January 2025

The latest perspectives from #OpenLP, a resource for the venture community to hear from a diverse group of LP and GP voices.

LP & GP Voices

A VC Firm Can Be Either a Partnership or a Collection of Partners

By Hunter Walk

CalPERS CEO Marcie Frost on the Future of the $500B Pension Fund

Hosted by David Weisburd

Marcie Frost, CEO of CalPERS, joins How I Invest to share her journey from public service to managing the largest U.S. public pension fund. She discusses governance challenges, integrating climate risks, and fostering a culture of trust. 

Venture Capital in 2025: 11 Predictions I Think are Happening

By Samir Kaji

Samir Kaji outlines key trends shaping VC in 2025, from the lasting impact of the 2021 bubble to the rise of VC secondaries and private equity’s growing influence. He predicts a bifurcation in micro-VC, increased alternative capital sources, and a revival of the IPO market. 

Predictions for 2025 that are NOT about AI

By Rick Zullo

Rick Zullo explores five under-the-radar predictions for 2025, from a potential stock market correction and increased VC defections to a record number of funds shutting down. While none of these are certainties, Zullo highlights why investors should prepare for unexpected shifts in the year ahead.

From the Creators of OpenLP

Franchise Funds: Metrics to Be Extraordinary with Jessica Archibald

Hosted by Beezer Clarkson 

Minisode: Franchise Funds: Grading Performance

Hosted by Beezer Clarkson & Laura Thompson

Beezer sits down with her colleague Laura Thompson, fellow LP and Partner at Sapphire Partners, to unpack her recent conversation with Jessica Archibald, exploring her analytical approach to defining a franchise, the only real way to handle succession, and how transparency shapes performance culture. 

Startup Funding Regained its Footing in 2024 As AI Became the Star of the Show

By Gené Teare

Global venture funding rose to $314 billion in 2024, with AI driving nearly a third of all investment. Late-stage deals surged in Q4, while early-stage remained steady and seed funding lagged. Beezer Clarkson weighed in on how an IPO market recovery in 2025 could unlock more capital for venture.

The Crystal Ball: VCs, Entrepreneurs & Tech Executives on What Lies Ahead in 2025

By Allie Garfinkle

Global venture funding rose to $314 billion in 2024, with AI driving nearly a third of all investment. Late-stage deals surged in Q4, while early-stage remained steady and seed funding lagged. Beezer Clarkson weighed in on how an IPO market recovery in 2025 could unlock more capital for venture.

VC Deep Dives

Is/Isn’t the Number of Venture Funds Shrinking?

By StepStone Group

Is or isn’t the number of active venture funds shrinking, and what is the fate of emerging managers? While the odds can be daunting, the best managers prove that adaptability through various market cycles and a keen understanding of power law is key to longevity and success.

The Ops & Costs of Running a First Fund

By Carmen Alfonso Rico

Carmen Alfonso Rico shares a candid breakdown of what it takes to run a $20M first-time fund. Carmen’s transparency sheds light on the balance between fund size, management fees, and keeping the wheels turning.

What We're Reading This Month

Silicon Valley Leaders from Sam Altman to Satya Nadella React to their New Rival DeepSeek

By Katherine Li & Lakshmi Varanasi 

Just days after DeepSeek launched, the app dethroned ChatGPT with the most downloads on Apple's Top Free Apps chart, rivaling systems by OpenAI, Google, and Meta despite being developed at what the startup said was a fraction of the cost. Business leaders are reacting to DeepSeek's rise, which sent US tech stocks tumbling.

Here’s What President Trump’s Initial Actions Could Mean for VCs

By Michael Bodley

Several of the 200+ executive actions President Trump enacted this week could impact venture capital. A popular belief among VCs is that Trump’s pro-business approach is also good for their business. But they’re also cautioning that his time in office could impact sectors differently. And key policy details remain under wraps.

OpenLP is supported by Sapphire Partners.

Launched in 2012, Sapphire Partners is a Limited Partner seeking to invest in elite early-stage venture capital funds, across the U.S., Europe, and Israel.

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