4.1 – VC Fund Roles
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VC Fund Roles
A venture capital fund isn’t run by one person — it’s a team effort, combining investment decision-makers, operational experts, and external partners.
Each role plays a distinct part in raising capital, finding deals, supporting portfolio companies, and managing investor relationships.
There are four major areas of VC fund operations:
Managing Partner
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Senior leader of the fund and often a founding partner.
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Sets fund strategy, oversees fundraising, and manages the relationship with Limited Partners (LPs).
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Leads high-level investment decisions and represents the fund publicly.
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Carried Interest: Usually has the largest share, often 20–50%+ of total carry pool.
Partner
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Senior investment professionals who lead deals, negotiate terms, and often sit on portfolio company boards.
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Responsible for sourcing quality opportunities and managing parts of the portfolio.
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Carried Interest: Often 5–15% for senior partners, depending on fund size and structure.
Principal
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Mid-to-senior level investment role, often considered “partner-track.”
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Leads due diligence, negotiates deals, and manages portfolio companies with less supervision.
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Carried Interest: Typically smaller, around 1–5%, with potential increases in future funds.
Analyst
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Entry-level role, heavily focused on research, data analysis, and supporting the investment process.
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Helps track market trends, monitor competitors, and maintain databases.
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Carried Interest: Rarely included; comp is mostly salary + bonus.
Platform Team
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Focuses on adding value after the investment is made.
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Helps portfolio companies with hiring, marketing, business development, and operations.
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Carried Interest: Can range from none to 1–3% for senior platform leaders in firms that highly value this role.
Venture Partner
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Typically part-time or contract-based, with deep industry expertise or access to unique deal flow.
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May bring in and evaluate deals, advise portfolio companies, and sometimes invest personal capital.
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Carried Interest: Usually deal-by-deal basis; 5–15% carry on deals they source or lead.
