Capital Allocators – Inside the Institutional Investment Industry

Venture Capital Panel – Beezer Clarkson, Chris Douvos, and Joelle Kayden (Capital Allocators, EP.299)

Feb 27, 2023

Beezer Clarkson, a respected investor at Sapphire Ventures, Chris Douvos of Ahoy Capital, and Joelle Kayden from Accolade Partners dive into the current state of venture capital. They explore the challenges facing venture capitalists post-market selloff, discuss funding discipline, and the impact of fresh entrants on strategies. The trio also highlights future opportunities, especially in the blockchain sector, and shares insights on navigating seed stage valuations and the importance of seasoned management in these turbulent times.

54:45

Creator website

Episode guests

Joelle Kayden

Chris Douvos

Beezer Clarkson

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Maintaining consistent deployment and managing re-ups with fund managers are major challenges for allocators in venture capital.

The current market downturn highlights the importance of active portfolio management, liquidity, and smart investment decisions in venture capital.

Early-stage investments, grounded in authenticity and managed effectively, hold promise in the venture capital landscape.

Deep dives

Shift in Venture Capital Landscape

The podcast episode discusses the changing landscape of the venture capital industry. Historically, venture capital saw a surge in growth and popularity, driven by accommodative Fed policy and the rise of entrepreneur-friendly investment opportunities. However, the market has become increasingly crowded, with a proliferation of funds and a focus on larger fund sizes. This has led to challenges for allocators in terms of maintaining consistent deployment and managing re-ups with fund managers. The current environment calls for more discipline in re-underwriting existing managers and being selective with new fund commitments. The episode also highlights the potential for LP churn and a shift in the makeup of the LP base, with a greater focus on established managers and a flight to quality.

Intro

4min

The Evolution and Turning Point of Venture Capital

2min

Navigating Venture Capital Challenges

20min

Navigating Venture Capital Dynamics

4min

Navigating Seed Stage Valuations

14min

Navigating Early-Stage Venture Capital

11min

Expression and Insight in Venture Capital Challenges

2min

Beezer Clarkson, Chris Douvos, and Joelle Kayden are three of the most respected investors in venture capital funds, manning their forts at Sapphire Ventures, Ahoy Capital, and Accolade Partners, respectively. Each is a past guest on the show and we’re replayed those conversations in the feed.

In a far more challenging environment after last year’s public market growth selloff and tightening of purse strings in private markets, we convened to discuss the state of the venture capital industry. Our conversation covers what got us here, re-up and new fund decisions facing allocators, challenges for venture capitalists and their portfolio companies, funding discipline across stages, dry powder, tourists exiting the game, and valuations. We discuss the potential winners and losers coming out of this trough and close with exciting opportunities and a current perspective on the blockchain.

For full show notes, visit the episode webpage here.

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