Origins: Inside Venture Capital · 2026-04-15 · 54 min
What does patience look like today when the best companies take 10 - 15 years to exit, and is it still worth it to wait that long? Today’s episode of Origins dives into one of the most pressing questions in today’s market: how to balance long-term conviction with the need for liquidity. David Clark, CIO of VenCap and a three-decade veteran of institutional venture investing, returns to the show to bring his rare LP perspective shaped by backing some of the most established venture franchises in the industry. Known for a data-first approach, David offers insight into how top-tier firms consistently generate returns, and how those dynamics evolve as fund sizes scale into the billions. Together with hosts Nick & Beezer, the group explores the implications of venture capital consolidation, the persistence of power law outcomes, and the shifting role of liquidity in private markets. From the rise and returns of mega-funds like a16z, to the growing importance of secondaries and delayed IPO timelines, the conversation surfaces the core tension of capturing extreme right-tail outcomes while still delivering tangible distributions to LPs.
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