A method and apparatus is disclosed for optimized backups. In one embodiment, the method includes creating a deduplicated universal share of data objects, which in turn includes receiving a universal share of the data objects, deduplicating the universal share, wherein deduplicating the universal share includes: hashing segments of the universal share to generate respective universal share segment fingerprints; comparing the universal share segment fingerprints to fingerprints for respective segments held in deduplication storage in order to identify segments in the deduplication storage that equate to the universal share segments, respectively, of the universal share; storing identifiers that directly or indirectly identify locations, respectively, of the segments, respectively, in the deduplication storage that equate to the universal share segments, respectively, of the universal share. After creating the deduplicated universal share, a deduplicated backup of the universal share is created without reassembling the universal share from segments held in the deduplication storage, the creating the deduplicated backup including: creating a list that comprises copies of the stored identifiers, and storing the list.