LP / GP (Limited Partner / General Partner)
The investors in a VC fund (LPs) and the managers who run it (GPs).
Limited Partners (pension funds, family offices, institutions) provide the capital for a VC fund; General Partners manage it, source deals and make investment decisions. Understanding this structure explains why VCs behave as they do — they answer to their own investors and must deliver returns.
Examples
A pension fund acts as an LP in a venture fund. — GPs raise a new fund from LPs every few years.
How it relates to The Startup Foundry
Knowing how funds work helps you understand investor incentives — insight the Foundry builds into founders.