Beezer Clarkson
@Beezer232
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Looking to change the world for the better through technology, investing & partnerships. Partner at @SapphirePrtnrs – the LP arm of @SapphireVC . ✍️ at @Open_LP
Austin / ✈️
Joined April 2009
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Pinned Tweet
1/👑 Once upon a time, today's legendary venture funds were emerging managers…
Which is why today I’m excited to share that
@SapphirePrtnrs
is launching a new program to invest in emerging venture managers with a sole LP,
@CalSTRS
, the world's largest educator-only pension…
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Hey GPs - In the last few weeks I’ve had multiple asks about emerging manager benchmarks/what we are seeing for 2019 (and other recent) vintages.
So here’s a quick 🧵 breaking down what we see in the case of 2019 venture funds and the greater LP context…
#OpenLP
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We are frequently asked what drives
#outperformance
for a
#VC
To answer this we created a database of enterprise vs consumer performance 📊to spot patterns & analyze returns
🧵to share high level findings, but to dig deeper, download the full report👇
🔗
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Best wishes for 2022 everyone! 🎉
As we enter the new year, I wanted to share a bit of LP perspective.
We all know the venture market was on 🔥 in 2021, but how is that actually manifesting and what does that mean for how the proverbial table is being set for 2022?
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First day in the office in almost 15 months and can’t stop smiling 😁😁😁😁
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I'm extremely honored to have been named to the
@WSJ
'Women to Watch' list this year, not to mention being in the company of so many illustrious female investors.
Congratulations to all! 👏
Sapphire’s
@Beezer232
makes the
@WSJ
Women to Watch list for launching & leading Sapphire Partners. With early vision & sustained focus, she built a fund investing platform of venture specialists that partner with visionary early-stage funds. Congrats! 🎉
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we have a new blog series - LP diligence. first blog = VC data room's. + handy template excel which shares all you ever wanted to know about what data
@SapphireVC
collects/calculates including TVPI, DPI, Net IRR 😀
#openlp
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Argh! "Quarterly VC funding for female founders drops to 3-year low..in the face of uncertainty...VCs... stayed closer to their networks...closed them off to outsiders, affecting the women and minorities trying to break into their circle.."
@PitchBookNews
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How cool is this 🙌👇 list of 500+ US based women angel investors 🙏
@lolitataub
for organizing
💰Founders: I pooled together an airtable of +500 women angel investors in the US for you. Enjoy!
Get it here:
Add yourself here:
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Great breakdown of the new Cambridge Associates post on VC value creation by
@ROIChristie
spoiler alert: "success is no longer limited to a handful of (often inaccessible) fund managers...new and developing fund managers consistently rank as some of the best performers."
#openlp
Venture Capital is changing; Cambridge’s new report on this is A+.
“ …today’s mkt is not…20yrs ago. Broad-based value creation means success [isn't] limited to a handful of (inaccessible) funds...new & developing funds consistently rank as best performers”
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Honored to be joining the
@nvca
board alongside some of the brightest investors & friends:
@emelton
at the helm +
@deenashakir
,
@kirstenagreen
,
@thedatavc
,
@ssocolof
,
@adamvalkin
&
@gavin_kickstart
. Work starts today! 👊✨
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Good to see more $ going to underrepresented VCs
Insight Partners raises $118 million fund to back underrepresented VCs
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for all the
#VCs
and
#LPs
who can't get enough of venture benchmarks and performance conversation 👇
@JackAbramowitz
argues to beat the NASDAQ you have to be in the top 5% of VC funds and nicely points out how long it takes for DPI to catch up with TVPI
🙏 for the blog
@pitdesi
Actually, it underperformed NDX in the last 10 years, unless you were in the top 5% of VC funds. Also - this is TVPI, so hard to compare that apples to apples with shorter time frames due to illiquidity. Wrote about this here
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very excited to re-launch - OpenLP is an effort by LPs, GPs and entrepreneurs to generate more transparency between LPs and the broader
#venture
ecosystem 🙏
@cdouvos
@TTCP_SF
@EakmanLindel
@MKRocks
@notationcapital
@JBElsea
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so fantastic 2 b invited back to discuss venture fundraising! thank you
@HarryStebbings
. much fun interviewing you as well 😆
#openlp
Stoked to release latest Beezer's Breakdown with
@Beezer232
@SapphireVC
name-dropping
@cdouvos
@jasonlk
@eldsjal
#vc
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Wow. Did you know in 2018, the total U.S. VC investments reached $135 billion, out of which $71.1 billion came from corporate VC. So, CVC activity represented 52% of total investment, exceeding non corporate VC for the first time. thank you
@ediggs
for the post
#openlp
Did you know that corporate VC passed traditional VC volume in the US in 2018?
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To reserve or not to reserve, that is the question… and a question we are asked frequently by
#VCs
.
The answer? It depends on your investing strategy, but TBD on results.
😉
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The Hard Questions Venture Capital GPs Need to Be Prepared For 🙏
@jfreester
for telling it like it is
#openlp
#vc
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I get asked about performance of generalist vs specialist funds frequently… looks like historically pairing of smaller fund size and specialist had a performance advantage
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Did you know that 3,000 US-based funds, or 1,600 unique managers, less than $300M in fund size, have been raised since 2018. Of those funds, 38% were < $25M and 53% were < $50 million?
This and other
#EM
VC stats in a great new
@StepStoneVC
report. 👇
#openlp
1/ 6 key takeaways & 📊s on the expanding emerging manager landscape from
@StepStoneVC
's recent report: Venture capital: Shedding the "access class" label. 👇
Read the full report here:
#VC
#EmergingManagers
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Good news – Cambridge just came out with their latest benchmarks and offer us this to consider:
- 2019 US VC top quartile TVPI is 1.56x, median is 1.26x, and top 5% is 2.12x
- 2018 US VC top quartile TVPI is 1.87x, median is 1.59x and top 5% is 2.50x
(all net to LPs)
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Everyone wants to know what Q4’23 + will bring for
#VC
fundraising.
No🔮 is perfect but we want to know too so have been diving into a lot of ##'s from our database. More 2 come on how many funds go from emerging to established but for now a quick 🧵 on what we are 👀 in 2023
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Hey
#GPs
and
#LPs
- wondering how venture terms (mgmt fee, carry, portfolio construction, LP minimums) have changed given the chaos of 2020? Wonder no more. This year’s super helpful “State of Terms” by
@MackKolarich
of
@DifferentFunds
just dropped.
Here’s the TL;DR →
#OpenLP
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Hey GPs + LPs - Today I am ✨ very ✨ excited to announce Sapphire Partners will be hosting an
#OpenLP
miniseries on the Origins podcast.
First episode drops today!
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Some weekend food for thought - 55% of all venture funds don't return 1x.
You can win the best deals but if portfolio construction way off - can drag returns.
Portfolio construction is crucial. huge 🙏 to
@DoubleMcapital
@bonfire_vc
for sharing his portfolio construction deck…
1/🧵"Portfolio construction is crucial. Winning the best deals will not be meaningful if capital is not deployed thoughtfully. 55% of all funds formed don’t return 1x."
@bonfire_vc
co-founder
@DoubleMcapital
shared the art & science of portfolio construction w
@KauffmanFellows
&…
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How much of a crapshoot is venture capital investing? read Yale Insights to hear Yale SOM's Olav Sorenson talk about his study on why "or Top Venture Capital Firms, Success Breeds Success"
#openlp
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Kicking off the week right…firmwide offsite starting with get together for the women of Sapphire 💙🤍
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If there is plenty of venture capital available, why are there fewer Series A deals? we dug into the data and are happy to share “The A to Z on Series A: Part Two”
#openlp
thx
@PitchBook
for supplying the data
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What creates more venture fund portfolio value? investments in consumer or enterprise? read the latest blog from
@Hillary__Cook
@SapphireVC
to find out
#openlp
#venture
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🙏
@crunchbasenews
for the opportunity to talk talk seed funds and what it takes to return 3x - 5x
#vc
#openlp
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hey
#vcs
want to know more about how to choose an LP? perspectives on carried interest? how to think through portfolio construction? ...Check out the latest
#OpenLP
newsletter highlighting recent content from the LP/GP ecosystem:
#venturecapital
#openlp
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very well said. great advice for anyone looking to raise a micro vc by elizabeth yin
@HustleFundVC
#openlp
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Sapphire Partners is hiring an associate for our Bay Area office. This is the fund investing side of the house, the group that launched
#OpenLP
. If you're interested in joining our team + LP/fund investing (note: not direct investing!), click for more -->
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❤️ talking all things GP/LP with
@HarryStebbings
@20vcFund
We covered a lot:
- Power Law - all the outperforming funds we know have had at least 1 fund returner (or a few 1/2 fund returners)
- Why LPs have slowed down deployment
- Trade offs bet/w AUM and ownership
and more
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Let’s talk
#LP
diversity.
We’ve asked how diverse the LP ecosystem is before and others have too...
(See thread from
@imkialikethecar
: )
has anyone looked at the demographics of VC LPs, in the same way we do at GPs? would be interesting...
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Raising a fund is always a challenge... but now with the crazy competition of today’s venture market, it’s harder than ever to stand out from the pack.
Here are some things us LPs wish VCs knew about fundraising 🧐
#OpenLP
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Big day
@SapphireVC
! Excited to share 8 senior-level promotions, including
@cgao
&
@LauraLPThompson
to partners. Huge congrats and so well deserved! 🙌🙌👏👏👏
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6 Common Pitfalls VCs Make With LPs. thanks to the ever awesome
@cdouvos
@kauffmanfellows
#kauffmanfellows
#openlp
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Looking for GP/LP Fit? Raising a venture fund? Here are "9 Questions That Help Get You To GP/LP Fit” cc:
@Samirkaji
@hanayang
@KauffmanFellows
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want to know if
#vc
emerging managers outperform established ones? read
@VentureCapMan
@KauffmanFellows
take on this age old debate
#openlp
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@KartikParija
@nbashaw
@Open_LP
. 💯% we are seeing LPs deploying more conseratively. for multiple reasons - big named VCs already raised big $$$ = LP's already tapped out, or denominator effect given market ⬇️, or raising interest rates etc. on the + side, seeing some LPs using this as time to get in
#openlp
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Reading
@weekendfund
's Q1 2023 Emerging Manager Report
TLDR: 2023 on pace 2 be lowest fundraising total since 2017 - with 91% of EM’s saying it was (very) difficult to close their fund, w a majority raising for 6+ months.
🧵on key points and some advice…
6
13
71
Hey underrepresented aspiring
#VCs
, some big news for you… 😊
Today’s launch of
@screendoorvc
is such an exciting moment and I’m honored that Sapphire Partners is able to be aligned with such an important initiative ❤️
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Very cool. A podcast featuring women in venture. Amazing and so honored to be part. 🙏
#openlp
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@SapphirePrtnrs
@CalSTRS
@natewcl
@LauraLPThompson
@isabel_bloch
@EvanTarzian
6/ We’re able to greatly expand our venture fund investing program with a mission-driven LP to invest in EMs at a time when many LPs are capital-constrained or concentrating their portfolios.
→ US EMs raising Fund I, II, or III, get in touch here:
→…
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Really appreciate the opportunity to talk abut the role EM VCs play in a LP portfolio as well as what keeps a great VC great amongst other topics. 🙏🫶
@DWeisburd
@eriktorenberg
#openlp
Listen + subscribe 📷 … CC:
@TurpentineMedia
Beezer Clarkson on Her New $1.4B Emerging Manager Fund w/CalSTRS | E16
Hot on the heels of
@SapphirePrtnrs
’ announcement with
@CalSTRS
– one of the biggest allocators in the world – I recently caught up with
@Beezer232
, Partner at Sapphire Partners, to discuss how this new…
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Shout out to
@vencap
for sharing their returns! 📈
Out of 11,350 companies from 259 funds from '86-'18 - which includes some of the *most successful* VC firms, the highlights are:
- Only 1% were fund returners
- 5% hit 10 baggers +
- ~12% were 5x returns +
#powerlaw
#openlp
And then finally, what about fund returners - companies that returned 100% or more of the committed capital of the fund that backed them. Just 121 companies (1.1%) hit this mark. /8
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LPs: looking for help on how to assess the
#diversity
of GPs you're looking to invest in? Take a look at
@DiversityVC
's helpful list of questions to ask VCs:
#openlp
#venturecapital
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Massive congrats to
@KatieS
,
@aroetter
, and
@MoxxieVentures
for today’s exciting news on their $85 million second fund. Thrilled to be able to partner with you on this journey 😊
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Already over $30BN raised by
#VCs
. 🙏
@KauffmanFellows
for inviting us to share our perspective on what the
#VC
#fundraising
environment will look like the rest of 2020.
#OpenLP
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Hey
#VCs
and
#LPs
want a master class vc power law, portfolio construction, GP/LP alignment and what LPs can do to help encourage diversity in vc? Listen to
@jodij
‘s podcast 👇
#openlp
Just released the latest episode of
#VentureUnlocked
with
@jodij
co-founder of
@AllRaise
and
@AlignedPartners
and early
@KauffmanFellows
member
She gives tips on all things VC and discusses LPs' role in ensuring momentum stays strong w/gender diversity
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Wow. What a way to end a Monday. 🙏🙏🙏
@HustleFundVC
@dunkhippo33
@ericbahn
. Totally unnecessary. I ❤️ talking about your great work but much appreciated. (Wonder Woman is my fav super hero 😆)
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Still digesting this chart… “Historically, Top Quartile DPI has exceeded 2x in only a small handful of years”. 👇 got to go for the outperformce
Heard from VC LPs this week:
Heading into 3Q marks, much discussion about pending write downs and how much value created in recent years will actually turn into $$ distributed to LPs. Historically, Top Quartile DPI has exceeded 2x in only a small handful of years.
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Operator-angel + Nano funds, VCs becoming LPs and how GP/LP ecosystems might evolve over the next 5+ years. So enjoyed discussing all of this with
@asenkut
and
@eriktorenberg
on Venture Stories by
@villageglobal
#openlp
#vc
🙏 for inviting me on
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my latest post on
#SeriesA
- good news...IPO exit multiples at a high, with alternative
#exit
channels also emerging. what this means for Series A
#investors
-
#openlp
@sapphirevc
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We’re hiring an Associate & VP to join the
@SapphirePrtnrs
team in SF! 💫 Know of any aspiring
#LPs
or one looking to make their next move?
Come join our team ! 💫✨
📷Please share and encourage them to apply here: …
We’re hiring an Associate & VP to join the
@SapphirePrtnrs
team in SF! 💫 Know of any aspiring LPs or one looking to make their next move?
🔗Please share and encourage them to apply here:
#VC
#Hiring
1
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Much has changed over the past few years in the venture ecosystem.
One awesome sea change 🌊🌊🌊 that is near and dear to me is how.... (thread incoming)...
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“Who are your LPs?”
This is a question I both hear and ask frequently.
And while it’s a simple question on the surface, there are a lot of nuances. Many of which have been on my mind recently.
#OpenLP
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.
@fredwilson
talking about Investment Pace. So well said. "This is thesis-driven, active early stage investing, which has always produced the best returns over time and I believe always will."
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Getting asked about
#VC
fundraising in this mrkt. So sharing
@samirkaji
🧵Many great💎s. My fav's: If your fund is <5 years w/o DPI, don't lead with IRR/TVPI, 12-15 slides is a great, many GPs forget LP's think multi-fund allocation, 15+ yr relationship, not just one $5m check 👇
Fundraising as a fund manager is tough for 90% of firms of the market. As I've mentioned, we are extremely likely to move into the hardest fundraising cycle I've seen since 2008.
So, what to do in these markets to understand/adapt? 🧵
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It's not an easy time to raise a
#VC
fund for many managers right now. Great advice 💎 on how to from
@HarryStebbings
on this podcast
advice like:
- your fund size is your strategy
- navigating the world of LPs
- getting the LP fly wheel going
#openlp
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Lots of ink is spilled parsing differences b/w pre-seed vs seed vs early stage (etc…) investing. But some truths hold across all stages of venture investing!
@alexiskold
digs in here:
#OpenLP
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57
I have admired Anne Martin (CIO of
@wesleyan_u
endowment) as a person and investor for years. It was such an honor thrill to interview her on what it means to manage an endowment in 2019 and invest in
#venture
. 🙏
@notationcapital
for the opportunity
#openlp
[New Episode] Origins Podcast w/ Anne Martin, CIO of
@wesleyan_u
Endowment and
@Beezer232
as our guest host. Great conversation on managing an endowment in 2019 and investing in venture capital funds. Thx Anne + Beezer!
#openlp
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oof. loss ratios are an unfortuante reality in the venture industry.
2019 - 2021 we weren't seeing typical loss ratios for but latest
@PeterJ_Walker
info from
@cartainc
... looks like they are coming back
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90+ global venture capitalists on investing, raising, and supporting their portfolio during COVID by
@KauffmanFellows
@collinrwest
@niharneelakanti
#openlp
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Having invested through both 2001 and 2008 downturn - I agree with
@DanPrimack
@Axios
It is less likely today there will be wide spread "fund size cuts" but I do think funds will be invested more slowly....
#openlp
3
14
56
"Venture will change from being a lifecycle business to a stage-specific business" this and other intriguing food for thought and venture insights from
@ashmeetsidana
. Great read.
#openlp
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🙌🙌🙌🙌 congrats
@karanortman
Now a co-managing partner, Upfront's Kara Nortman is one of the first women promoted to a leadership role in VC by
@jshieber
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hey
#vcs
- everything you wanted to know and more about LPA Terms for Emerging Fund Managers by
@ChrisHarveyEsq
. Amazingly helpful info!
#openlp
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the latest from
#OpenLP
- What makes a good annual meeting from an LP perspective? GP transition in venture fund + how to split the economics in a venture fund and more
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For anyone that has any question on the importance of power law in venture - more data on the topic 👇
💥91% of Great Fund Returns come from 14% of the Companies
💥Great Funds know how to concentrate capital exceptionally well
#openlp
The New Power Law: An Exclusive Breakdown of Top VC Firm Returns
Following a viral tweet last year, we got our hands on an anonymized dataset from the SPI team over at Stepstone breaking down the portfolio returns and concentrations strategies of more than 150 top VC funds
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Looking forward to this!! “
Raising Your First Venture Fund” with
@kerby
and
@lo_toney
. Thursday, Feb 25 at 7:00 PM CST on
@joinclubhouse
!
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come join our LP team
@SapphirePrtnrs
👇✨💫
We’re hiring an Associate to join our team of LPs at
@SapphirePrtnrs
in SF! 💫
Know someone fantastic w/ 1-3 yrs of relevant experience (LP backgrounds prioritized) in a financial analysis position at a fund investment firm, financial/VC firm, or a technology-focused corporate…
0
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46
Fundraising advice for emerging GPs post-coronavirus from
@EakmanLindel
@MKRocks
and Joanna Rupp from Univ of Chicago
#openlp
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I get asked frequently what great
#VC
quarterly letters look like....here you go 👇
🙏
@wolfejosh
and
@Lux_Capital
for sharing
1/ Releasing a redacted Lux quarterly letter to LPs.
Some strong views of
-a catalog of an excess of excesses
-what catalysts cause the current market frenzy to end
(preview: LP indigestion)
-what we are advising our Lux family companies
-much more…
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Yes yes yes👇 ever wonder why LPs ask about a GP’s follow-on’s and reserve decisions… this is why 👇
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Ouch. The latest
@PitchBook
data shows exactly how tough it is out there right now for a first time fund to raise a second fund. 👇
We're going from a high of 63% to more like 50% (which is actually more of a historical norm by our internal data if one looks back all the way…
1/ 🧵New
@PitchBook
data reveals that the journey from a first to a sophomore fund has never been more daunting. Historically (2006-2018), 63% of first-time managers were able to raise a second fund, but the current environment suggests a much tougher road ahead. Let’s dig in on…
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✨✨ Congratulations
@HarryStebbings
. I remember first meeting you 5 years ago and being completely blown away by your passion for venture, insights and drive. I couldn't be more thrilled to see the launch of these two new 20VC funds and so excited to be part of the journey. 🙏🚀
6 years ago I recorded my first 20VC episode from my mother's kitchen and asked if we could unplug the home phone.
Today we announce two new 20VC Funds:
20VC Early
📈 Pre-Seed-Series A
💵 $250K-$750K
20VC Explorer
📈 Series B-onwards
💵 $1M - $5M
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yup. hearing the same in our LP conversations. 👇 2023 was a tough year and while lots of things to be excited about in 2024, lots things to watch out for too.
Quick recap 🧵:
💎2023 was one of the worst years for DPI - very few tech IPOs along with a slowdown in M&A
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Wonder no more as to when
#LPs
have seen DPI (aka $$$ back) from seed funds. 👇👇👇
🙏🙏
@EdGrapeNutZimm
for sharing his
#s
#openlp
THREAD FOR LPs/GPs in VC:
1) I've been talking to VC fund managers (GPs)& the limited partners ("LPs") who invest in them (I'm an LP in numerous VC funds) about expectation for early DPI from seed&pre-seed funds. (DP ="Distributed to Paid In Capital" - i.e., cash $ back to LPs)
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