A General Partner (GP) is the VC firm itself (or its managing entity, typically structured as an LLC) that runs a venture fund. The GP makes investment decisions, manages portfolio companies, and earns management fees plus carried interest on fund profits. This stands in contrast to Limited Partners (LPs) who provide capital but don't manage, with GPs bearing full operational responsibility for fund performance and unlimited legal liability for fund obligations. The GP is the "VC" that founders interact with day-to-day; the GP is also the entity LPs hold accountable for fund returns.
The GP organizational structure: a VC firm is typically organized as a management company (the LLC that employs the partners and operates the f...