Elizabeth "Beezer" Clarkson, Partner at Sapphire Partners, discusses how their new partnership with CalSTRS will allow them to expand their ability to support the next generation of VC managers – all while continuing to focus on investing in the established.

(0:00) Introduction to Beezer Clarkson and discussion on fund graduation rates

(0:25) Beezer Clarkson on the CalSTRS emerging managers program and its $1.4 billion initiative

(1:59) Emerging vs. Established managers: Definitions and dynamics

(4:01) The performance and significance of emerging managers in the industry

(6:05) Challenges for new LPs and best practices in LP portfolio construction

(10:17) Red flags and sustainable alpha in emerging managers' transition to established status

(16:27) Sponsor: Tactyc

(17:06) Evaluating emerging managers: Criteria and the solo GP phenomenon

(24:03) Trends in spinouts, consolidation, and LP-fund manager relationships

(28:05) CalSTRS strategy and the value adds LPs bring to fund managers

(32:46) Systematic biases and current debates among LPs

(36:04) The importance of exits and openness to alternative investment models

(40:00) Key factors in LP evaluation of emerging managers and the role of listening

(43:43) Transparency in the LP ecosystem and the evolving role of LPs

(46:44) Zero sum thinking and streamlined agreements for emerging managers

(51:57) Sapphire's approach to current industry challenges and lessons from past downturns

(54:42) Episode conclusion and special RFP to the community