Origins - Inside Venture Capital, Hosted by a GP and an LP Franchise Funds: Becoming (and Remaining) One with Stephen Bluestein
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Dec 10, 2024 Stephen Bluestein, a partner at Adams Street Partners with a rich history in venture capital, shares insights with LP Beezer Clarkson. They explore what defines a franchise fund and the intricate process of achieving that status. Topics include the essential performance metrics needed to qualify as a franchise and the necessary adaptability for ongoing success. Bluestein emphasizes the importance of intentionality and maintaining a strong brand. This conversation is a treasure trove for anyone looking to understand the nuances of venture capital.
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Franchise Fund Definition
- A franchise fund has a strong brand and a clear playbook for success.
- This allows for easier integration of new talent and sustained growth.
Different Franchise Models
- Different franchise models exist, like Bessemer's internal talent growth and Benchmark's lateral hiring.
- Key is a clear playbook and attracting and retaining top talent.
Succession and Franchise Timing
- Reaching "franchise" status often involves navigating a generational transition within the firm.
- This typically occurs around fund five to fund seven, depending on the firm's lifecycle.