General partner (GP)
Also: GP
The partners who run a VC fund — they source deals, make investment decisions and sit on boards.
GPs earn a management fee to operate and carry on the upside; their own cash in the fund is the 'skin in the game'.
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Limited partner (LP)
The investors in a VC fund — super funds, family offices, endowments, wealthy individuals — whose money the GPs deploy.
Carry
The share of a fund's profits the GPs keep — classically 20% — after returning capital to LPs.
Management fee
The annual fee (often ~2%) LPs pay GPs to operate the fund and pay salaries.
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