What are the different roles at a VC firm?

VC firms have a clear hierarchy, though titles and responsibilities vary by firm size and culture.

Analyst: Entry level, usually 2-3 year role, often recent graduates. Responsibilities: market research, deal sourcing, financial modeling, due diligence support. Limited deal input and typically no carry.

Associate: 2-4 years experience, often post-MBA or from banking/consulting. Responsibilities: leading initial diligence, sourcing deals, managing portfolio relationships, drafting investment memos. May have some carry at established firms.

Principal / VP: Senior individual contributor role. Leads deals end-to-end, presents to partnership, takes board observer seats. Meaningful carry. Often on a track to partnership, though not guaranteed.

Partner: Has decision-making power and a seat at the partner table. Leads investments, takes board seats, raises capital from LPs, sets firm strategy. Significant carry (typically 15-25% of the carry pool per partner, shared across the partnership).

General Partner (GP): Full GP status means you have legal and financial responsibility for the fund, as well as a significant carry allocation. Not all partners are GPs — some are 'venture partners' with more limited roles.

Venture Partner / EIR: Entrepreneur in Residence or Venture Partner roles are typically part-time. EIRs are often between companies and may found a new company out of the firm. Venture Partners source deals and provide expertise without being full-time partners.

Platform / Operations: Larger firms have platform teams that provide portfolio support services: talent, marketing, community, finance. These are non-investing roles but increasingly important.