This month in OpenLP: why fund math is breaking down, how UCLA allocates to private equity, modeling DPI at Precursor, Carta’s performance benchmarks, and LP relationship playbooks that work.

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OpenLP Newsletter from Sapphire Partners
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JULY 2025

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LP & GP Voices

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PODCAST

VC Charles Hudson on the New LP Timeline

What would your DPI look like if you exited every position at Series A, B, or C?
Charles Hudson, Founder and Managing Partner of Precursor Ventures, has run the numbers and shares how that modeling is shaping Precursor’s strategy. On StrictlyVC Download, Charles joins hosts Connie Loizos and Alex Gove to talk about the shifting dynamics in early-stage venture.

Charles Hudson
StrictlyVC
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ARTICLE

How to Boost Engagement: Proven LP Relationship Building Techniques

David Zhou shares the real-world practices he has learned about building durable LP relationships. He offers a hands-on guide to co-creation, memory retention (Ebbinghaus Curve!), and the art of 11-star experiences. Less theory, more practical IR playbook.

David Zhou
Cup of Zhou
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LINKEDIN

How Long Until LPs See DPI?

Venture capital is a long-term game, and recent data confirms average isn't nearly good enough. Peter Walker, Head of Insights at Carta shares the latest data showing that even funds from the 2011-2014 vintages, now more than a decade old, are struggling to reach 1x DPI. See Carta’s full fund performance analysis, DPI, IRR, TVPI + more: 

Peter Walker
LinkedIn
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PODCAST

Venture Capital is DEAD! 

A fresh format from one of our favorite contributors, David Zhou, is bringing you El Pack—a new series where GPs call in with questions they’d normally ask their LPAC, but instead, they’re answered by LPs like Chris Douvos, Ahoy Capital's founder. The debut episode covers how to stay top of mind between fundraises,
why every update needs “thump value”, the case for radical honesty in quarterly letters, and much more.

David Zhou, Chris Douvos
Superclusters
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PODCAST

How UCLA's Endowment Wins in Private Equity

Michael Marvelli leads the private markets strategy at the UCLA Investment Company, managing a portfolio that spans private equity, real estate, and real assets. In this episode of How I Invest with David Weisburd, they talk about how UCLA builds conviction in lower-middle-market GPs, how they manage dry powder and fund pacing, and what it was like spinning out UCLA’s investment office into an independent entity.

David Weisburd, Michael Marvelli
How I Invest
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Merchant Banks: Venture’s Next Act with Will Manidis

Franchise Funds Episode

Before he sold his company to Veradigm, Will Manidis’s Science.io developed an AI model that allowed doctors to translate mountains of medical documents into usable data to improve patient outcomes. Today Will is the SVP of AI at Veradigm, and he sits down with Nick and Beezer to discuss how AI is impacting healthcare, how we can develop health systems with better outcomes, and what the future of venture might look like when compared to traditional merchant banking.

Spotify Youtube Apple
Spotify

Minisode: Are Major Incumbents Finally at Risk in the Age of AI?

Beezer & Nick Will Manidis minisode

Origins hosts Nick Chirls and Beezer Clarkson dig into their recent conversation with Will Manidis, SVP at Veradigm AI. They discuss the risks AI introduces to tech incumbents, and its potential to reshape both the healthcare system and improve patient outcomes.

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VC Deep Dives

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REPORT

Q2 2025 NVCA Venture Monitor

Q2 2025 brought more IPO delays and macro-driven volatility, but secondaries are stepping into the spotlight. With $60B in US direct secondary volume, they’re no longer just a fallback, but a core strategy for liquidity in a slow-exit environment. The latest PitchBook-NVCA Venture Monitor breaks it down.

PitchBook, NVCA
PitchBook
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Featuring Sapphire Partners

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NEWSLETTER

Fund Math for Dummies

Rex Woodbury examines why venture fund performance often falls short of expectations, arguing that many firms are misaligned with the underlying math required to generate true venture-scale returns. Drawing on Laura Thompson of Sapphire Partners’ reserve strategy analysis, he illustrates how portfolio construction, ownership, and capital allocation (not just company selection) ultimately drive outcomes.

Rex Woodbury
Substack
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What We're Reading This Month

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ARTICLE

AI Talent Frenzy Is a Mixed Bag for VCs

The AI talent race is producing fast returns for some VCs and LPs, but not always for the right reasons. In WSJ Pro, Yuliya Chernova looks at how early founder departures and talent-driven acquisitions are creating outcomes that often favor teams over shareholders, challenging traditional venture alignment.

The Wall Street Journal
The Wall Street Journal
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Windsurf Whiplash: Inside 96-hours of Frantic AI Dealmaking

The race for AI talent is heating up. Google, Amazon, Microsoft, and Meta are striking aggressive deals to secure top AI minds. Read more about how these tech giants are reshaping the industry.

The Information
The Information
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European VC Returns Outpace US, but Market Momentum Lies Across the Pond

European venture funds outpaced the US through much of the VC downturn, buoyed by earlier-stage focus, lower valuations, and steadier exit activity. But according to PitchBook’s Q2 2025 report, that edge may be fading as US dealmaking and liquidity rebound—potentially reversing the recent IRR gap.

PitchBook
PitchBook
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Help Us Improve the OpenLP Newsletter

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Thanks for reading OpenLP! We’d love your input to help shape future editions. What’s working well? What’s missing? Your feedback will help us make this newsletter more relevant and insightful for the LP and venture community.

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OpenLP is a resource from 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.

OPENLP CO-FOUNDED BY:

Beezer Clarkson
Laura Thompson
Nate Leung
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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.