What is the best way to join a micro VC firm as a partner?
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.