Saints Capital founder and managing partner Ken Sawyer thinks he's on the crest of a wave. Today, less than 1% of venture capital portfolio companies are sold to other venture capitalists. He thinks that figure will grow to 10% and is positioning his firm to benefit from that growth in liquidity.

To bolster his viewpoint, he pointed to statistics showing that an amazing 17% of all portfolio companies from 1994 venture capital funds are still private. Sawyer believes that investors will want to exit some of these companies in order to focus on newer entrants in their portfolio. From his first $11 million fund in 2000, Saints Capital has grown to a point today where it has $450 million capital under management.

I spoke to Sawyer last week at his downtown San Francisco office. Watch him discuss his unique investment strategy below and where he thinks the most opportunity lies today:

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