🔥What‘s different in the way seed and growth investors approach winning opportunities, and what stays the same? 🔊 A new Origins Minisode is live! Elizabeth "Beezer" Clarkson (LP at Sapphire Partners) and Nicholas Chirls (GP at Asylum Ventures) dive into their recent convo with Mike Maples, Jr (Seed investor Floodgate) and Jai Das (Growth investor Sapphire Ventures) to answer this burning question... 💡 No matter the stage one invests in – there’s one thing everyone agrees on, including the LP: “Team is crushingly important.” At the end of the day, you’re just backing people — whether that’s a GP at pre-seed or Series C, or an LP backing a Fund I or Fund VI. Links to listen to the minisode in comments. Here’s an overview: 1:20-Is This the Team That’s Going to IPO? 4:02-Early Stage Pivots 7:44-How Hard a Pivot is Too Hard? 12:23-LP Strategy for Picking Managers 13:09-The Importance of Timing 15:59-You Need to Call the Customers Thank you to our guests for a fascinating conversation on seed vs growth. #VentureCapital #Origins #OpenLP
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Venture Capital and Private Equity Principals
OpenLP aggregates & amplifies insights across the founder ➡︎ GP ➡︎ LP venture ecosystem. Powered by Sapphire Partners.
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OpenLP aggregates and amplifies insights across the entrepreneur ➡︎ GP ➡︎ LP venture ecosystem.
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For founders trying to raise a Series A... Alfred Lin, Partner at Sequoia Capital, shares DoorDash's CEO and Co-founder Tony Xu’ superpowers - clarity and conviction. Despite a crowded food delivery market, Tony saw a gap—85% of restaurants couldn’t afford delivery staff, and existing solutions didn’t meet their needs. By 2013, the rise of smartphones and app-based economies made the timing perfect to rethink local logistics. Check out the pitch deck (link in comments). #startups #fundraising #seriesa
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Can startups really compete with big tech in the AI era? 🤔 Cowboy Ventures' Aileen Lee believes history says yes, but patience is key. In her latest blog, Aileen highlights that while tech giants dominate early in platform shifts (like the web, mobile, and cloud), they often pave the way for startups to out-innovate over time. AI may follow a similar path: though incumbents like OpenAI and Microsoft are thriving, there’s still untapped potential for AI-native companies to emerge, especially by solving new problems and enhancing B2B and consumer applications. For founders, the opportunity is still ripe, with lessons from past tech cycles. Read the full article linked comments. 👇 #Startups #Innovation
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Today marks the 50th anniversary of the Equal Credit Opportunity Act (ECOA), which made it illegal for lenders to require that women have a male cosigner when applying for credit cards, mortgages or bank accounts. Forbes highlighted this landmark legislation with this year’s cohort of ‘50 Over 50’ women, including Sapphire Partners’ Elizabeth "Beezer" Clarkson, whose memory of this event draws strong parallels to her line of work as an LP investing in venture. “The ability to independently manage finances meant empowering women to control their purchasing decisions — a huge step forward in gender equality, but also a battle that took far too long to win, and frankly one we never should have had to fight.” Read more at the link in the comments. And in case you missed it, check out the full Forbes 50 Over 50 Investment list, highlighting powerhouse women proving that age is one’s best asset. 💪 #WomeninVC #Forbes50over50
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🎙️ In the latest Origins episode, two industry legends—Jai Das, SaaS and venture veteran from Sapphire Ventures, and Mike Maples, Jr, seed investing pioneer of Floodgate, join Nicholas Chirls (GP, Asylum Ventures) and Elizabeth "Beezer" Clarkson (LP, Sapphire Partners) to dive into what it takes to select companies across different stages of venture capital. Plus: — What does it take to spot someone who sees the future before it’s here? — How do inflection points like AI impact an investor’s thesis? — Are there more opportunities in the market for VCs today? — The one throughline from seed to growth 📩 Subscribe to the newsletter for key takeaways from some of the brightest minds in venture. #VentureCapital #Origins #OpenLP
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Another great post by David Clark with fresh data that shows the fund size debate lives on – and we agree 100% that VC is a power law asset class. Access to that top 1% of companies is critical to the success of your fund. That said, Sapphire Partners’ Laura Thompson recently shared with PitchBook that she believes there’s significant potential in smaller fund sizes: “The average venture return is not very exciting... Where can you get really good returns? It’s the smaller fund sizes and emerging managers.” Read more in PitchBook at the link in comments. #VentureCapital #EmergingManagers #VC
Next time you hear somebody claiming "small funds outperform", just remember this data from Pitchbook sourced by our Senior Analyst Jonty Russell. Just 5% of the sub-$100m funds raised between 2010 and 2019 have data on performance. So be careful what conclusions you draw from this data. Sub-$100m funds also comprised just under 80% of all the funds raised during that period. So, all other things being equal, they should also make up 80% of the best-performing funds. Again, something to consider when people claim small funds make up a disproportionate number of the best-performing funds of any vintage. The more we dig into this data, the more we realise that it's simply not robust enough to draw any firm conclusions on how to build a VC programme. You have to go back to first principles. VC is a #powerlaw asset class. VCs need to consistently access the top 1% of companies in a way that generates fund-returning outcomes (not just logos for their web page). This is the most predictable way of consistently generating top-quartile returns.
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Looking forward to an exciting conversation at StrictlyVC’s first-ever event at TechCrunch Disrupt! Featuring some of the top names in venture and institutional investing, including our very own Elizabeth "Beezer" Clarkson of Sapphire Partners ✨ With speakers like Aileen Lee (Cowboy Ventures), Wesley Chan (FPV Ventures), Rick Prostko (Ontario Teachers' Pension Plan), and many more, don’t miss this incredible opportunity to connect, share ideas, and hear the real talk about the future of VC. Investor pass is required for this off-the-record convo, so be sure to grab yours today! 📅 When: Tuesday, October 29, 3:00 PM – 6:00 PM 📍 Where: Deal Flow Cafe, Moscone Center 🎟️https://lnkd.in/gMv7DbjX #TechCrunchDisrupt #StrictlyVC #OpenLP
For the first time ever, StrictlyVC is bringing the people and stories dominating headlines straight to the heart of TechCrunch Disrupt. Join TC Editor in Chief + Strictly VC host Connie Loizos as she aggregates an all-star lineup of LPs, GPs and founders for candid, off-the-record straight talk about an industry in flux: 🌟 Elizabeth "Beezer" Clarkson (Sapphire Partners) 🌟 Jessica Archibald (Top Tier Capital Partners) 🌟 Wesley Chan (FPV Ventures) 🌟 Aileen Lee (Cowboy Ventures) 🌟 drew taggart & Alex Pall (Mantis Venture Capital) 🌟 Rick Prostko (Ontario Teachers' Pension Plan' Venture Growth) 🌟 Nirmal Utwani (Amplitude) 🌟 Vladislav Voroninski (Helm.ai) 📅 When: Tuesday, October 29 | 3-6 PM 📍 Where: Deal Flow Cafe, Moscone Center, San Francisco Don’t miss out on this rare chance to hear from top VCs and institutional investors on the state of the industry and what’s next. Investor passes are required—grab yours before they sell out! (Link in Comments) #VC #TCDisrupt #TechCrunchDisrupt
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As we enter a period of fewer but larger exits, VenCap International plc's David Clark shares his take on the three 🔑 factors that will contribute to outperformance in VC over the next 3-5 years: 1️⃣ Quality of portfolio companies 2️⃣ Availability of capital 3️⃣ The willingness to keep investing during challenging periods Read more 👇 #VC #LPInsights
What should investors expect from the VC industry over the next 3-5 years when it comes to exits and performance? Rick Zullo, on X, has argued that there will be a greater divergence between VC funds, with the most successful ones producing even stronger performance, while the median fund return will reduce. I would agree with this as we are likely to see fewer, but typically larger, exits. It will become more important than ever to have meaningful exposure to the small number of winners that drive VC performance. We saw this divergence in VC fund performance very clearly after the 2008/09 financial crisis. As you can see from the chart below, it was the top-tier, established managers who make up our Core Manager cohort that massively outperformed as the market recovered. We have identified three key factors that we believe materially contributed to this outperformance: 1. Quality of portfolio companies. We know that VC is a power law asset class, but the distribution of returns is even more concentrated after a correction. The number of successful exits falls significantly and the small number of VCs able to back these companies will materially outperform. We usually see the best companies actually improve their competitive positioning during a correction. They become more capital efficient, increase market share and benefit from many of their competitors being unable to survive. 2. Availability of capital. In a downturn, even the very best companies will usually need to raise additional capital. As a VC, if you don't have the capital to support these companies and protect your ownership, then you are in trouble. The best VCs can still raise new funds even in the worst of markets and will have the capital to ensure their best companies survive. 3. Willingness to continue to invest during the most challenging periods. The best managers have the experience of managing through prior downturns as well as the confidence (and the capital) to take advantage of the opportunities that a correction creates. This means that they can double down on their best companies, often at attractive valuations, and also access market leaders they may have missed in prior rounds. We have seen a major flight to quality from LPs to date in 2024, with a small number of VCs responsible for the vast majority of capital raised. Unfortunately, this is shutting the stable door after the horse has bolted. Venture capital is a cyclical asset class - corrections are a feature, not a bug. This means that LPs need to construct a portfolio that not only captures the upside as the market rises, but is also resilient during a downturn.
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We're gearing up for Equal Ventures’ 3rd Annual Emerging Manager Circle Summit tomorrow, co-hosted by Silicon Valley Bank and Latham & Watkins. Sapphire Partners Partner Elizabeth "Beezer" Clarkson will join Precursor Ventures' Charles Hudson, Cowboy Ventures' Aileen Lee, and Latham & Watkins' Brian C. Patterson (Moderator) on the 'The Survivability of Emerging Managers' panel. 📅 When: Thursday, Oct 17 📍 Where: Brooklyn, NY 👥 Who: Over 150 LPs and 150 Founding GPs in attendance If you’re an emerging manager or LP, be sure to join the EMC community where you can learn best practices, build relationships with other founding GPs & LPs, and apply for next year's summit (Link to EMC website in comments). #venturecapital #emergingmanagers
We're less than one week out from the 3rd Annual Emerging Manager Circle Summit! This year promises to be our best yet with some of the biggest names in the Venture industry. Speakers include many Midas Listers, the LPs behind many of the top venture firms, an F1 World Champion, and a Grammy winning Artist. We’ll be joined by over 150 LPs and 150 Founding GPs in a beautiful new venue overlooking the Manhattan skyline. A huge thank you to our co-hosts Silicon Valley Bank and Latham & Watkins and our sponsors Aduro Advisors and Frank, Rimerman + Co. LLP for making this event possible. And an additional thanks to our reception sponsors Fidelity Private Shares, Sydecar, Vouch Insurance, Pliancy, Bain Capital Ventures Seed Fund, Empire State Development, and Integrity Power Search. Annie Lamont, Gordon Ritter, Mike Maples, Jr, Chris Farmer, Alex Pall, Nico Rosberg, Adam Bain, Aileen Lee, AJ Vaynerchuk, Atul Rustgi, Elizabeth "Beezer" Clarkson, Brian C. Patterson, Charles Hudson, Daniel Dehrey, David Yuan, David York, Jesús Argüelles, Lisa Cawley, CFA, Matt Auxier, CFA, Melissa Richlen, Satya Patel, Scott Belsky, Semil Shah, Rick Zullo, Ali Afridi, Adam Chadroff, Chelsea Zhang, Sophia Dodd, Grace Penders.
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ICYMI - The #OpenLP September newsletter featured some of the latest insights from LP and GP voices... 💫 💫 💫 - How Elite Endowments Invest in 2024 - Rethinking VC Classifications Beyond Emerging vs Established - The Ongoing Debate on Small vs Large Funds - How Fund Managers Evolve Over Time - Are Emerging Managers DOA? - And much more... A big thank you to our contributors: Renee Hanna, CFA, David Weisburd, Farooq Abbasi, David Clark, Charles Hudson, Frank Rotman, Jai Das, Mike Maples, Jr., Jack Altman, David Zhou, Nicholas Chirls, Elizabeth "Beezer" Clarkson, Nate Leung, & Laura Thompson. Subscribe to get the next one in your inbox, linked in comments 👇 #venturecapital #LPvoices #GPperspectives