> merely represents the VC fund and wouldn't personally enjoy the entire upside of the equity the fund owns. Not always true. I've had VCs who want to split th

> merely represents the VC fund and wouldn't personally enjoy the entire upside of the equity the fund owns. Not always true. I've had VCs who want to split their investment between fund and personal at the last minute when you pretty much don't have a choice and don't have time to shop around.