uncovered 30 year trove of data from 400+ funds with 15,000+ underlying portfolio companies. In this data set, he found that 50% of VC investments don’t actually return capital. So how does an LP unlock performance and find the enduring managers?
Learn more about Sapphire Partners: sapphireventures.com/sapphire-partners
Learn more about OpenLP: openlp.vc
Learn more about Asylum Ventures: asylum.vc
Learn more about Top Tier Capital Partners: ttcp.com
Subscribe to the OpenLP newsletter for a monthly roundup of the latest venture insights, including the newest Origins episodes, delivered straight to your inbox.
CHAPTERS:
0:00-Welcome to Origins
2:46-30 Years of Data at VenCap
6:10-Almost Always Working With Established Managers
11:19-A Very High Breakage Rate Between Funds One & Two
16:01-Figuring Out Who the Next Great Ones Are
24:41-Having At Least One Company That Returns the Entire Fund
31:26-Building an LP Program
36:18-Building a Program Where DPI Matters
42:06-Looking Back On Predictions for 2024
50:49-Looking for GPs to Get Ahead of the Curve
Origins host Beezer Clarkson sits down with her colleague Laura Thompson, fellow LP and Partner at Sapphire Partners, to unpack her recent conversation with Jessica Archibald, a GP at Top Tier Capital. They discuss Jessica’s engineering-based analytical approach to answering the question “what makes a franchise?” and discuss some surprising things they learned - Jessica’s view that there’s only one real way to do succession, the importance of breaking good and bad news in a way that creates a performance culture, and whether or not they’re going to adopt Jessica’s policy of assigning letter grades to funds at Sapphire Partners.
Learn more about Sapphire Partners: sapphireventures.com/sapphire-partners
Learn more about OpenLP: openlp.vc
Learn more about Asylum Ventures: asylum.vc
Learn more about Top Tier Capital Partners: ttcp.com
Read Laura Thompson’s blog on why venture reserves aren’t always a good thing:
sapphireventures.com/blog/dirty-secret-venture-reserves-are-not-always-a-good-thing/
Read Laura Thompson’s blog on fund recycling:
sapphireventures.com/blog/fund-recycling-moves-the-needle-for-both-lps-and-gps-heres-how/
Read Laura Thompson’s blog on QSBS:
sapphireventures.com/blog/how-lps-gps-and-founders-can-leverage-qsbs-to-make-more-money/
Subscribe to the OpenLP newsletter for a monthly roundup of the latest venture insights, including the newest Origins episodes, delivered straight to your inbox.
CHAPTERS:
(0:00) - Intro
(1:08) - Jessica Takes It In a Different Direction
(3:41) - Communicating with your LP base (So There Aren’t Surprises)
(7:15) - Franchise Funds Are Intentional
(9:44) - Getting to 1x DPI in Nine Years
(15:55) - 2x is the new 3x
(19:43) - Giving Funds Letter Grades
Jessica Archibald is a GP and member of the Investment Committee at Top Tier Capital Partners, where she is co lead of the funds team and participates extensively in the capital formation efforts of the firm. She and Beezer Clarkson, LP at Sapphire Partners, sit down for the next episode in this miniseries on franchise funds - what it takes to build one, and how some firms lose their franchise status. Jessica digs into Top Tier’s numbers to discuss the importance of getting reliable DPI in a set timeframe, why it’s often better to bet on consistent 3x or even 1x returns, and the importance of succession in building a franchise fund.
Learn more about Sapphire Partners: sapphireventures.com/sapphire-partners
Learn more about OpenLP: openlp.vc
Learn more about Asylum Ventures: asylum.vc
Learn more about Top Tier Capital Partners: ttcp.com
Subscribe to the OpenLP newsletter for a monthly roundup of the latest venture insights, including the newest Origins episodes, delivered straight to your inbox.
CHAPTERS:
0:00 Welcome to Origins
2:10 Jessica’s Time with Top Tier
4:08 Fund Graduation Rates
8:43 Who is a Franchise Fund Today?
13:21 ”Is There a DPI Number Somebody Has to Hit to Be Considered Extraordinary?”
17:10 Can You Become a Franchise Fund By Doing Secondaries?
25:08 The Range of Strategies in Franchise Funds
31:32 Maintaining Franchise Status
35:33 What Do Founders Want?
39:42 ”Are You a Franchise Fund If You Haven’t Had Some Level of Succession?”
48:02 End of Year Guidance For New Venture Funds
Origins host Beezer Clarkson sits down with her colleague Laura Thompson, fellow LP and Partner at Sapphire Partners, to discuss her recent conversation with Stephen Bluestein, Partner of Primary Investments at Adams Street and formerly Packard Foundation, about what it takes to make (and potentially later break) a franchise fund in venture. Together, Beezer and Laura debrief their top takeaways, including: do the hallmarks of a franchise differ between GPs and LPs (or even amongst different LPs); how does a franchise produce a lights-out 5x or 10x fund at their fund size; is a consistent 2x net good enough; parallels of sports franchises; and, does the right to win with the best founders mean you will then deliver the best returns?
Learn more about Sapphire Partners: sapphireventures.com/sapphire-partners
Learn more about OpenLP: openlp.vc
Learn more about Asylum Ventures: asylum.vc
Learn more about Adams Street Partners: adamsstreetpartners.com
Read Laura Thompson’s blog on why venture reserves aren’t always a good thing:
sapphireventures.com/blog/dirty-secret-venture-reserves-are-not-always-a-good-thing/
Read Laura Thompson’s blog on fund recycling:
sapphireventures.com/blog/fund-recycling-moves-the-needle-for-both-lps-and-gps-heres-how/
Read Laura Thompson’s blog on QSBS:
sapphireventures.com/blog/how-lps-gps-and-founders-can-leverage-qsbs-to-make-more-money/
Subscribe to the OpenLP newsletter for a monthly roundup of the latest venture insights, including the newest Origins episodes, delivered straight to your inbox.
