Yes, this is quietly very common in top new emerging manager funds.

I have some of the very best VCs firms as investors in my fund. In fact, in one fashion or another, all the VCs I’ve had the most success co-investing with in the past are also LPs in my fund.

Bigger funds have strong incentives to help their best “one stage earlier” VC friends be successful. That can mean different things with different VCs. But early stage VCs need later-stage VCs they can draw on to write the bigger checks. And later stage VCs can get a lot of help not just in dealflow, but in deep analysis of a prospective investment, if someone they trust has led an earlier round.

Getting the band back together works well in VC syndicates just as it does with founder teams.

The biggest risk in VC is not knowing what you don’t know. VCs investing in the best seed funds can de-risk this a lot.
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