Q: How many LPs does a VC typically have?

Maybe 20, as a rough average.

The reason I’m saying that is conventional thinking is it’s best to not have any individual LP with > 10% of the fund.  Many LPs do “turn over” even if the funds perform well as managers leave, strategy changes, etc.

3-4 with 5-10% each, maybe one anchor you let cross that 10% line … that’s half or more of your fund.

Some with smaller stakes.

Adds up to ~20.

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