What is the best way to join a micro VC firm as a partner? Which would be more effective: buying a stake in the GP which gives exposure to economics of existing funds or by joining for free in the efforts for a new fund. (I had a liquidity event this year and I’m considering a transition to VC).
Neither makes perfect sense to me IF there is any opportunity left to source a deal in the existing fund.
If the existing fund is “done” — i.e., no more new investments to do — then I guess joining as a late LP is the best option.
But at a minimum, if there’s room to source a deal — be a venture partner and at least get a full GP stake in any deal you do source and lead.
That’s likely a better deal than some trivial amount of carry in all the deals.