Definition

General Partner, the VC fund managers who make investment decisions and carry legal liability for the fund's operations. They're the ones whose names are on the door and whose reputations are on the line.

Example Usage

She just made GP at Sequoia after five years as a principal—now she can lead deals and sit on boards.

Origin

Limited partnership structure from partnership law

Fun Fact

Becoming a GP at a top-tier firm is harder than making partner at an elite law firm, with some funds promoting just one person every few years.

Source: Partnership law and fund structure terminology

Related Terms

Intermediate

diluted

The soul-crushing moment when a founder's ownership percentage shrinks because the company issued more shares to new investors. It's weaker coffee, but for equity—you still own shares, they're just worth relatively less of the pie. Every funding round brings this special joy, where you simultaneously celebrate getting money and mourn losing control.

🚀 Startup / VC
Beginner

seed

The first real money a startup receives from external investors, typically ranging from $500K to $2M, given in exchange for equity to entrepreneurs brave (or delusional) enough to think their idea will change the world. This is the stage where your pitch deck matters more than your product, and your co-founder's LinkedIn connections matter more than your revenue. Named 'seed' because most of these investments will never grow into anything, much like actual seeds.

🚀 Startup / VC
Intermediate

down-stack

Moving to build or sell products at a lower layer of the technology infrastructure, typically where margins are thinner but the market is larger. Often happens when companies realize their original niche is too small.

🚀 Startup / VC
Beginner

board seat

A chair at the table where actual company decisions get made, typically negotiated by lead investors who want control over their millions. Where strategy is debated, CEOs are fired, and founders learn they don't actually run their company alone.

🚀 Startup / VC
Advanced

washout round

A financing so dilutive that existing shareholders are essentially wiped out, often following multiple bridge rounds and broken promises. The financial equivalent of starting over but with more emotional baggage.

🚀 Startup / VC
Advanced

breaking the syndicate

When a startup seeks a lead investor for their next round who isn't part of their existing investor group, potentially signaling problems or a desire for fresh perspectives. It's the venture capital equivalent of changing friend groups.

🚀 Startup / VC

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