Does it make sense for all 4 partners to be GPs but allocate to each different share (%) of the fund based on (1) the amount each raises from LPs or brings into the fund from personal resources and (2) added value based on skills?
It is hard to make ownership based on fundraising for a number of reasons. First, it is just hard to track who does what if the partnership is functioning well, since one partner may know the investor, yet another partner closes the investor. Furthermore, compensating directly based on money brought in is regulated in most domiciles. So, VC Lab recommends that founding team that will run the firm for decades be Managing Partners in the Management Company with ownership based on overall contribution, and everyone else be Partners or Venture Partners in the General Partner with lessor ownership in the carry of the specific fund.