Origins is a podcast about Limited Partners, the firms and institutions that invest in venture capital funds. Through a series of interviews, we explore what has historically been an opaque corner of the startup ecosystem and learn how the people behind the capital make decisions. This podcast was created by Nick Chirls of Notation and co-hosted with Beezer Clarkson of Sapphire Partners.
Power Law VC Performance with David Clark (VenCap)
In the last Origins episode of the year, Nick Chirls (Notation Capital) and Beezer Clarkson (Sapphire Partners) host David Clark, Investment Director at VenCap International plc.
With nearly four decades of experience in investing, David has backed some of the most established VC funds across the US, Europe, China and India and shares historical figures on where to find performance in venture. David recently uncovered 30 years of data from 400+ funds with 15,000+ underlying portfolio companies and found that 50% of VC investments don’t actually return capital. So how does an LP unlock performance and find the enduring managers?
Three individuals with three unique strategies - Nick (emerging manager), David (LP investing in established), and Beezer (LP investing in emerging & established) – find out how their models differ, where perspectives intersect and what David’s return data shows.
David on TVPI vs DPI: https://twitter.com/daveclark85/status/1729188482919383202?s=20
David on power laws: https://twitter.com/daveclark85/status/1693976973079462366?s=20
Q4 Market Predictions w/ Ed Sim (Boldstart) & Seyonne Kang (StepStone)
In this episode of Origins, Nicholas Chirls (Notation) and Beezer Clarkson (Sapphire Partners) host Ed Sim, founder of Boldstart and Seyonne Kang, Partner at StepStone.
Ed is the founder of boldstart ventures, a day-one partner and true believer for developer first, enterprise infra, & SaaS founders. He is currently a board member/observer of Snyk, Blockdaemon, Kustomer (sold to Meta), BigID, Protect AI, Env0, among many others.
Seyonne is a member of the private equity team, focusing on venture capital and growth equity investments. Prior to StepStone, she was a partner with Greenspring Associates, a venture capital and growth equity investment firm that merged with StepStone in 2021.
We cover a wide range of topics, including our predictions for Q4 fundraising, when the market will bottom (if it hasn't already), what happens to multi-stage firms, AI (and other) hype cycles, and how VCs can and should think about liquidity in a market like this. Enjoy!
Links to articles discussed:
Best startup locations in the US
Raise Less, Build More
Navigating difficult markets w/ Adam Valkin, General Catalyst
Beezer Clarkson of Sapphire Partners and Nick Chirls of Notation host Adam Valkin, Managing Director of General Catalyst at their NYC office.
Adam Valkin is a Managing Director at General Catalyst. Adam leads the firm's global early-stage practice and co-led its international expansion. He has been at GC for over ten years after joining the firm from Accel London. He has a uniquely global perspective on venture and entrepreneurship and has experience as both an operator and investor.
In this episode, we cover a variety of topics, including how founders and VCs can navigate difficult moments faced in 2023, how he approaches investing, firm building, and partnering with founders, and why perhaps the current market is not as bad as many have feared. There was a wealth of wisdom in this episode, and many thanks to Adam for agreeing to do his first pod with us.
The family office episode - Nick & Beezer co-host Melissa Lucas, Your OCIO
Melissa Lucas currently serves as the CIO for the investment vehicles of two extended families. She has decades of experience handling the unique investment needs of extended families, and investing across asset classes from venture capital to credit to equities. Prior to her work for families, she spent nearly a decade working at several subsidiaries of The Capital Group – first, as an investment analyst of, and later, as an investor in, the healthcare and chemical industries.
In this episode we dive into topics such as where venture fits into her portfolios, the current state of the market across asset classes, how she finds new managers, and how to think about and consider family offices as LPs.
Deep Dive on Series A - Nick & Beezer co-host Beth Ferreira, Firstmark
Origins is a podcast about the VC and LP ecosystem, co-hosted by Nick Chirls of Notation and Beezer Clarkson of Sapphire Partners. We're joined by our guest Beth Ferreira, a Partner at FirstMark focused on seed and Series A investing in a broad range of consumer companies, including next-generation commerce, consumer tech, and mobile startups. Prior to FirstMark, Beth was the Managing Partner of WME Ventures, was Chief Operating Officer at Fab and ran operations in the early days of Etsy.
In this episode, we do a deep dive on the current state of the series A market, including what founders need to prove between seed and A for Firstmark to gain conviction, valuation compression, how to think about the tradeoffs between growth and efficiency, and why Firstmark is as excited as ever to continue leading seed and Series A rounds, even in a difficult environment.
LP Market Perspective - Nick & Beezer co-host Atul Rustgi, Accolade Partners
Origins is a podcast about the VC and LP ecosystem, co-hosted by Nick Chirls of Notation and Beezer Clarkson of Sapphire Partners. In this episode, we are joined by Atul Rustgi, managing partner of Accolade Partners, a top-performing venture capital, growth equity, and blockchain fund of funds. Prior to joining Accolade in 2007, Atul worked at McKinsey & Co., a leading strategy consulting firm, where he advised senior management on issues of strategy, organization, technology and operations. Before McKinsey, Atul worked at the Robin Hood Foundation, a venture philanthropy that funds and supports innovative poverty-fighting organizations in New York City. Atul holds an M.B.A. from Harvard Business School and a B.B.A. from the University of Michigan.
Extremely well done and in depth conversations
I learn something new about this business every time I listen. Thanks to the Notation folks for doing these and sharing them with the rest of us.
Great show but one request for the interviewer
Great interviews, well done. Guests are awesome. One request for the interviewer. Please stay silent when the guest is speaking - no “yep”s, no “got it”s, no “right”s. Just listen. Also, don’t interrupt the speaker. Let them finish their thoughts.
Business Money Magic
Alex, Nick, and their incredibly knowledgeable guests make funding fun! You’ll find actionable advice and tangible tips that are relative to any stage of your business, as well as the inspiration and insight that's missing from a lot of funding/business shows. Thanks so much for putting out such a spectacular show guys - keep up the great work!