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Origins - Inside Venture Capital, Hosted by a GP and an LP
Minisode: Franchise Funds: Why do LPs & Founders Care?
Dec 17, 2024
Laura Thompson, Partner at Sapphire Partners and a vet in venture capital, joins Beezer Clarkson to dissect what makes franchise funds tick. They explore the differences in franchise hallmarks between GPs and LPs, and ponder whether consistency in performance really suffices. Parallels with sports franchises illustrate branding's critical role. The duo also examines how access to top founders can translate into superior returns and the intricate dynamics of managing talent and fees. It's a deep dive into strategic thinking in venture capital!
17:20
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Quick takeaways
- Franchise funds must not only deliver high returns but also consistently attract top founders and adapt strategically to market changes.
- The internal dynamics and team culture within a fund are crucial for maintaining franchise status and ensuring sustainable performance over time.
Deep dives
Defining Franchise Funds
Franchise funds are characterized by certain key indicators that determine their status in the venture capital landscape. An exceptional fund performance, often associated with high returns, is a starting criterion; however, mere success isn't enough to retain franchise status. Successful funds must continue to attract top founders and maintain their relevance in the market, which requires ongoing strategic execution and market adaptation. Understanding the distinct roles that franchise funds play for entrepreneurs, general partners, and limited partners is essential for grasping their significance in the venture ecosystem.
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