The fund and the basic structure of a venture capital fund:
The classical structure for venture capital funds has been that of a limited partnership. Venture capital funds consist of two general categories: the General Partners (GPs) and the Limited Partners (LPs).
General partners (GPs): GPs manage the administration of the fund, take all investment decisions, and provide hand-on support to portfolio companies. The GPs also screen potential investments, conduct due diligence on an appropriate set of investments, and, finally, generate returns for the fund.