What are the different roles in a VC Firm?
Venture capital can feel like a mystery.
We all know they fund companies. We all know a few VCs by name. But inside the firm, there is an entire cast of characters.
Some raise the money.
Some decide where it goes.
Others do the research, run the numbers, or help portfolio companies grow.
Here is the map of who does what.
Who’s Who Inside a VC Firm
Every VC firm is built a little differently, but most follow the same core structure.
At the top are the people who raise the fund and make key decisions.
In the middle are the deal-makers who run investments day-to-day.
At the foundation are the roles that keep research moving and the pipeline full.
Here’s how the team typically breaks down.
Managing Partner / General Partner (GP): Owns part of the firm, raises the fund, sets strategy, and makes final investment decisions.
Partner: Senior investor with check-writing authority, manages portfolio companies, and drives the firm’s deal flow.
Venture Partner: Senior, often part-time or project-based role focused on sourcing deals and providing expertise. High-trust but without full GP ownership.
Operating Partner: Specialist who works hands-on with portfolio companies (sales, product, hiring) rather than sourcing new deals; sometimes full-time, sometimes fractional.
Principal: Partner-in-training. Leads deals day-to-day, manages associates, and builds a personal track record.
Vice President (VP): Mid-senior role sourcing deals, leading diligence, and managing some portfolio relationships, but without final say on investments.
Senior Associate: Experienced deal-runner handling sourcing, diligence, and portfolio support; a launchpad to VP or Principal.
Associate: Deal support role. Screens inbound, builds models, coordinates diligence, and works closely with senior investors.
Analyst: Entry-level researcher and sourcer. Builds market maps, tracks trends, and learns the VC craft.
Intern or Fellow: Short-term support for research, sourcing, or projects. Often, students or operators are exploring VC.
Not listed, but super important to understand…
Limited Partner (LP): The institutional or individual investor who provides the capital for the venture fund but has no direct involvement in its day-to-day investment decisions or operations.