Because there is no defined career path.
There just isn’t.
All but the smallest firms only hire a few junior level folks, and generally, this are >not< partner-track positions.
The very largest firms hire a lot of junior folks, but again, there usually is no path at all to partner.
Partnerships are weird. VCs aren’t companies:
- Add a partner you don’t need to, you dilute everyone.
- Add a partner you aren’t sure of, you take large interpersonal and group risks, and risk diluting everyone’s return
- Add a partner without a proven track record, you have no idea.
Only a handful of VC firms have real generational transition processes in place. Those that do are much better on creating career paths.
But think about Why would any given firm, with a fixed pool of capital and fix pool of profits, add another partner?