She would be bored out of her mind.
First, it would almost certainly be a waste for her to be a General Partner. She’s made far, far too much. Let’s say she is a GP in a fund, and that fund does really well, then 10 years later, she makes $10m. Or even if she makes more. That’s doesn’t move the needle for her. And it takes a loooong time.
Second, she could do much better as an angel investor. Everyone would want her on their cap table. In fact, she could just dedicate $10m of her own capital into a “fund” and do just as well. Without having to join anyone else’s “firm”.
Third, it’s not really that fund to be at a venture firm and not be a GP. The GPs make all the decisions. Going from CEO to Venture Partner? Not really worth it.
So you never know. It does get you out of the house. But I wouldn’t recommend it.