How VC Firms Make Money
VCs collect steady management fees but build wealth through carried interest in fund profits.
Nico Yamada
Section
5 stories in VC Fundamentals.
VCs collect steady management fees but build wealth through carried interest in fund profits.
Understanding how GP incentives shift across fund lifecycles changes how you negotiate.
Pre-seed bets on founders, seed bets on traction, Series A demands a business.