venture capital firm typically consists of three legal entities:1. The Management Company (ManCo) - This is the enduring entity across all funds and is owned by the fund managers. It typically employs professionals working across all of the firm’s funds.
2. The General Partner (GP) Entity - This entity manages the activities of the fund and is mostly owned by the Management Company. A new General Partner Entity is set up for each fund.
3. The Limited Partnership (LP) - This is the actual fund where the Limited Partners invest into and from where portfolio investments are deployed. A new Limited Partnership is set up for each fund.
Mike had said in canada there are 2 more