SaaStr · 2015-09-18
· 3911d
Typical LP Count and Structure for VC Funds
Jason Lemkin addresses the typical number of limited partners (LPs) in a VC fund, recommending approximately 20 LPs as a rough average. The guidance emphasizes avoiding individual LPs with over 10% of fund capital, with a suggested structure of 3-4 anchor investors at 5-10% each and several smaller stakeholders to diversify fund composition and reduce turnover risk.
Metrics in this report
Anchor Investor Ownership Range
5-10%
typical range
per anchor investor (3-4 total)
Individual LP Maximum Ownership
10%
ceiling
conventional best practice
Total LP Count
20count
rough average
typical VC fund