The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 9 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Beezer Clarkson: LPs are continuing to make new venture commitments
“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.”
Clarkson: Sapphire underwrites Series A funds to 3x and Seed to 5x
“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…”
Clarkson: Some Sapphire-backed emerging funds struggled to cover basic rent
“We've had some funds in our program where I'm a little worried they can't pay their rent.”
Sapphire Partners: 3x venture funds require at least one 1x fund returner
“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.”
Clarkson: Only 17% of venture funds successfully reach Fund IV
“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%.”
Clarkson: Venture capital breakage between Fund I and Fund II averages 50%
“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%.”
Clarkson: I passed on Initialized Capital's first fund, which returned $390M
“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.”
Beezer Clarkson: LPs are asking VC managers to slow deployment
“I think there's been many conversations with LPs suggesting GPs slow their roll.”
Sapphire Partners Takes Over CalSTRS Early-Stage Venture Fund Mandate
“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…”