OpenLP

Some conversations are worth revisiting, and this one is packed with venture insights that stand the test of time.⚡ We decided to bring back this episode of Origins where David Clark, Investment Director at VenCap International plc, shares what he’s learned diving deep into 35+ years of established VC fund data. His data reveals a hard truth: half of all VC investments don’t return capital, while just 25-30 companies each year account for the most global exit value. Elizabeth "Beezer" Clarkson (LP co-host from Sapphire Partners) and Nick Chirls (GP co-host from Asylum Ventures) jump back into this conversation to unpack what these findings mean for LPs (and GPs) today—how to identify enduring managers, navigate venture’s power law, and build portfolios that can weather any market cycle. Plus, some healthy debate between Nick and David on the need to back the funds investing in the top 1% of companies. 🎧 Listen now! Links in comments. ⬇️ #VentureCapital #LPInsights #OpenLP #OriginsPodcast

How can LPs separate good GPs from the truly exceptional? Charlotte Zhang, Director of Investments at Inatai Foundation, shares a structured approach on Superclusters. Her 4 P’s framework helps LPs assess whether a GP has a durable edge: 👥 People – Are they uniquely positioned to source, win, and build category-defining companies? ⚙️ Process – Is their investment approach repeatable and disciplined, or reliant on luck? 💼 Portfolio – Does their fund construction maximize the likelihood of outsized returns? 📈 Performance – Have they demonstrated the ability to generate alpha across cycles? 🎧 An essential listen for any LP refining their manager selection strategy, tune in here: https://lnkd.in/d2cmtn59 cc David Zhou #OpenLP #GP #LP #VenturePodcast

💡 How should LPs think about VC fund size? 💡 Venture is not a one-size-fits-all industry. As Samir Kaji explains, fund size isn't just about "big vs. small"—each tier represents a distinct strategy with unique risk-return dynamics. 🔹 Small-Cap Funds (<$250M): High potential returns, but require strong manager selection. 🔹 Mid-Cap Funds ($250M-$1B): A balance of upside and portfolio flexibility. 🔹 Large-Cap Funds ($1B+): More predictable outcomes with downside protection. For LPs, choosing the right mix isn't about finding the "best" size—it's about alignment with objectives, capital constraints + risk tolerance. Check out Samir's full analysis for a deep dive into fund segmentation, return data, and key considerations for LPs: https://lnkd.in/gzdwnvNK #VentureCapital #OpenLP #FundSize #LPInsights

In 2025, a new wave of emerging managers will rise, and more investors will strike out on their own. These are Rick Zullo’s predictions for the year ahead—shifts that could bring fresh opportunities for founders and LPs: 1️⃣ We’ll see more defections from big VC funds and more emerging managers “growing up” 2️⃣ A record number of funds will close up shop Venture is always evolving—what will 2025 bring? Read more: https://lnkd.in/g2VZ9E62 #VentureCapital #Fundraising #Startups

Why do so many start-ups launch with legal agreements that are fundamentally not user friendly? Because that’s the easiest option. The status quo docs often give bare minimum protections to users and start-ups alike. I started ex/ante to back tech that's built differently, from the ground up. That’s why I'm excited to announce the launch of 𝗕𝘂𝗶𝗹𝗱𝗲𝗿 𝗕𝗹𝘂𝗲𝗽𝗿𝗶𝗻𝘁𝘀 today: builder-blueprints.com 🛠️ What: Builder Blueprints is a free, first-of-its-kind set of legal docs and tools that founders can use to raise the standard for users and companies alike. New foundational docs for a new status quo. 🧑💻 Who: Built for all early-stage founders by the best. We consulted dozens of founders and partnered with one of the most respected law firms Morrison Foerster and top subject matter experts like Electronic Privacy Information Center and Slack's former Chief Privacy Officer to create a new default that is best-in-class—for building your company and for respecting your users. 📄 How: We’re making these docs free and accessible to all. Writing your first policies is time-consuming, expensive, unglamorous. We know because we spent the last year doing it. Now you don’t have to. Just go to Builder Blueprints. Huge thanks to our partner Ford Foundation ( 🙌 Rei T) and all our advisors who believed in creating free tools for founders to build a better internet. Come celebrate the launch of these assets on February 11 in NYC or February 19 in SF for our Launch Party! (RSVP links in the comments 👇). Check it out here: builder-blueprints.com

History doesn’t always repeat, but in venture, it certainly moves in cycles. So why are so many investors short on recognizing these patterns? Understanding history helps keep managers level-headed and strategic. Sapphire Partners’ Elizabeth "Beezer" Clarkson sat down with Kyle Harrison, General Partner at Contrary to break down key lessons for LPs, VCs, and founders navigating today’s market: 🔄 Ignoring cycles is a mistake. Over- & under-funding happen repeatedly, yet many VCs fail to learn from past market shifts. 🎯 The Challenge of Mega-Funds:  Large venture funds raise billions, but their return profiles often don’t align with traditional VC performance. LPs opt in due to allocation constraints, but it raises questions about long-term industry health. 💡 Thinking for yourself is a competitive advantage. “Just because a voice is the loudest doesn't make it the smartest.” In a hype-driven industry, defining a clear investment strategy > chasing trends. Packed with insights on LP strategy, capital flows, and venture’s future—this is a must-listen for LPs and managers. 🎧 Substack: https://lnkd.in/gTySv_fX ▶️ YouTube: https://lnkd.in/gaHa2__7 #VentureCapital #LPInsights #EmergingManagers #Fundraising #OpenLP

🔥 Great investments don’t happen by accident—they happen by process. In his latest blog, Daniel Clayton of Sapphire Partners breaks down the investment process lessons every LP and GP should consider. As LPs, Sapphire Partners has a unique vantage point of evaluating investment processes across many other firms while also managing and refining its own. The best ones? They aren’t just about picking winners—they’re about eliminating bias, embracing dissent, and consistently making smarter decisions. Key takeaways: 🔹 Consistency is key – Standardizing analysis reduces bias and ensures comparability across opportunities. 🔹 Healthy dissent should be encouraged – Conviction-driven models work best when teams feel safe to challenge decisions. 🔹 Voting matters – Order and method of voting can influence decision-making more than you think. 🔹 Rigid enough to remove bias, flexible enough to spark creativity – That’s the balance top investors strike. 📖 Read Dan’s full blog: https://hubs.li/Q035_K9J0 📩 Want more LP insights? Subscribe to the monthly OpenLP newsletter: subscribe.openlp.vc #VentureCapital #LPInsights #InvestmentProcess #OpenLP #SapphirePartners

The rules of VC fundraising have changed—again. LPs are more selective. DPI matters more than ever. And the middle of the market? It’s the toughest place to be. Sapphire Partners’ Elizabeth "Beezer" Clarkson spoke with Adam Metz to break down the new GP playbook: 💡 Define Your Differentiation – LPs need clarity on why you stand out. Sector expertise? Unique sourcing? Crystal-clear positioning is key. 🎯 Stop Wasting Time on the Wrong LPs – Not every LP is a fit. Clarkson shares how smart GPs apply a sales-funnel mindset to target engaged, active investors. 📉 Navigating the ‘Barbell’ Effect – While top firms and spinout managers attract capital, mid-sized funds (Funds 3-6) face headwinds. 🔎 Plus, insights on AI-driven fundraising strategies, LP decision-making, and the storytelling edge every GP needs in 2025. Thank you, Adam, for including Beezer in this deep dive on what’s working (and what’s not) in 2025’s fundraising market. Read the full article here 👇 https://lnkd.in/gN-cS4nK #OpenLP #VC #Fundraising #EmergingManagers #VentureCapital

Congratulations to Sapphire Partners' new manager Ashley Smith on the official debut of Vermilion Cliffs Ventures! We're excited to be on this journey with you 🚀🚀🚀

💡 Less than 1% of venture firms reach franchise status. What separates the best from the rest? On the latest Origins episode, Jessica Archibald (Top Tier Capital Partners) breaks down how LPs define and evaluate franchise funds—and the pitfalls that cause firms to lose their edge. 🔹 Fundraising without friction – LPs come back fund after fund 🔹 Reliable DPI – 1X within 9 years is the baseline, 5-6 years is exceptional 🔹 The “fund returner” effect – 85% of 3X+ funds had at least one company that could return the entire fund 🔹 Succession is make or break – A lack of generational transition puts firms at risk 🔹 Letter grades matter – Franchise firms score A’s and A-’s across fundraising, distributions, and valuations Jessica and host Elizabeth "Beezer" Clarkson dig deep into the LP perspective on what makes a lasting VC firm. 🎧 Listen now! Links in comments. ⬇️ #VentureCapital #FranchiseFunds #LPInsights #OriginsPodcast #OpenLP