The smaller and newer the fund, the more equally.
With older funds, the original GPs often keep a certain amount of carry (10%-50%) in funds they are no longer active in, at least for a fund or two.
And with bigger funds, fewer and fewer GPs have anything close to an equal stake.
In a larger + older fund, it’s entirely possible to be a “GP” and have a 3% stake, for example.
Sometimes being a GP isn’t that great of a deal.
Hence, tons of successful GPs are now raising their own funds, or leaving to join other funds with more equitable distributions.
