OpenLP aggregates & amplifies insights across the venture ecosystem to demystify the LP perspective. Powered by LGT Capital Partners
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She's home! Welcome back to the Bay @Beezer232!
🌉 🌉 🌉
👋 SF, I'm back!
Just recorded my first Origins Pod from the new LGT office in downtown SF. Been a wild couple of weeks launching my son to college and a big move back to the Bay, but so happy to call this place home (again!) 🌁
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1/ What do investors who make the @Forbes Midas List YoY have in common?
70% were founders/operators before VC.
New report by @team8group analyzes Midas + performance data to ask:
Why do Fund Is attract so little institutional capital despite historically strong returns?
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3/ Well-done research by Aaron Dubin (@team8group) on what it takes to build an enduring venture firm & how LPs can identify promising mgrs before they’re widely recognized.
Download the full report here: team8.vc/report/the-emerging…
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1/ Private companies are creating enormous wealth, but only ~1% of Americans have any exposure to them.
@SPintoPeyronel is working to change that.
🆕 Origins: Sarah joins @Beezer232 to share how Robinhood Ventures is bringing venture capital to the 99%
Link below👇
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4/ Robinhood Ventures’ pitch to VC-backed founders:
🤌 Direct cap table access
🤌 No layered SPVs or stacked fees
🤌 The opportunity to engage retail investors before an IPO
Sarah also shares what it’s like to manage a venture portfolio with a stock price marked every day.
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5/ Plus: Why @SPintoPeyronel says people have it backwards about retail investors being “fickle,” and why more women should start investing earlier.
Latest Origins episode on YouTube now:
piped.video/watch?v=E2h2Suxb…
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1/ Global VC fundraising dollars fell 4.2% YoY while the # of funds closed dropped ~1/3.
The gap suggests fewer managers are capturing a larger share of capital.
Broader private-market data points to liquidity pressures reshaping LP allocations.
3 charts from @PitchBook 🧵
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1/ “There’s a rule in our office that you’re not allowed to talk ab returns without also talking ab time.”
David Morehead, CIO of @Baylor, joins @HarryStebbings to offer rare transparency into how a $2.6B endowment approaches venture, portfolio construction & mgr selection👇
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2/ The episode covers:
👉 Why a 15x venture return can be less attractive than a 3x growth return
👉 Why @Baylor prioritizes the velocity of capital > multiple of capital
👉 How fund duration affects the compounding of capital
👉Where venture fits alongside growth equity & buyouts
👉 What LPs seek from emerging managers
👉 Whether GP incentives are aligned w the needs of endowments
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3/ A not-to-miss LP episode on what every GP needs to hear: headline multiples aren’t enough.
Time, liquidity, position sizing & the ability to meaningfully impact the portfolio all shape how endowments allocate.
piped.video/watch?v=U_ManIWI…
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📣 GPs raising Funds III-V: This masterclass is for you! Get your applications in before they close this Friday.
@VCForward & @FordFoundation will select 10-15 GPs to take part in its GP Masterclass: Nov 16-17 in SF to support this critical stage of firm building.
This highly-curated program offers:
💫 Direct access to institutional LPs
💫 Tactical fund/firm/portfolio mgmt playbooks
💫 Candid lessons from veteran VCs
💫 A trusted peer network
Apply today: docs.google.com/forms/d/e/1F…
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1/ TVPI can tell you what a portfolio is marked at. It cannot tell you how much uncertainty has actually been resolved.
In this 9-min Origins minisode, @Beezer232 and @nchirls unpack their conversation w @AlecLitowitz on structure, risk and what TVPI misses.
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3/ What would change if portfolio reviews focused less on the mark and more on the uncertainty each company has resolved?
Listen on your next quick commute:
piped.video/watch?v=2T09STJ9…
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Once you've seen a trillion-dollar startup is buildable on a venture timeline, you can't unsee it.
Capital's chasing the pink elephant & "the pedestrian double or triple is but a vestige of a bygone era."
Honest take from @ethankurz on today's bifurcated venture market 🩷🐘
The venture market is increasingly bifurcating into two camps: massive consensus bets and contrarian companies as far from the heat as the dark side of the moon. There will be gems - and false gold - in both.
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