Sapphire Ventures

“The harder part is understanding the people, and why it is they made decisions, and what the opportunities were, and how did they solve, because life doesn't make things easier for GPs.”

“It would be great if there was a standard data room, for example. And then could there be other pockets for education on certain things that folks didn't have to ask?”

“The only thing that we go in looking at it from an underwriting perspective is we look to underwrite series A exposure to a three X net, which means we want the funds to be able to produce that, and then we can get into portfolio construction and see the bar i…”

“When we did do seed, we were very reluctant to do single GP managers, because we felt the individual risk was so high. Now we actually have a few single GP managers, and we feel very differently about that risk.”

“And so one of the early decisions we made was, loosely speaking, we're about 70% U.S., and then about 20 to 25% Europe, and the remainder in Israel.”

“Same thing with the competitor landscape. So coming in and saying there are no competitors, there might be very corner cases where that's still true, but it's tricky, and so that just as guidance to GPs, that doesn't usually resonate super well.”

“One of the things that we do is that we're consistent every year with the amount of capital we commit, and it's about a hundred and twenty-five million. We like to write checks that are, call it loosely, 10 to fifteen million, so you can guesstimate our pacing…”

“Being able to create a recycling trigger is what we put in place. So as the capital comes in, we can recycle it back, which makes it a product which doesn't have a great name, because it's not a fund of funds.”

“It's always a question, not just what you've done as far as dollars invested, but why someone likes a deal. It really speaks to us about what makes this manager different, how they think of a deal, how they think of the space. It's in those kinds of questions …”