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?

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