Thomas Kristensen, Partner at LGT Capital Partners, has decades of experience backing the top players in venture, but as an LP, doesn’t love the term "franchise fund.” He sits down with Bezer Clarkson,  Partner at Sapphire Partners, to discuss why GPs can’t rest on their laurels, that being a franchise shouldn’t be every VC’s ultimate goal, and how LPs can dig deep to find firms with a great founder product– and avoid ones that may look like franchises but could have already peaked. The two also share their predictions for 2025 exits and why they think a lot of founders don’t want to be public company CEOs.Learn more about Sapphire Partners: ⁠⁠⁠⁠https://sapphireventures.com/sapphire-partners⁠⁠⁠⁠Learn more about OpenLP: ⁠⁠⁠⁠https://openlp.vc⁠⁠⁠⁠Learn more about Asylum Ventures: ⁠⁠⁠⁠https://asylum.vc⁠⁠⁠Learn more about LGT Capital Partners: https://lgtcp.comFor a monthly roundup of the latest venture insights, including the newest Origins episodes, subscribe to the OpenLP newsletter – delivered straight to your inbox: https://subscribe.openlp.vcCHAPTERS:(0:00) Welcome to Origins(2:00) Are Franchise Funds Really Franchises?(7:49) What Counts As Performance?(12:03) How GPs Create (And Spend) Goodwill(15:45) A Consistent Founder Product(19:35) “There’s Plenty of Good Firms Out There That I Wouldn’t Necessarily Call Franchise Firms.”(27:08) Franchise Funds and Succession(35:43) Resting On Your Laurels(39:17) “A More Critical Year In Venture Than We Want It to Be.”