Origins host Beezer Clarkson sits down with her colleague Laura Thompson, fellow LP and Partner at Sapphire Partners, to riff on her recent conversation with Thomas Kristensen, Partner at LGT Capital Partners. Together they discuss 2025’s sluggish exit market, and whether or not that’s a sign that venture is broken. They also discuss the importance of reinventing yourself to stay current with the market - even though LPs don’t love big changes - and if emerging managers can use founder product connectivity to their advantage.

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 Top Tier Capital Partners: ttcp.com

Learn more about LGT Capital Partners: lgtcp.com

Subscribe to the OpenLP newsletter for a monthly roundup of the latest venture insights, including the newest Origins episodes, delivered straight to your inbox.

CHAPTERS:

(0:00) Welcome to Origins

(1:20) Aren’t We Supposed to Be Investing In Companies That Want to Go Public?

(4:33) Difficulties of Maintaining a Franchise

(6:24) ”There’s Gonna Be Some Really Difficult Vintages”

(7:22) Being Paranoid to Be a Great Investor

(10:33) Reintegrating AI

Minisode: Franchise Funds: Is Venture Broken?

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