Sapphire Partners

“That's not true. I think LPs are being more selective and making new investments. I know we are, I know others that are, They're absolutely making new investments.”

“But on the math of it, we just underwrite a series A fund to a three X and C to a five X, and you just look at what the numbers line up at, and you say, okay, so given the ownership and given the AUM, what needs to be true to return the fund one time, half a t…”

“So I passed on the initialized fund one because we had just launched, yes, I know. It was bad. But- Do you know, it made three hundred and ninety million.”

“We've had some funds in our program where I'm a little worried they can't pay their rent.”

“I think there's been many conversations with LPs suggesting GPs slow their roll.”

“We've yet to see a fund that's returned three or more X that does not have a company that's returned at least one time the fund.”

“What was also sort of heartbreaking was the fund one to fund four on average, again, these are averages, some years are better, some years are worse, is 17%.”

“We announced this about two weeks ago that we've taken over the early stage venture fund mandate for CalSTRS and what this means. So for folks that aren't familiar with CalSTRS, they're the world's largest educator pension fund in the world, which is Pretty co…”

“We've been looking at data going back to 1995. I was shocked at the breakage. The breakage between Fund One and Fund Two is not every year, but averages out to be about 50%.”