Does the Fund 1 team typically remain substantially the same for future Funds with the same thesis? Or is there usually a reset and new GPs/VPs can be brought aboard each time a subsequent Fund is launched?
Managing Partners tend to remain constant in over 90% of firms, and the General Partner team, which includes Partners and Venture Partners, frequently changes beatween funds. When there are changes, a new General Partner entity is formed for the new fund. The Management Company (ManCo) remains the same.