A general partner is a senior partner who runs a venture capital firm and makes investment decisions for the fund. “Managing” or “General” may signal seniority among partners. section 9.1
For an entrepreneur, the practical signals are:
- Treat a general partner as the decision-maker you ultimately need to reach; a venture partner may source deals but does not make investment decisions. section 9.1
- Expect general partners to show commitment by investing roughly 1% to 3% of the fund’s size personally. section 9.1
- Recognize that general partners receive management fees from committed capital and may also participate in carried interest. section 9.3
Reading a VC team page
When preparing for a pitch, scan the firm’s team page and distinguish partners, venture partners, principals, senior associates, and associates. A venture partner may get excited about the company and bring in a general partner, but the general partner is the person who can decide on the investment. section 9.1
