general partner

Definition

The VC who actually makes investment decisions and sits on boards, bearing unlimited liability but collecting management fees and carried interest. The person founders pitch to, hoping they're in a good mood.

Example Usage

She made partner at Sequoia after sourcing and leading three successful deals, earning her seat at the decision-making table.

Origin

Partnership law term dating to 19th century commercial partnerships, standard in VC since the 1970s

Fun Fact

Making GP at a top-tier VC firm is harder than getting into Harvard—many firms promote one new partner per decade, if that.

Source: Partnership law and venture capital organizational structures

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