The Future of Venture Studios: Liquidity, Structure & Scaling, with Sarah Anderson, Founding Partner at Vault Fund

Venture studios are evolving fast, but what separates those that scale from those that stall?In this episode of Beyond the Core, Ben Yoskovitz and Marcus Daniels sit down with Sarah Anderson, Founding Partner at Vault Fund, the first fund-of-funds dedicated exclusively to venture studios.With over a decade of experience in early-stage investing and company building, Sarah breaks down what makes top-performing studios stand out and why liquidity, not just innovation, will define the future of this model.They dive deep into fund structures, talent pipelines, follow-on capital strategies, and a major warning: studios that can’t return capital won’t survive.—⏱️ Timestamps00:00 – Intro: Why a fund-of-funds for venture studios01:00 – How Vault Fund evolved from general venture to company builders02:15 – Trends in 2025: Studios adapting faster than traditional VCs03:52 – Defining the model: Why “company builders” > “venture studios”05:32 – Category vs. asset class: Where studios fit in VC06:55 – What makes a studio repeatable? Talent funnel + process08:00 – Why 5+ builds matter to prove a studio’s efficiency10:31 – Platform differentiation: Insights from industry-focused builders12:48 – Generalist vs. specialist builders: What the data says13:58 – Mud puddles vs unicorns: What most studios miss14:23 – Sarah’s biggest concern: The liquidity crisis16:52 – “We’re in the exiting business, not just building”17:56 – Why secondary sales should be part of the studio playbook19:03 – Many studios lack institutional investor DNA21:07 – The learning curve for builders who ignore exits22:24 – Studio survival: Darwinism and cash returns23:30 – Real-world liquidity hacks: pre-set secondaries, pharma exits26:03 – Biotech vs. tech: Why bio builders see faster liquidity27:28 – Deep tech’s dilemma: Capital intensity without exit buyers28:32 – Designing for liquidity from day one29:52 – Vault’s strategy: Side letters requiring exit plans31:24 – Should studios do follow-ons? Sarah’s honest answer32:42 – The downside of too much capital early33:38 – Why ball control matters for value creation34:58 – The reserves debate: LP pressure vs. portfolio strategy36:20 – Data maturity: What’s improving and what’s not37:45 – Ownership banding: From 90% to a healthy 25%39:10 – Why 2-and-20 models can misalign incentives40:40 – Fund vs holdco: No one-size-fits-all structure43:41 – Exit timing, durability, and private asset value erosion46:46 – Final predictions: New trend, concept creation with existing businesses48:53 – The PE + venture studio convergence49:34 – Wrap-up & where the conversation is heading next—🎧 Subscribe for more conversations like these#venturestudios #companybuilders #venturecapital #liquidity #startupstrategy #fundstructure #vaultfund #beyondthecore

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