10X Capital Podcast
The 10X Capital podcast interviews the world's premier institutional investors to deliver insights on how they manage their capital. Interview topics include investment decision frameworks, capital allocation strategies, GP/LP relationships and many more.
E16: Beezer Clarkson on her new $1.4B Emerging Manager Fund with CalSTRS
Elizabeth "Beezer" Clarkson, Partner at Sapphire Partners, discusses how their new partnership with CalSTRS will allow them to expand their ability to support the next generation of VC managers – all while continuing to focus on investing in the established. We’re proudly sponsored by Tactyc, visit tactyc.io if you’re ready to level up your venture fund.
Key Points
- Emerging managers historically have a 17% graduation rate from Fund 1 to Fund 4 and only a slightly higher rate of matriculation onto Fund 8, indicating the challenges in sustaining venture capital funds over multiple iterations.
- The new $1.4 billion emerging managers investment program with CalSTRS will focus on early-stage venture capital in the U.S., specifically targeting emerging managers, whereas historically, the program also included private equity.
- LPs often prefer to invest in established funds from Fund 4 onwards due to the perceived lower risk associated with proven track records, experienced teams, and larger fund sizes.
Chapters
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Transcript
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