General Partner

A General Partner (GP) is the fund manager of a venture capital firm — the person (or persons) who raised the fund, make investment decisions, sit on portfolio company boards, and manage the fund's relationship with LPs. GPs earn management fees (typically 2% of committed capital per year) and carried interest (20% of profits above the hurdle rate).

GPs are unlimitedly liable for the fund's obligations (unlike LPs) — though in practice this liability is managed through the fund's legal structure. The GP's track record, investment thesis, and portfolio company outcomes are the primary factors LPs evaluate when deciding whether to back a new fund.

India's GP landscape has diversified significantly. First-generation GPs (Subrata Mitra at Accel, Avnish Bajaj at Matrix, Ravi Adusumalli at Elevation) pioneered institutional VC in India. A new generation of emerging GPs — often former operators or second-career investors — are raising ₹100–500 crore first funds focused on specific sectors or stages.

Indian founders should understand GP specialization: Prashanth Prakash (Accel) for B2B SaaS, Kannan Sitaram (Fireside Ventures) for D2C, Bejul Somaia (Lightspeed) for consumer internet. Pitching to the right GP at the right firm — based on thesis alignment — dramatically increases conversion rates.