{"id":7038056,"date":"2026-08-15T17:35:46","date_gmt":"2026-08-15T17:35:46","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/finance\/how-venture-capital-funds-work-gps-lps-and-fees\/"},"modified":"2026-08-15T17:35:46","modified_gmt":"2026-08-15T17:35:46","slug":"how-venture-capital-funds-work-gps-lps-and-fees","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=7038056","title":{"rendered":"How Venture Capital Funds Work: GPs, LPs, and Fees"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p class=\"font-claude-response-body break-words whitespace-normal\" dir=\"auto\" data-sourcepos=\"1:1-1:129;0-128\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-medium wp-image-14801 alignright\" src=\"https:\/\/affordanything.com\/wp-content\/uploads\/2026\/07\/david-bell-headshot-2-300x300.jpg\" alt=\"\" width=\"300\" height=\"300\" srcset=\"https:\/\/affordanything.com\/wp-content\/uploads\/2026\/07\/david-bell-headshot-2-300x300.jpg 300w, https:\/\/affordanything.com\/wp-content\/uploads\/2026\/07\/david-bell-headshot-2-150x150.jpg 150w, https:\/\/affordanything.com\/wp-content\/uploads\/2026\/07\/david-bell-headshot-2.jpg 384w\" sizes=\"(max-width: 300px) 100vw, 300px\"\/>Would you trust someone with your money if the \u201cinterview\u201d for the job was a fifty-page pitch deck and a decade-long commitment?<\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal\" dir=\"auto\" data-sourcepos=\"3:1-3:104;130-233\">That\u2019s essentially what happens every time someone becomes a limited partner in a venture capital fund.<\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal\" dir=\"auto\" data-sourcepos=\"5:1-5:180;235-414\">I sat down again with former Wharton professor and venture capitalist David Bell for part two of our conversation. This time, we go inside the mechanics of venture capital itself.<\/p>\n<p class=\"font-claude-response-body break-words whitespace-normal\" dir=\"auto\" data-sourcepos=\"7:1-7:222;416-637\">We cover how GPs and LPs actually split money and risk. How to evaluate a fund manager the way you\u2019d evaluate a job candidate. And why taking on outside investors can quietly change what\u2019s actually best for your business.<\/p>\n<h2><b>Listen Here<\/b><\/h2>\n<p><a href=\"https:\/\/podcasts.apple.com\/us\/podcast\/the-hidden-math-behind-every-venture-capital-fund\/id1079598542?i=1000777269706\" target=\"_blank\" rel=\"noopener\"><strong>Apple Podcasts<\/strong><\/a><br \/><a href=\"https:\/\/open.spotify.com\/episode\/1SBKOQQyN7nY9lo7av4gHy?si=403ac678d9a94e16\"><strong>Spotify<\/strong><\/a><\/p>\n<h2 class=\"text-text-100 mt-3 -mb-1 text-[1.125rem] font-bold\" dir=\"auto\" data-sourcepos=\"11:1-11:17;778-794\">Key Takeaways<\/h2>\n<ul class=\"[li_&amp;]:mb-0 [li_&amp;]:mt-1 [li_&amp;]:gap-1 [&amp;:not(:last-child)_ul]:pb-1 [&amp;:not(:last-child)_ol]:pb-1 list-disc flex flex-col gap-1 pl-8 mb-3\" dir=\"auto\" data-sourcepos=\"13:1-17:330;796-2182\">\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\" data-sourcepos=\"13:1-13:261;796-1056\"><strong>Evaluating a GP Is a Hiring Decision:<\/strong> Credentials matter less than you\u2019d think. The strongest signal is asking founders a fund manager has already invested in whether that person actually helped \u2014 brought capital, made introductions, or added real value.<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\" data-sourcepos=\"14:1-14:270;1057-1326\"><strong>The \u201cTwo and Twenty\u201d Structure:<\/strong> Most VC funds charge LPs a 2% annual management fee and keep 20% of the profits. A fund needs to be large enough that the 2% fee can actually cover salaries, legal costs, and office space \u2014 a small fund can end up undercapitalized.<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\" data-sourcepos=\"15:1-15:274;1327-1600\"><strong>SPVs Let You Make a Concentrated Bet:<\/strong> When one company in a fund\u2019s portfolio is taking off, a manager can raise a Special Purpose Vehicle so LPs can put new money directly into that single deal \u2014 a higher-risk, higher-conviction move than investing in the whole fund.<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\" data-sourcepos=\"16:1-16:252;1601-1852\"><strong>Outside Money Changes a Founder\u2019s Incentives:<\/strong> Investors often want a company\u2019s valuation \u201cmarked up\u201d as fast as possible, since it helps them raise their next fund \u2014 regardless of whether that pace of growth is actually healthy for the business.<\/li>\n<li class=\"font-claude-response-body whitespace-normal break-words pl-2\" data-sourcepos=\"17:1-17:330;1853-2182\"><strong>Signaling Theory Explains a Lot of Business:<\/strong> From \u201cwhy grinding through a prestigious degree signals competence\u201d to \u201cwhy a 10-year car warranty signals reliability,\u201d costly, hard-to-fake signals build trust in situations where you can\u2019t directly verify quality \u2014 including when you\u2019re choosing who to trust with your money.<\/li>\n<\/ul>\n<h2 class=\"text-text-100 mt-3 -mb-1 text-[1.125rem] font-bold\" data-sourcepos=\"23:1-23:13;2572-2584\">Resources<\/h2>\n<p>Get your free FiiRE workbook \u2013 <a href=\"https:\/\/affordanything.com\/fiire\">https:\/\/affordanything.com\/fiire<\/a><br \/>David Bell\u2019s book, <em>Location Is (Still) Everything<\/em> \u2013 <a href=\"https:\/\/amzn.to\/4aUO3Gh\">https:\/\/amzn.to\/4aUO3Gh<\/a><br \/>More on David Bell and Idea Farm Ventures \u2013 <a href=\"https:\/\/www.davidbell.co\/\">https:\/\/www.davidbell.co\/<\/a><br \/>Lost and Founder by Rand Fishkin: <a href=\"https:\/\/www.penguinrandomhouse.com\/books\/547217\/lost-and-founder-by-rand-fishkin\">https:\/\/www.penguinrandomhouse.com\/books\/547217\/lost-and-founder-by-rand-fishkin<\/a><br \/>Burn Rate by Andy Dunn: <a href=\"https:\/\/www.penguinrandomhouse.com\/books\/653309\/burn-rate-by-andy-dunn\">https:\/\/www.penguinrandomhouse.com\/books\/653309\/burn-rate-by-andy-dunn<\/a><br \/>\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014<br \/>Stay in the loop \u2013 <a href=\"https:\/\/affordanything.com\/newsletter\">https:\/\/affordanything.com\/newsletter<\/a><br \/>\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014-<br \/>Join our community \u2013 <a href=\"https:\/\/affordanything.com\/community\">https:\/\/affordanything.com\/community<\/a><\/p>\n<h2 class=\"text-text-100 mt-3 -mb-1 text-[1.125rem] font-bold\" data-sourcepos=\"37:1-37:12;3101-3112\">Chapters<\/h2>\n<p class=\"font-claude-response-body break-words whitespace-normal\" data-sourcepos=\"39:1-39:106;3114-3219\"><em>Note: Timestamps are approximate and may vary across listening platforms due to dynamically inserted ads.<\/em><\/p>\n<p data-sourcepos=\"39:1-39:106;3114-3219\">(03:41) How venture capital actually works, in three tiers<br \/>(06:09) The fee formula nearly every venture fund runs on<br \/>(10:30) Why fund managers get paid before they invest anything<br \/>(14:19) The surprisingly low bar to invest in risky deals<br \/>(26:52) What to ask before trusting any fund manager<br \/>(29:27) How investors make an all-or-nothing bet on one company<br \/>(34:33) The red flag hiding in an eager fund manager<br \/>(42:16) What separates a great fund manager from a mediocre one<br \/>(48:10) How outside money quietly changes what a founder optimizes for<br \/>(55:47) Why kids today may never remember life before AI<\/p>\n<p>Thanks to our sponsors!<\/p>\n<p><a href=\"http:\/\/policygenius.com\/\" target=\"_blank\" rel=\"noopener\"><strong>Policy Genius<\/strong><b><br \/><\/b><\/a>Secure your family\u2019s future with Policygenius. 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Shop plans at\u00a0<a href=\"https:\/\/www.mintmobile.com\/?utm_source=podcast&amp;utm_medium=audio&amp;utm_campaign=mint_podcast&amp;utm_content=paula&amp;dnfemfkahqkdlf=paula\" target=\"_blank\" rel=\"noopener\"><strong>Mintmobile.com\/paula<\/strong><\/a><\/p>\n<hr\/>\n<p><a href=\"https:\/\/6262239.extforms.netsuite.com\/app\/site\/crm\/externalleadpage.nl\/compid.6262239\/.f?formid=4686&amp;h=AAFdikaIMX4TYRhxWjBn5APq1FJEyGEFJ8rM15_SzKbMz4Da2Lg&amp;leadsource=Podcast_Horizontal_AffordAnything_0921&amp;cid=Podcast_Horizontal_AffordAnything_0921&amp;redirect_count=1&amp;did_javascript_redirect=T\" target=\"_blank\" rel=\"noopener\"><b>NetSuite<br \/><\/b><\/a>Built for every industry. 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Now available in Canada too!<\/p>\n<p><span id=\"tve_leads_end_content\" style=\"display: block; visibility: hidden; border: 1px solid transparent;\"\/><\/div>\n<p><script type=\"text\/rocketlazyloadscript\">\n!function(f,b,e,v,n,t,s)\n{if(f.fbq)return;n=f.fbq=function(){n.callMethod?\nn.callMethod.apply(n,arguments):n.queue.push(arguments)};\nif(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';\nn.queue=[];t=b.createElement(e);t.async=!0;\nt.src=v;s=b.getElementsByTagName(e)[0];\ns.parentNode.insertBefore(t,s)}(window, document,'script',\n'https:\/\/connect.facebook.net\/en_US\/fbevents.js');\nfbq('init', '962100826632262');\nfbq('track', 'PageView');\n<\/script><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Would you trust someone with your money if the \u201cinterview\u201d for the job was a fifty-page pitch deck and a decade-long commitment? That\u2019s essentially what happens every time someone becomes a limited partner in a venture capital fund. I sat down again with former Wharton professor and venture capitalist David Bell for part two of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7038057,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[93],"tags":[6810,10939,11257,3213,15871,17993,418],"dealstore":[],"offerexpiration":[],"class_list":["post-7038056","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-capital","tag-fees","tag-funds","tag-gps","tag-lps","tag-venture","tag-work"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Venture Capital Funds Work: GPs, LPs, and Fees - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=7038056\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Venture Capital Funds Work: GPs, LPs, and Fees - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"Would you trust someone with your money if the \u201cinterview\u201d for the job was a fifty-page pitch deck and a decade-long commitment? 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