Beezer Clarkson

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Beezer Clarkson

Beezer Clarkson

@Beezer232

Looking to change the world for the better through technology, investing & partnerships. MD @ LGT Capital Partners. ✍️ at @Open_LP , Co-host Origins Podcast 🎤

Austin / ✈️ Katılım Nisan 2009
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Beezer Clarkson
Beezer Clarkson@Beezer232·
Personal news update! … I’m joining the venture platform at LGT Capital Partners. It’s been nearly 15 years since I joined @NinoMarakovic at @SapphireVC to help build @SapphirePrtnrs - and hard to believe our working relationship started another 15 years before that at Morgan Stanley waayyy back in 1994. Since that time, it’s been the privilege of a lifetime to work alongside him, and to help build what Sapphire Partners has become. I’m incredibly proud of the team, the relationships, and the managers we’ve had the chance to partner with along the way. That’s always been the most meaningful part. I’m lucky to be making this move alongside @LauraLPThompson , @natewcl , Dan Clayton, Vittorio Reynoso-Avila, and Anna Jacoby. This wasn’t an easy decision, but over time it became clear this was the right step—for our team, for Sapphire, for LGT, and for the managers we support. The opportunity came together naturally through our long relationship with @TKtwitster and the LGT team. I’ve known Thomas for over a decade and have always respected his thoughtful approach to venture. At a high level, this is about alignment and continuing to build—just at greater scale. We’re not changing what we do, just expanding where and how we do it. What made Sapphire so special to me, though, was always the people—the ones who made the work meaningful every day. While I won’t be in the same place day to day, this isn’t a goodbye—just a different way of working together. Grateful to everyone at Sapphire who made the past 15 years so meaningful 💙 I’m taking a short break before starting at LGT on April 15—spending some time with my son before he heads off to college this Fall. A big transition for both of us. 🤲 Looking forward to what’s ahead. 💫✨
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Sheel Mohnot
Sheel Mohnot@pitdesi·
A first for me: At a VC dinner last night, they handed out syringes of peptides alongside a “future of food” meal (It was great!)
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Dan Gray
Dan Gray@credistick·
A part of this is just that good firms actually understand finance. They can get away with giving a company less money than a competing bidder, and that will also increase the odds of success. Overcapitalisation kills. i.e. having a strong enough brand to convince founders to raise less money is kind of a value-add.
Dan Primack@danprimack

Flashback to chatting w/ @foundersfund's Luke Nosek when he led the first investment in @SpaceX. From old PE Week Wire newsletter in 2008:

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Harry Stebbings
Harry Stebbings@HarryStebbings·
Why Kingmaking Does Exist Within VC and Why You Should Accept Their Term Sheet at 50% of the Price: "There is the kingmaker firms that you should accept at any price. So if you get an offer from them at X, and the offer from someone else is at 2X, you should take their offer In the long run, you're king-made, and it will save you in the next round." @Joshuabrowder Does king making exist @Bouazizalex @bhalligan @nico_laqua @parkerconrad @awxjack @eglyman @rabois and should founders accept at 50% discount to have the brand?
Harry Stebbings@HarryStebbings

I am going to piss off so many friends by saying this but if I could invest in one emerging manager sub $50M fund, it would be @Joshuabrowder. A few things you need to know about Josh: - He makes the founders he invests in live in his spare room at the Four Seasons until they raise their seed - He turned his $100K Thiel Fellowship grant into a $10M angel portfolio - He was one of the first cheques into Micro1, Yuzu and many more - When he found out his father had been taken by the Russians, he was playing poker… (legend!) I have never had founder references like the ones I got on Josh. I spoke to 12 founders. He averaged 9.2/10 across all 12. This is one of the best episodes we have done in a long time and my notes below: 1. Why I Believe Young Founders Make the Best Founders Young founders have no safety net and no option but to win. Corporate engineers often default to hiring big teams, while young founders stay focused on building the product. Their grit is much higher. Without that level of dedication, most people quit at the first real obstacle. 2. How I Test Founder Commitment Before Investing To filter out tourist founders, schedule a pitch meeting at 11:00 PM. Elite founders accept immediately. Mediocre ones push it out by weeks. During the interview, ask rapid-fire questions. If they claim a specific revenue number, have them pull up their live Stripe account on the spot. Look for tactical customer acquisition goals, not vague partnership promises. 3. Why I Make Founders Live With Me After Investing The best early investments come from deep day-one relationships. Living together creates a focused, one-person accelerator where founders get a three-week crash course and avoid years of mistakes. The rule is simple: co-founders share one room near the Four Seasons and cannot check out until they raise an institutional seed round. 4. Why Pre-Seed Companies Fail Startups usually fail for three reasons: they run out of money, they run out of hope, or the co-founders break up. Money problems usually come from weak pitching, which is why founders should drop the deck and show the product live. To maintain hope, ignore Silicon Valley vanity signals and focus on customer progress. To avoid team blowups, handle mechanics like vesting early. 5. What Founders Need to Know About Signing With a VC VCs will say almost anything to get you to sign on the spot. They reverse-engineer your desires and claim they know every customer you want to meet. Impressionable founders fall for it, but the promised intros often never happen. Never sign in the room. Take the night to think clearly. 6. My Biggest Lesson on Reserve Investing Holding back reserves for later rounds has a huge opportunity cost. The biggest value creation happens at pre-seed, so saving capital for a Series A follow-on can limit your upside. Deploying upfront into 20 to 30 pre-seed companies can produce far better long-term returns. Go all-in early. (links below)

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Beezer Clarkson
Beezer Clarkson@Beezer232·
🔷 The best investors pair optimism w realism, understanding both the upside & the risks. 🔷 LPs are increasingly focused on liquidity & DPI, reflecting growing scrutiny around private market valuations. 🔷 Great venture mgrs deeply understand their competitive landscape rather than simply following market narratives. 🔷 Building a firm should reflect who you are as an investor, not just what the market says a venture platform should look like. 🔷 Long-term conviction comes from truly knowing your partners, esp during periods of uncertainty, because “you can’t borrow conviction in times of stress.” youtube.com/watch?v=a2kz5A…
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Beezer Clarkson
Beezer Clarkson@Beezer232·
“Knowing thyself is probably the number one thing I would attribute to all of the best investors I’ve met.” Couldn’t agree more, Nicholas Csicsko - TY for joining @nchirls & I on Origins!  This episode jam packed w LP 💎s, my favorite below ⬇️⬇️⬇️
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Oana Olteanu
Oana Olteanu@oanaolt·
This happened Business Insider named me to the Seed 40 list of best women early-stage investors of 2026. Still processing it.
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Beezer Clarkson
Beezer Clarkson@Beezer232·
I love an unconventional path to venture because it usually means wisdom and independent thinking the industry doesn't know it needs. Nicholas epitomizes this and I loved his thoughtful POV on the landscape at large. Episode out now, give it a listen! youtube.com/watch?v=a2kz5A…
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Beezer Clarkson
Beezer Clarkson@Beezer232·
3/ Key takes from this episode: 👉 Whether excess capital is eroding venture’s illiquidity premium 👉 The disconnect between private & public market valuations 👉 Why “cynical optimism” matters in venture 👉 Whether VC firms are scaling in ways that actually make sense 👉 Why venture could become much more interesting again soon
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Beezer Clarkson
Beezer Clarkson@Beezer232·
🧵How does a Juilliard-trained classical musician wind up managing a $6B endowment at a church in Manhattan older than the United States itself? That's the story of our fascinating Origins guest: Nicholas Csicsko, MD of Investments, Trinity Church Wall Street 👇
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Sarah Catanzaro
Sarah Catanzaro@sarahcat21·
Today I’m quite grateful for the VC moms WhatsApp group & the support I’ve received from other women balancing their commitment to work & motherhood. Turns out there is a Group Chat among top tier VCs. We just discuss potty training & kid friendly hotels… Happy Mother’s Day!
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Bradley Horowitz
Bradley Horowitz@elatable·
I’m so happy to share that we’ve closed Wisdom Ventures Fund II and raised $77.7m (against our target of $50m.) WSJ Coverage: lnkd.in/gJ7Ncka4 Press Release: lnkd.in/gtHaqpiM Incredibly grateful to my partners - Cecily Mak, Soren Gordhamer, Zoe Rogers, Vivek Murthy, Ruchika Sikri, Diego Perez, and Jack Kornfield. What an amazing and unexpected constellation of heart, mind and soul.  Privileged to be on this ride together.
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Beezer Clarkson
Beezer Clarkson@Beezer232·
2/ Zooming out: 👉 2025 may mark the first real industry-wide contraction in modern venture 👉 The bar to survive is rising fast Only ~50% of Fund Is make it to Fund II ~17% make it to Fund IV What separates managers who go the distance? Find out 👇 youtube.com/watch?v=xuiqht…
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Beezer Clarkson
Beezer Clarkson@Beezer232·
1/ Power law still holds at scale - just at a different magnitude. On Origins, @daveclark85 walks through the math (w/ @NChirls). If you’re allocating to $1B+ funds, the assumptions matter. What has to be true: → Exit markets need to support massive outcomes → Even a $6B fund can produce fund returners → A return-driven lens ≠ IRR-driven lens
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Meghan Reynolds
Meghan Reynolds@MeghanKReynolds·
Heard from LPs this week: more than a bit of fatigue 🫩 What’s driving it? - Constant fundraising by GPs in their portfolio, but little liquidity - Portftolios that seem promising, but deep concern about disruption and / or bubble pricing 🫧 - Constant headlines on the model companies - on financials, on capital raising and innovation - hard to keep up - The “how concentrated should I be in these same companies” question - The “how worried should I be about all of the PE software in my book” dynamic - Huge dispersion in public markets - It’s annual meeting season so they are traveling nonstop - Oh yeah, and there’s a war on top of it… Hug an LP today! 🙏
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Harry Stebbings
Harry Stebbings@HarryStebbings·
"We are moving to a world where a handful of massive winners drive all the returns. A small number of companies will generate the majority of outcomes, and everything else matters far less. That is pushing venture to become more concentrated and more competitive than ever." @rodriscoll Do you not think this means more power goes to the hands of the multi-stage large platforms @htaneja @mkrocks @beezer232 @mignano @ncsh
Harry Stebbings@HarryStebbings

This podcast will make you smarter than Leopold Aschenbrenner at an AI investing conference. - Anthropic Raises $45BN but Falls Short on Compute - Are OpenAI Back in the Game with GPT5.5 & Codex? - Why Google is a Bigger Buy Than Ever Before - China Blocks Manus $2BN Deal to Meta - Thoma Bravo Hand Back Medallia Keys to Creditor I sat down with @rodriscoll and @jasonlk and my notes below: 1. Why does Dario at Anthropic have such a hard job predicting the compute demands? The capital intensity of building an AI leader is unprecedented; every $1 of run-rate revenue requires approximately $4 to $5 of CapEx to support it. A CEO must forecast demand two years in advance, which is incredibly risky. Underestimating demand leaves you with insufficient compute to serve users, while overestimating it results in billions of dollars in "stranded capacity". 2. What the public markets are getting wrong about the SaaS-pocalypse The market currently believes specific coding vibes or models are the primary threat, but the true danger is what AI agents decide to pick. Agents will ultimately choose the vendors and LLMs for most workflows, rendering tools like project management software useless because agents have no need for them. Companies like OpenAI are racing to win the "agent wars" to ensure their APIs are the default choice for these autonomous systems. 3. Why Google is a mega-buy on the back of the Anthropic investment Google is positioned as a primary winner because it benefits whether users choose Gemini or Anthropic. They possess "infinite capacity" compared to other players, allowing them to route compute surplus between their own needs and their various customers. This massive cash flow and infrastructure flexibility make them a "win-win-win" in the current AI arms race. 4. Multi-year contracts don't matter. Deferred churn is still churn. Multi-year contracts are often a place where "mediocre" management hides to mask underlying business problems. While a customer might be locked into an eight-year cycle through standard upfront terms and renewals, they are essentially just taking that time to find a better enterprise solution. If a customer eventually leaves, the churn was merely deferred, and the terminal value of the company remains impacted. 5. What happens to the distributions from Manus? Do the investors have to give the money back? When a regulatory body like China attempts to "unwind" an acquisition like Meta's purchase of Manus, there is a near-zero chance that venture investors will return the capital already distributed. The real pressure point is on the acquiring corporation and the technology itself, rather than the VC funds. Such rulings are primarily designed to prevent similar deals from occurring in the future. 6. The two great wars that no one is talking about Two subtle but massive "battles" are currently unfolding: the US vs. China AI war and the resulting social dislocation. We are seeing a rise in "social unrest" expressed through billionaire taxes and penthouses taxes as layoffs from AI automation begin to impact the workforce. These themes of geopolitical competition and internal inequality will be the defining political stories of the decade. (links below)

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Fred Wilson
Fred Wilson@fredwilson·
I took a walk around the Union Square neighborhood a couple of Fridays ago with our new partner @mignano and we recorded it so everyone can listen to our conversation. We talked about the past, present, and future of startups, VC, and NYC.
Michael Mignano@mignano

Fred Wilson is one of the greatest VCs of all time. He is also my new partner at @USV and I'm lucky to say that. We've known each other for years, but becoming partners felt like a reason to get to know him even better. So a few weeks ago, we walked around Union Square and caught up about what @fredwilson has learned over nearly 40 years of VC, how AI may be making the profession obsolete, how to build an investment thesis, why he believes the Knicks will win the NBA title this year, and a few of his long held grudges. Here's a video of that conversation, set at Union Square, Madman Espresso, the USV office, and Leon's on Broadway. Chapters: 3:22 - That time Fred wrecked Mike on Twitter 6:01 - Pre-Internet VC in NYC 9:50 - Early Internet Investing and Raising for Flatiron Partners 11:59 - The Dot-com Crash Killed Fred’s First Firm 14:28 - Fred’s Grudge Against Coffee Shop 16:35 - How to Pick the Right Team at Right Time 18:28 - AVC blog, Gawker’s Nick Denton, TypePad.com 20:44 - Jim Kramer invented Tweeting 21:46 - Why Fred Bet on Twitter Early 23:39 - Building Agents on Claude Code and Tasklet 26:20 - Claude Mythos and Doomerism 27:27 - The Original USV Thesis 29:19 - Network Effects and Brad’s Thesis 31:29 - Coinbase: Thesis, Investment, Outcome 33:18 - Investing in Decentralized AI 34:59 - Open Source AI 36:55 - AI Kill Zone: Legal AI is Dead, Energy Investments 42:37 - USV Agents Will Replace Its Partners 47:00 - Are VC’s building themselves out of a job? 48:30 - Leon’s, NYC’s New Tech Watering Hole 50:52 - Generative Art 53:18 - SOLIENNE: AI Artist trained by Kristi Coronado 54:25 - What About AI Scares Fred 55:40 - Societal Backlash to AI 58:10 - Advice to Early Career VCs: There’s More Risk in Not Doing Deals 1:00:48 - Fred’s Biggest Regrets: Saying No Because of Price 1:04:17 - Fred’s Bold Prediction for the Knicks and the Mets

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Beezer Clarkson
Beezer Clarkson@Beezer232·
A masterclass in venture as told by Fred Wilson. 🙏 @mignano 👇
Michael Mignano@mignano

Fred Wilson is one of the greatest VCs of all time. He is also my new partner at @USV and I'm lucky to say that. We've known each other for years, but becoming partners felt like a reason to get to know him even better. So a few weeks ago, we walked around Union Square and caught up about what @fredwilson has learned over nearly 40 years of VC, how AI may be making the profession obsolete, how to build an investment thesis, why he believes the Knicks will win the NBA title this year, and a few of his long held grudges. Here's a video of that conversation, set at Union Square, Madman Espresso, the USV office, and Leon's on Broadway. Chapters: 3:22 - That time Fred wrecked Mike on Twitter 6:01 - Pre-Internet VC in NYC 9:50 - Early Internet Investing and Raising for Flatiron Partners 11:59 - The Dot-com Crash Killed Fred’s First Firm 14:28 - Fred’s Grudge Against Coffee Shop 16:35 - How to Pick the Right Team at Right Time 18:28 - AVC blog, Gawker’s Nick Denton, TypePad.com 20:44 - Jim Kramer invented Tweeting 21:46 - Why Fred Bet on Twitter Early 23:39 - Building Agents on Claude Code and Tasklet 26:20 - Claude Mythos and Doomerism 27:27 - The Original USV Thesis 29:19 - Network Effects and Brad’s Thesis 31:29 - Coinbase: Thesis, Investment, Outcome 33:18 - Investing in Decentralized AI 34:59 - Open Source AI 36:55 - AI Kill Zone: Legal AI is Dead, Energy Investments 42:37 - USV Agents Will Replace Its Partners 47:00 - Are VC’s building themselves out of a job? 48:30 - Leon’s, NYC’s New Tech Watering Hole 50:52 - Generative Art 53:18 - SOLIENNE: AI Artist trained by Kristi Coronado 54:25 - What About AI Scares Fred 55:40 - Societal Backlash to AI 58:10 - Advice to Early Career VCs: There’s More Risk in Not Doing Deals 1:00:48 - Fred’s Biggest Regrets: Saying No Because of Price 1:04:17 - Fred’s Bold Prediction for the Knicks and the Mets

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Rebecca Kaden
Rebecca Kaden@rebeccakaden·
A must listen by 2 of my favorites who I'm lucky to call partners (even though @mignano joined @usv 2 weeks ago and just published a podcast with a section called "USV agents will replace its partners...")
Michael Mignano@mignano

Fred Wilson is one of the greatest VCs of all time. He is also my new partner at @USV and I'm lucky to say that. We've known each other for years, but becoming partners felt like a reason to get to know him even better. So a few weeks ago, we walked around Union Square and caught up about what @fredwilson has learned over nearly 40 years of VC, how AI may be making the profession obsolete, how to build an investment thesis, why he believes the Knicks will win the NBA title this year, and a few of his long held grudges. Here's a video of that conversation, set at Union Square, Madman Espresso, the USV office, and Leon's on Broadway. Chapters: 3:22 - That time Fred wrecked Mike on Twitter 6:01 - Pre-Internet VC in NYC 9:50 - Early Internet Investing and Raising for Flatiron Partners 11:59 - The Dot-com Crash Killed Fred’s First Firm 14:28 - Fred’s Grudge Against Coffee Shop 16:35 - How to Pick the Right Team at Right Time 18:28 - AVC blog, Gawker’s Nick Denton, TypePad.com 20:44 - Jim Kramer invented Tweeting 21:46 - Why Fred Bet on Twitter Early 23:39 - Building Agents on Claude Code and Tasklet 26:20 - Claude Mythos and Doomerism 27:27 - The Original USV Thesis 29:19 - Network Effects and Brad’s Thesis 31:29 - Coinbase: Thesis, Investment, Outcome 33:18 - Investing in Decentralized AI 34:59 - Open Source AI 36:55 - AI Kill Zone: Legal AI is Dead, Energy Investments 42:37 - USV Agents Will Replace Its Partners 47:00 - Are VC’s building themselves out of a job? 48:30 - Leon’s, NYC’s New Tech Watering Hole 50:52 - Generative Art 53:18 - SOLIENNE: AI Artist trained by Kristi Coronado 54:25 - What About AI Scares Fred 55:40 - Societal Backlash to AI 58:10 - Advice to Early Career VCs: There’s More Risk in Not Doing Deals 1:00:48 - Fred’s Biggest Regrets: Saying No Because of Price 1:04:17 - Fred’s Bold Prediction for the Knicks and the Mets

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