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.
Key Points
- Emerging managers transitioning from Fund 1 to Fund 4 have only a 17% graduation rate, highlighting the challenges in establishing long-term success in venture capital.
- Sapphire Partners' new $1.4 billion emerging managers investment program with CalSTRS will focus on early-stage venture capital in the US, diverging from CalSTRS' historical focus that included private equity and healthcare.
- The importance of understanding and managing team dynamics is critical for the longevity and success of venture funds, as internal team changes can significantly impact a fund's ability to progress beyond initial funding stages.
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Transcript
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