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
The 4 P’s to Evaluate GPs with Charlotte Zhang
Hosted by David Zhou
How can LPs separate good GPs from the truly exceptional? Charlotte Zhang, Director of Investments at Inatai Foundation, shares a structured approach with her 4 P's framework: people, process, portfolio and performance.
How should LPs think about VC fund size? Venture is not a one-size-fits-all industry. As Samir Kaji explains, fund size isn't just about "big vs. small"—each tier represents a distinct strategy with unique risk-return dynamics.
Invest Decisively in Seed VC: Why 2025 Is the Year to Act
By Adam Marchick
The top 30 VC firms raised 75% of all venture capital in 2024. With a historic level of capital concentrated in large, multi-stage funds, is now the time for LPs to rebalance portfolios and lean into seed? Adam Marchick (Akkadian Ventures) makes the case for investing decisively in seed VC in 2025—before it’s too late.
What if the Current Tech IPO Drought Isn't a Drought but the New Normal for Venture?
By Charles Hudson
Many in the venture business have described the recent slowdown in IPO activity as more of a blip than a fundamental change in our industry. What if the IPO drought is not so much a drought as a reset to a new, lower volume of IPOs going forward?
DeepSeek, Deep Research & 2025 Predictions with Sarah & Elad
Hosted by Sarah Guo & Elad Gil
In the 100th episode of No Priors, Sarah and Elad dive into the biggest AI stories of 2025, breaking down DeepSeek—truth vs. hype, the rapid consumer adoption, and the real cost of training the models. They debate model commoditization and the value of being a frontier model provider vs. building on existing work.
Revisiting Power Law VC Performance with David Clark
Hosted by Beezer Clarkson & Nick Chirls
Nick and Beezer dive into David Clark’s (VenCap) nearly four decades of experience in investing in some of the most established VC funds across the US, Europe, China and India. David shares historical figures on where to find performance in venture and his findings from an uncovered 30 year trove of data from 400+ funds with 15,000+ underlying portfolio companies.
Bridging Perspectives: Investment Process Lessons for Both Managers & LPs
By Dan Clayton
Great investments don’t happen by accident—they happen by process. Dan Clayton of Sapphire Partners breaks down the investment process lessons every LP and GP should consider. The best ones? They aren’t just about picking winners—they’re about eliminating bias, embracing dissent, and consistently making smarter decisions.
History doesn’t always repeat, but in venture, it certainly moves in cycles. So why are so many investors short on recognizing these patterns? Understanding history helps keep managers level-headed and strategic. Beezer sat down with Kyle Harrison, GP at Contrary, to break down key lessons for LPs, VCs, and founders navigating today’s market.
How GPs Are Closing LPs in 2025: Beezer Clarkson on What’s Working (& What’s Not) in a Brutal Fundraising Market
By Adam Metz
The VC landscape's shifted and LPs are playing defense. From DPI pressures to the rise of spinout managers, Beezer breaks down the new rules of fundraising—and how fund managers can adapt, fast.
AI reached an all-time high in VC investment in Q4, blowing past the previous record set in late 2021—but that does not mean smooth sailing. PitchBook pulls the curtain back on a blockbuster quarter for VC’s hottest vertical, highlighting the handful of megadeals behind the record funding and the disruptions already shaking the sector in 2025.
Can AI Predict the Next Big IPO? Crunchbase Thinks So.
By Belle Lin
Crunchbase, the firm best known for its startup financing data, is using AI to predict when startups will raise funding, get acquired or hit the public markets. But in an era where chatbots are taking over traditional web and data searches, its biggest challenge is predicting its own future.
The Unicorn Boom is Over & Startups are Getting Desperate
By Katie Roof
There are a record 1,200 venture-backed unicorns that have yet to go public or get acquired, according to CB Insights. Startups in later stages are in a particularly difficult position, because they generally need more money to operate—and the investors who’d write checks at $1B+ valuations have gotten more selective.
The New Venture Playbook: The Data Every Founder Needs To Know
By Kyle Westaway
The VC landscape in 2024 showed signs of recovery from the 2023 downturn, but remained significantly below the peak levels of 2021. Peter Walker, Head of Insights at Carta, reveals that total VC funding increased from $75B in 2023 to $83B in 2024 – a modest improvement that suggests a gradual return to pre-pandemic startup funding levels.
Nothing presented within this article is intended to constitute investment advice, and under no circumstances should any information provided herein be used or considered as an offer to sell or a solicitation of an offer to buy an interest in any investment fund managed by Sapphire Ventures, LLC (“Sapphire”). Information provided reflects Sapphires’ views as of a time, whereby such views are subject to change at any point and Sapphire shall not be obligated to provide notice of any change. No assumptions should be made that any investment listed above were or will be profitable. Various content and views contained within this article represent those of third party guests, which do not necessarily reflect the views of Sapphire. Such views are subject to change at any point and do not in any way represent official statements by Sapphire.Due to various risks and uncertainties, actual events, results or the actual experience may differ materially from those reflected or contemplated in any statement made. Nothing contained in this article may be relied upon as a guarantee or assurance as to the future success of any particular company. Past performance is not indicative of future results.
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