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

Minisode: Franchise Funds: Is Venture Broken?


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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: ⁠⁠⁠⁠https://sapphireventures.com/sapphire-partners⁠⁠⁠⁠

Learn more about OpenLP: ⁠⁠⁠⁠https://openlp.vc⁠⁠⁠⁠

Learn more about Asylum Ventures: ⁠⁠⁠⁠https://asylum.vc⁠⁠⁠

Learn more about LGT Capital Partners: https://lgtcp.com


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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


Origins is produced by Sapphire Ventures in partnership with⁠⁠ Pod People.⁠


Nothing presented herein is intended to constitute investment advice, and under no circumstances should any information provided herein be used or considered as an offer to sell or a solicitation of an offer to buy an interest in any investment fund managed by Sapphire Ventures, LLC (“Sapphire”). Any offer or solicitation of securities by Sapphire may only be made in accordance with the current offering documents for a managed Fund in which Sapphire is an advisor. Additionally, Sapphire does not solicit or make its services available to the public; such offerings may only be provided to accredited investors and qualified purchasers defined within the Securities Act of 1933 and the Investment Company Act of 1940. Information provided reflects Sapphire Ventures’ views as of a particular time. Such views are subject to change at any point and Sapphire Ventures shall not be obligated to provide notice of any change. Due to various risks and uncertainties, actual events, results or the actual experience may differ materially from those reflected or contemplated in these statements. While Sapphire Ventures has used reasonable efforts to obtain information from reliable sources, Sapphire makes no representations or warranties as to the accuracy, reliability, or completeness of third party information presented herein. Nothing presented herein may be relied upon as a guarantee or assurance as to the future success of any particular investment opportunity or strategy. Past performance is not indicative of future results.


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