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.