Which LPs Are Pulling Back and Why

Dan Gray is a prolific thinker, writer and researcher in the VC world, who describes himself as best known for  “long walls of text on Twitter about the venture industry.” Now the Research Lead at Odin, he sits down with Nick Chirls,  Partner at Asylum Ventures, and Beezer Clarkson, Partner at Sapphire Partners, to discuss the bifurcation of VC, the different types of risk in venture, and the role geography plays in investing. He also unpacks a survey he recently conducted that dives deep into how early-stage VC is faring in a challenging year.

Learn more about Sapphire Partners: sapphireventures.com/sapphire-partners

Learn more about OpenLP: openlp.vc

Learn more about Asylum Ventures: asylum.vc

Learn more about Odin: joinodin.com

Read Dan’s Writing on VC: credistick.com

Read the Results of Dan’s Survey: credistick.com/lp-2025

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CHAPTERS:0:00 Welcome to Origins2:16 Unpacking the Early-Stage VC Survey12:27 Who’s Participating Where and When?15:30 The Importance of GP Branding22:19 Dan’s Advice to Early Managers29:47 What the New Normal Looks Like32:20 How Can Smaller Firms Compete?40:34 What Does This Mean for 2026?

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