What is the number of invested startups for a small VC fund?
It varies a lot. But you can do a bottoms-up analysis via capacity / pacing:
Most bigger funds will do 1–2 investments per year — per partner. So 4 partners x 1.5 investments x 3 first check investment period = 18–20 core investments in a fund.
Most smaller funds try to do more velocity, maybe 3–4 investments per year per partner. But they often have fewer partners. So you may end up at 15–20 core investments in a fund.
My model is 10+5. 10 larger investments, 5 smaller ones.