OpenLP

📣Sharing an update: OpenLP is moving to LGT Capital Partners! OpenLP founders @Beezer232, @LauraLPThompson & @natewcl, along with other @SapphirePrtnrs fund investing team members Dan Clayton, Vittorio Reynoso-Avila & Anna Jacoby, will be joining LGT on April 15! OpenLP will continue under LGT, and you will still receive the OpenLP newsletter, as well as new episodes of the Origins Pod alongside co-host @nchirls. Stay tuned for more updates from LGT and OpenLP coming soon! Read more about the news here: lgtcp.com/lgt-capital-pa…

Fascinating convo - catch it here! youtube.com/watch?v=a2kz5A…

4/ A few of key takeaways: 🔹Excess capital may be eroding venture’s illiquidity premium 🔹“Everyone wants DPI” = nobody trusts the marks 🔹More partners + more AUM isn’t always a better VC model 🔹Venture could actually get very attractive again soon... what will it take?

🧵What happens when one of 🇺🇸's oldest institutions starts asking whether VC has too much money? On the latest Origins, Nicholas Csicsko (MD of Investments,Trinity Church Wall Street), joined @beezer232 & @Nchirls to talk liquidity & the disconnect btwn public & private mkts👇

2/ In this minisode, Beezer & Nick break down David’s data confirming VC consolidation, debate what comes next & dive into Beezer’s latest piece: “I See Dead VCs.” 00:33 Top Takeaways from David’s episode 02:01 Venture Contraction Data 04:17 Fund Survival Math 05:47 Seed Ecosystem Risk 07:35 What Gets You to Fund II 08:48 Building a Durable Firm 11:13 Traits of Long Run Managers Listen now & check out her article here: linkedin.com/pulse/i-see-de…

1/“If all you wanna do all day is spend your time investing… don’t start your own fund.”😮‍💨 As always, @daveclark85 came to Origins w venture data, fund math & a grounded LP reality check. He left a lot to unpack… so @nchirls & @Beezer232  kept rolling. youtube.com/watch?v=xuiqht…

6/ If you care about how venture returns are actually generated (and distributed), this episode is worth your time. As always, TY @daveclark85! 👏 youtube.com/watch?v=qtDPrg…

5/ One big shift: Late-stage private markets have quietly become the public markets for early-stage VCs. More liquidity. More secondaries. New playbook. On consolidation: Yes — capital is concentrating at the top. But David’s view is that it’s cyclical, not permanent.

🧵What actually drives venture returns at scale & can it still work today? @daveclark85, CIO of VenCap, joins Origins w @beezer232 & @nchirls to break down VC performance using decades of LP data + firsthand insight as an LP in franchise firms like @a16z 👇

Michael Larsen of Cambridge Associates has sat in on ~5,000 GP meetings & spent nearly 2 decades advising institutional investors & family offices. On @DWeisburd's How I Invest, he shared a few lessons from his experience for LPs building VC portfolios: • Venture decisions often take a decade or more to fully play out. Staying in the seat long enough to see outcomes builds real pattern recognition. • Allocation size matters more than perfect selection. Some of the best-performing family offices simply commit more to venture and private growth — a 40% allocation can outperform a smaller allocation with “perfect” manager selection. • Think in terms of firms, not just funds. When backing a GP, LPs should assume they’re entering a multi-fund relationship. • Great LP portfolios look generational. The strongest programs blend established managers, rising firms, & next-generation bets. 🎧 All this & more LP wisdom in the episode here: youtu.be/JMSo0m6767o?si…

Does portfolio size change risk tolerance? Research suggests more diversified GPs may take more risks because they can afford more misses. And always, research > speculation. Venture is full of “what we’re seeing…” but in the latest Origins episode, @credistick reminds us to turn to data for evidence, not anecdotes. @Beezer232 & @NChirls reconvened for a minisode to unpack Dan’s research on fundraising & LP behavior. 🎧 A quick ~12 min listen here or whenever you get your podcasts! 👇 youtu.be/GVdDTu7QYY0?si…

@JCassidyHogan Agreed 🙌

The LP's job is to allocate to managers who will still be managing money in Fund IV and beyond. The GP's job in fundraising is to make that case credibly - not just "I'm good" but "here's why this fund has durable structural advantages that compound over time." Most FTFs don't answer that question.

40–70% of total venture gains over the last decade were generated by new & emerging managers, according to Cambridge Associates. And yet 2025 marked the first net decline in active VC firms since the dotcom era, as capital continues consolidating around established brands. So why do Funds I–IV continue to show up disproportionately among top performers by vintage year?

For more insights from Dan listen to the latest episode of Origins with @Beezer232 where they unpack what’s happening beneath the surface in venture right now: youtu.be/YBd65oN5RL4?si…

@credistick synthesized data from Cambridge Associates, @PitchBook, Greenspring Associates, & @SapphirePrtnrs in his latest piece, Too Big to Succeed, making a clear case: emerging managers remain one of the most overlooked opportunities in venture capital. While LP capital gravitates toward scale & brand, much of the alpha continues to be generated outside of it. 🔗 Read why Dan believes emerging managers might outperform their established peers: blog.joinodin.com/p/venture-capi…