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Yes - however in doing so, the limited partner will generally lose their "limited" status with respect to liability, because they may wield influence over the Fund's decision-making processes. They may become liable for any actions taken...

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What do you think about onboarding a connection from a bigger fund as a Venture Partner?

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Jun 16, 2023

Is it advisable / feasible to onboard a connection from a bigger fund operating in the same vertical as Venture Partner for a solo-GP, angel stage firm ?

Top answer:

It's unlikely that the large firm will agree to this arrangement with the VP due to conflicts of interest. It also works vice versa where it creates conflicts of interest for your fund and you will need to disclose it.

 -  Mike Suprovici
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How do funds typically distribute dead-by-deal carry to introducers for portfolio deals?

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May 03, 2023

How do funds typically implement sharing dead-by-deal carry on deals in their portfolio with people that introduced them?

Top answer:

Funds normally compensate people that make introductions to portfolio companies by making them a Venture Partner using the Venture Share agreement here: https://govclab.com/2022/03/10/venture-share/. The formal discussion to be a Venture...

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Is There a Maximum Limit on Venture Partners for Optimal Sub-Sector Expertise in a Fund?

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May 03, 2023

Is there a maximum limit on the number of Venture Partners a fund should have? I am thinking of pulling in different sub-sector experts to work with portfolio companies.

Top answer:

I recommend between 2 and 5. We have seen some funds that have dozens, but they need to be owners in the general partnership, so this can be a burden.

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What is the Typical Role of Venture Partners in Fundraising and Managing LP Relationships?

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May 03, 2023

What's the norm for venture partners helping with fundraising when it comes to the relationship with the LP? Are they expected to be the touchpoint with the LP (like an account owner in sales)? Or are they only providing the intro and then the GP ...

Top answer:

Case by case. But, in general, you want to handle the relationship because the VP is part time and they may not be there long term.

 -  Mike Suprovici
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What is the Role of Fund Advisors, When to Seek Them, and How to Determine the Right Fit and Remuneration?

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May 03, 2023

What is the role of Advisors for a Fund? When do we start looking for Advisors and how do we identify the right fit and work out a remuneration (fixed vs variable). Thank you.

Top answer:

Most Advisors are venture partners, through some funds have a scientific advisory board. All of the VC Lab curriculum work around venture partners is essentially advisor work. They are compensated with a venture partner agreement.

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