Everyone has different models. I’ll share mine in case it is helpful.
My goal is to do 10+5 investments over 30 months (per fund). 10 “major” investments that can “return the fund” (i hate this phrase, but it does matter) and 5 “minor” investments that I believe in but likely due to smaller ownership, cannot “return the fund”
I prefer the least number of board seats possible. If I am the largest investor, I take a board seat for fiduciary purposes.
If someone else follows my investment and is a larger investment, I am happy to step off the board if the founders want. Ideally, I leave boards as each startup passes $10m in ARR, but sometimes the companies do not raise more capital or for other reasons I need to stay on past that point.
So over 5 years, you can almost double that to 20+10 investments.