In this episode of The Data Minute, Peter is joined by Beezer Clarkson, Partner at Sapphire Ventures and co-host of the acclaimed Origins podcast, for a candid, rapid-fire look inside the minds of LPs, the realities of fundraising, and why venture isn't broken, but is being reshaped.They cover the biggest questions emerging managers are asking right now: How do you stand out in a market filled with sameness? Do mega-funds really distort early-stage deals? And how should GPs talk to LPs about secondaries, exits, and… failure? Beezer also dives into how newer GPs are using content, transparency, and AI tools to differentiate, and why Sapphire has taken a public voice when so many LPs have stayed quiet.If you’ve ever asked “What do LPs really care about?” or “How can I build enduring conviction with institutional investors?” — this episode has the answers.Subscribe to Carta’s weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/Chapters:01:14 – Are mega-funds distorting early-stage VC?03:38 – Why nimble managers can win the best early deals05:04 – The myth of aiming for a “base hit” in venture06:57 – Will the best founders always land at the biggest funds?08:08 – Repeat founders vs first-timers in the AI age08:55 – Why Sapphire is still bullish on emerging managers09:28 – How LPs think about adding a new GP to their portfolio11:04 – Relationship inertia: it’s not just about the numbers12:14 – The real reasons LPs don’t shift allocations more13:36 – Why reporting is fundamentally harder in venture14:03 – Hidden strengths of today’s emerging managers15:03 – Better reporting formats: from Notion pages to CEO videos16:24 – Reimagining the Annual General Meeting (AGM)18:18 – The risk of communicating only in failures19:53 – Self-regulating GPs: what long-term LPs really look for21:20 – Learning from anti-portfolio decisions23:49 – Qualitative qualities LPs remember: insight and differentiation25:33 – Generalist funds in an AI-driven market26:22 – How pattern recognition drives better decision-making28:15 – Scouting, accelerators, and thoughtful experimentation29:07 – Why it’s gotten harder to stand out as a new manager30:17 – The liquidity crisis: is this the worst it's ever been?32:14 – Normalizing secondaries: opportunity or stigma?33:34 – Why secondaries are often still so uncomfortable36:52 – Founder secondaries and aligning incentives38:20 – Term sheet innovation and collaborative norm-setting39:39 – Is venture broken? Or just economically challenged?41:51 – The core issue: it’s not innovation—it’s liquidity42:43 – Why funding pathways must evolve for the long private cycle44:45 – What does professionalized venture look like post-2021?45:58 – What LPs can learn from participating in content47:12 – The unexpected upside of LP-led thought leadership49:16 – Content as a learning engine: why Sapphire shares publicly51:21 – Motivation, value, and the Origins podcast origin story52:31 – What going “above and beyond” looks like for today’s GPsThis presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2025 eShares, Inc., dba Carta, Inc. All rights reserved.

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