Stephen Bluestein has had an impressive career in Venture, beginning at Bessemer Venture Partners before moving to TCV, Light Street Capital, and the David and Lucille Packard Foundation, before landing in his current role as a partner in the primary investment team at Adam Street Partners. He sits down with Beezer Clarkson, LP at Sapphire Partners to discuss what makes a fund a franchise. They discuss the importance of building and maintaining a brand that stands for something in the market, making investments that are consistent with your philosophy, and together they zero in on the tipping point when a fund can be officially considered a franchise.

Learn more about Sapphire Partners: sapphireventures.com/sapphire-partners

Learn more about OpenLP: openlp.vc

Learn more about Asylum Ventures: asylum.vc

Learn more about Adams Street Partners: adamsstreetpartners.com

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CHAPTERS:

0:00-Welcome to Origins2:15-Digging into Franchise Funds: Stephen’s Background

6:48-What Defines a Franchise?

15:30-How Long Does it Take to Become a Franchise?

21:06-The Minimum Viable Performance Metric to be Considered a Franchise

27:13-Pivoting From One Exceptional Fund into a Franchise

33:21-How to Inculcate Exceptionality

39:55-Diligencing Franchise Funds

45:28-“Know Thyself”: A Message for Aspiring Franchise Funds

Franchise Funds: Becoming (and Remaining) One with Stephen Bluestein

Origins - Inside Venture Capital, Hosted by a GP and an LP