Origins - Inside Venture Capital, Hosted by a GP and an LP

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Hosted by a General Partner (GP) and a Limited Partner (LP), Origins dives into the venture capital ecosystem to learn how the people behind the money make decisions: How LPs choose VC funds to invest in, what drives performance in venture, the dos and don'ts of fundraising, what founders/entrepreneurs/CEOs need to do to raise a Seed, Series A and beyond, what it takes to go from emerging manager to franchise VC, and the latest private market trends and dynamics shaping the investment ecosystem.

Origins is co-hosted by GP Nick Chirls and LP Beezer Clarkson.

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Recent Hosts, Guests & Topics

Here's a quick summary of the last 5 episodes on Origins - Inside Venture Capital, Hosted by a GP and an LP.

Hosts

Beezer Clarkson Nick Chirls

Previous Guests

Nina Achadjian
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 has a strong background in venture capital and is known for her insights into market trends and investment strategies.
Laura Thompson
Laura Thompson is a Partner at Sapphire Partners, where she focuses on venture capital investments. With a strong background in finance and investment strategy, Laura has been instrumental in shaping the firm's approach to fund management and LP relations. She is known for her insightful analysis and has contributed to various discussions on venture reserves and fund recycling.
Thomas Kristensen
Thomas Kristensen is a Partner at LGT Capital Partners, where he has extensive experience in venture capital, focusing on backing top players in the industry. With decades of experience, he provides insights into the dynamics of venture funding and the importance of evaluating firms beyond surface-level metrics. His perspective challenges the conventional wisdom around 'franchise funds' and emphasizes the need for LPs to critically assess potential investments.
David Clark
David Clark is an Investment Director at VenCap International plc, bringing nearly four decades of experience in the venture capital industry. He has a proven track record of investing in some of the most established VC funds across the US, Europe, China, and India. David is known for his analytical approach to venture performance, having recently uncovered a 30-year trove of data from over 400 funds and 15,000 underlying portfolio companies, which he uses to derive insights into investment performance and trends in the venture capital landscape.
Jessica Archibald
Jessica Archibald is a General Partner at Top Tier Capital, where she applies her engineering background to venture capital. She is recognized for her analytical approach to evaluating fund performance and has developed unique methodologies for succession planning within venture firms. Jessica is an advocate for creating a performance culture through effective communication and has been influential in discussions about grading fund performance.

Topics Discussed

ServiceTitan IPO M&A predictions 2025 product market fit new hire criteria high-profile exit IPO market 2024 AI enterprise software vertical SaaS venture capital exit market emerging managers founder product connectivity reinventing yourself LPs Sapphire Partners LGT Capital Partners franchise funds founder product public company CEOs 2025 exits Power Law VC Performance David Clark Investment Director VenCap International investment data portfolio companies LP performance Franchise Funds performance grading succession planning communication Top Tier Capital
Episodes

Here's the recent few episodes on Origins - Inside Venture Capital, Hosted by a GP and an LP.

0:00 43:05

Inside the ServiceTitan IPO with Nina Achadjian

Hosts
Beezer Clarkson
Guests
Nina Achadjian
Keywords
ServiceTitan IPO M&A predictions 2025 product market fit new hire criteria high-profile exit IPO market 2024 AI enterprise software vertical SaaS

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

0:00 12:12

Minisode: Franchise Funds: Is Venture Broken?

Hosts
Beezer Clarkson
Guests
Laura Thompson Thomas Kristensen
Keywords
venture capital exit market emerging managers founder product connectivity reinventing yourself LPs Sapphire Partners LGT Capital Partners

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

0:00 42:50

Franchise Funds: Is Being a VC Franchise the Ultimate Goal with Thomas Kristensen

Hosts
Beezer Clarkson
Guests
Thomas Kristensen
Keywords
franchise funds venture capital LGT Capital Partners Sapphire Partners founder product public company CEOs 2025 exits

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.” 

0:00 56:22

Revisiting Power Law VC Performance with David Clark

Hosts
Beezer Clarkson Nick Chirls
Guests
David Clark
Keywords
Power Law VC Performance David Clark Investment Director Sapphire Partners VenCap International venture capital investment data portfolio companies LP performance

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

0:00 22:36

Minisode: Franchise Funds: Grading Performance

Hosts
Beezer Clarkson
Guests
Laura Thompson Jessica Archibald
Keywords
Franchise Funds performance grading succession planning communication venture capital Sapphire Partners Top Tier Capital

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

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